Binance smart chain’s largest decentralized exchange PancakeSwap hosts a plethora of features that let users earn and win tokens at the same time. It’s faster and cheaper than Uniswap and Ethereum’s SushiSwap.
Decentralized finance, better known as DeFi, is valued at $50 billion and most of its projects are based on the Ethereum network. At the same time, Binance competes against Ethereum with its own smart contract ecosystem called the Binance Smart Chain for the purpose of capturing DeFi’s rising liquidity.
Seeing the rising opportunity, developers of PancakeSwap dived in at the opportunity, creating a user-friendly UI/UX of their platform for smooth transactions and better adaptability.
How PancakeSwap Works?
PancakeSwap is the Uniswap equivalent that reigns supreme in Binances’ decentralized market. That raises the question, is it just another copy of Uniswap or can we call it an independent project?
PancakeSwap is a decentralized exchange that offers standard DeFi opportunities, such as token swapping, yield farming, and several other forms of liquidity pools. However, that’s not everything PancakeSwap has to offer.
PancakeSwap goes above and beyond in terms of what decentralized exchanges traditionally offer. Their users have access to lottery’s digital collectibles in the form of non-fungible tokens and trading tournaments.
Their major attraction is that not only do they offer cheaper and faster transactions, thanks to Binances’ smart contracts, they also feature diverse tools and services. The DeX brings practically everything that a centralized exchange does, making it the third largest exchange by volume in the DeFi sector.
How to Trade on PancakeSwap?
Here are the steps to trade on PancakeSwap:
- Head over to their official site https://pancakeswap.finance/
- On the top right, click Connect
- Simple connect your wallet (Metamask, Trustwallet, Mathwallet, TokenPocket, WalletConnect, Binance Chain Wallet, or SafePal Wallet)
- Once you connect with a wallet, hover the wallet address on the top right to view coins in your wallet
- Your wallet address is used to receive and withdraw coins
You can transfer BNB or any other coins from other exchanges, such as Binance or Coinbase.
How to Trade on PancakeSwap Securely?
To make transactions, you’ve got to have an internet connection. That’s like the primary prerequisite of trading online.
Financial transactions and an online connection are a risky couple. The internet is riddled with cybercriminals who lurk in the background and constantly hunt for vulnerable connections, meaning unsecured internet connections.
To secure your internet connection, you must encrypt your online activities whether it’s accessing financial data, making bank transactions, online shopping or trading cryptocurrencies.
With no legal tender or a regulatory body like a bank in between, crypto exchanges are risky without encryption backing up your internet connection.
Whether it’s PancakeSwap, Binance, Coinbase, or any other exchange, you must encrypt your internet connection for superior online privacy and security.