PancakeSwap

Background Information About PancakeSwap

PancakeSwap is a DEX (decentralized exchange) built on top of the Binance Smart Chain (BSC) and facilitates the swapping of one crypto with another crypto. On PancakeSwap, you can swap BEP-20 tokens quickly and safely. 

PancakeSwap is one of the most popular decentralized platforms today. A DAPPRadar report released in May this year, PancakeSwap has 1.7 million users. It also has a native token, a BEP-20 token on the BSC. The CAKE token is at the heart of the PancakeSwap ecosystem. 

Products of PancakeSwap

PancakeSwap offers a wide range of products that facilitate its processes. The main products include:

1. Pancakeswap– This is the first product and the development foundation of the PancakeSwap platform, which helps users trade between BEP20 tokens.
2. Farms– It is one of those incentives, which is used to bootstrap TVL on PancakeSwap, encouraging users to provide more liquidity. 
3. Syrup Pools- It is a staking product that helps users to get tokens easily. Users can stake $CAKE and obtain tokens for free. 
4. Initial Farming Offering (IFO)- This product is essentially a form of fundraising similar to IDO, but the asset used to participate in the fundraising will be LP token from the $CAKE – BNB liquidity pool.
5. Lottery- By using this product feature, users can use $CAKE to buy a 4-digit ticket. If they win, they will receive a share of the assets in the reward pool.
6. Prediction- As the name suggests, it allows you to predict on PancakeSwap. For this, you will have to predict if the BNB price will increase or decrease in a certain time to receive rewards.
7. Team battle- It is a game for teams on PancakeSwap. In this feature, teams will have to compete against each other; and the three teams with the highest trading volume will share some $CAKE bonus pool.

How to Get Started With PancakeSwap?

To use the PancakeSwap, you need to connect your wallet. The different wallets supported by PancakeSwap include Trust Wallet, Metamask, Token Pocket, SafePal. Follow the below process to set up everything to use PancakeSwap.

1. Creating a Wallet

One of the first things you have to do is to set up a wallet that supports Binance Smart Chain (BSC). These wallets are available on both desktop computers and smartphone devices. You can select the wallet that best fits your needs in the available options. 

2. Get BEP20 Tokens

Once you create a wallet, you have to get BEP 20 tokens as the native tokens of the Binance Smart Chain (BSC) are BEP20. To do most of the work on BSC, you need to pay gas fees which come in the form of BEP20 BNB. Moreover, you will also require the BEP20 version of any token you want to trade, stake, etc. on BSC.

To convert your tokens to BEP20, you can use one of the below methods-

i) SafePal- You do not need an account or need to register. You can execute cross-chain swaps directly from your wallet.

ii) Binance Bridge- For this, you do not need an account or nor do you need to register.

iii) Binance.com- You can withdraw tokens as BEP20 via your Binance account (if you have one). However, you need an account to do so.

3. Connect your wallet to PancakeSwap

Once you have created a wallet and got your BEP20 tokens, you only need to connect your wallet with PancakeSwap and get started.