Hello crypto traders. In the last few weeks, the world of DEFI (Decentralized Finance) has become increasingly popular. started from Uniswap on the ethereum network. now there is such a thing as PancakeSwap . the system may be almost the same. the basic difference is the network used.
PancakeSwap is an AMM (Automatic Market Maker) Where we can swap or exchange crypto coins on the Binance Smart Chain (BSC) Network, this network is what distinguishes Uniswap from Pancakeswap. when the ethereum network transaction fees are increasingly booming. crypto traders are looking for places with cheaper transaction fees. and all of that is on the BSC network used by this Pancake Swap.
Advantages of Pancake Swap
In this Pancake swap, we are free to exchange any coins on the BSC network. for example from BNB to CAKE or vice versa. many people use Pancakeswap to look for new coins and speculate it might just go up 1000% in a week etc. Of course, speculation here is still classified as high risk. so if you are currently very interested in trying. make sure to use funds that are ready to be lost. there are many who can get hundreds or even billions of rupiah from buying new coins that go up to 1000% more in a short time. but on the other hand there are many who lose because the coins they buy are indicated to be rugpull or not going up.
How to Get Started Using Pancake Swap
For the first time, you must have a wallet on the BSC network. the way is. You can add Network Settings to your ETH Wallet in Metamask. or if you are a Smartphone user. you can just download DAPPS Wallet applications such as Trust Wallet, Safepal, Tokenpocket etc.
After Wallet is ready. now you must have BNB Coin (BEP20) because this is for network transaction fees. to get BNB you can buy it on exchanges like binance bot , Tokocrypto etc.
Until here you can start hunting for new coins to speculate, you can use the coinmarketcap.com site as an aggregator or more complete data from a coin / crypto token.
Using PancakeSwap For Farming and Staking.
Apart from being a place to hunt coins, you can also be part of a liquidity provider or liquidity provider of a pair. by providing liquidity, you will get a reward of around 0.3% of the transactions that occur.
As an example. now you have CAKE and BNB coins. you can do Farming by adding BNB and CAKE in 1:1 and can get rewards in the form of CAKE. Cake is a utility token on the pancakeswap platform.
For more details, you can see the complete video tutorial on the Indonesian bitcoin channel below:
Actually, it’s not only here, we can use Pancakeswap for NFT (Non Fungible Token) or there is also a programmable Lottery Feature there. for more details maybe you can just try it on the platform.