A Guide to PancakeSwap
The first question here arises before discussing pancakeswap that what is pancakeswap? So pancakeswap is a decentralized exchange built for a binance chains chain. It also has a resemblance with Uniswap because it uses a liquidity pool and Automated Market Makers (AMMs). Pancakeswap is similar to Uniswape for binance smart chain. It has cheap case prices as compared to Uniswape, so it is beneficial to use pancakeswap. This is because binance is considered to be the proof of stake network du to that it allows transactions to be faster and cheaper.
Liquidity Of Pancakeswap
This application has anamount of liquidity of $16,473,881,538 currently and making it thelargest DEX for Binance Smart Chain (BSC). Although it is considered that the pancakeswap’s volume is lower than that of Uniswape because Uniswape had more time than that of pancakeswap. It is gradually increasing and CAKE is making its position among the top 10 decentralized exchanges.
How to Use Pancakeswap Decentralized Exchange
There are numerous wallets one can use for Pancakeswap including a trusted wallet MetaMask, and Math wallet. It is easy to learn about the usage of pancakeswap. Choose the token you intended to trade. While choosing trade you out to make sure that you have to lend to trade. Click on the trade option at the left corner. Before you trade, you need a wallet for pancakeswap. If you already have another wallet then you just need to connect it with pancakeswap. After clicking on the trade options one can swap any Bep20 in front of any Bep20 Token.
You can navigate yourself by just simply clicking on the trading option. Other than this you only need a wallet for Pancakeswap.
Why Pancakeswap Exchange
One can easily see the neat features in Pancakeswap on itsleft-hand window navigation, whereare some farming and pools options. Pancakeswap also has unique exchange rates. Farming on this decentralized exchange can provide variable annual percentage rates. Considering these ( APRs) you are farming. Let’s discuss some of the features of the Pancakeswap exchange.
- Numerous games are available on this application.
- Lottery tickets are also available one can buy tickets and can win rewards.
- Its prediction features allow users to guess the price at any time.
- Users can get cakes, coins, and many rewards in case if they guess correctly.
Is Pancakeswap Safe?
As a decentralized exchange, Pancakeswap seems completely safe. It has been operating for five months without any issue. The team of Pancakeswap exchange has gone as far as to audit it with CertiK and the results show that it is all secure.
Pancakeswap exchange benefiting many users in current times. Still, there are some risks involved in it. BSC is after that of Ethereum, so it leaves some space for cheaters to scam and allow them to abuse a newly developed framework. It is necessary to check that you are on the genuine website of pancakeswap to avoid scams. Never send your pancakeswap tokens to another domain as you will risk your coins. Bookmark the correct site so that you don’t need to check time and again.