If you don’t have any CAKE tokens, you can use the PancakeSwap trade option for buying and selling CAKE. As we’ve already mentioned, learning how to use PancakeSwap and using CAKE tokens go hand-in-hand. Let’s see how easy it is to stake CAKE tokens on PancakeSwap. As of Mar. 2022, CAKE token trades at around $5.40, the total circulating supply is 276.2 million CAKE and the market capitalization stands at around $1.4 billion. CAKE tokens reached its all-time high on Apr 30, 2021, when it peaked at $44.18. The NFT collections displayed are categorized as Newest Collections, Hot Collections, and Newest Arrivals.
- The platform is trusted and used by millions of users, as it is beginner-friendly and is free from the process of registrations.
- The first step is to head over to the PancakeSwap official web page, and on the header, you will see “Trade” as an option.
- As with any blockchain action, this counts as a transaction (will incur a network gas fee) and you will need to confirm the transaction from your wallet.
- You can see the transaction on BscScan and under the activity tab on your MetaMask wallet.
Fees are added to the pool, accrue in real-time and can be claimed by withdrawing the provided liquidity. After you confirm the CAKE staking from your wallet, you will see the CAKE tokens amount staked under that pool. Note that new tokens may not be visible on your wallet’s interface. If that’s the case, you might need to import the smart contract addresses to your wallet. You can find the tokens’ contract addresses on the BscScan transaction receipt.
The main differences between these three DEXs are the networks they support. Uniswap supports Ethereum and its layer-2 solutions (Polygon, Arbitrum, and Optimism). SushiSwap supports the majority of smart chain networks, including Ethereum, Polygon, and BSC. PancakeSwap can only be used for the BNB Smart Chain network. However, users can use many different bridges to convert ERC-20 tokens to BEP-20. To enable that specific token means to enable the DEX to access it, and you will have to confirm this action from your wallet.
Congrats on successfully staking CAKE tokens on PancakeSwap. You will have to confirm the staking transaction from your wallet. If you want a different token, feel free to browse through the list of Syrup pools. You can also sort the pools (Hot, APR, Total Stake, Earned, Latest). Note that you can adjust the slippage tolerance and other settings from the settings menu.
As with any AMM DEX, when adding liquidity, you will need to deposit the same amount of two different tokens. You can choose any pair of tokens, and you will receive LP tokens to represent your deposit to that specific liquidity pool. Note that there are special incentivized pools that let you stake your LP tokens to earn even more rewards.
This can affect your potential profit from providing liquidity on any AMM DEX. Note that you will need to enable the pool if this is the first time staking your CAKE to that pool. Congrats on successfully learning how to use PancakeSwap for your first trade. You will get a popup that states all the details of your trade. Note that if you wait too long, the price will change, and you will have to accept the updated price. Regardless of what wallet you’ll be using, you will need to confirm the connection from your wallet.
How does PancakeSwap work for beginners?
To learn how to use PancakeSwap, users must understand the mechanism behind the trade option. PancakeSwap’s native token is called CAKE, and it mainly functions as a governance token, but it can also be used for staking and other DeFi specific actions. After choosing the tokens and entering the amount, you should approve the token you want to swap which will allow the smart contract to spend your token. Choose the token you want to swap and enter the amount, and choose the token you want to receive in the ”to” field. To trade on PancakeSwap, first click the ”exchange” page under the trade menu. The fourth step is to connect your wallet, and you can also do this at the beginning by following the page’s header.
PancakeSwap was launched in Sep. 2020, and the platform is regularly audited and verified by security companies such as Certik and SlowMist. PancakeSwap is a fork of Uniswap, the popular Ethereum DEX. This is the third step in our guide to getting started with the Peachfolio token.
Both SushiSwap and PancakeSwap offer the option to participate in IDOs, by using their native tokens. After a few moments, you will get a confirmation from both PancakeSwap and your wallet that the smart contract transaction has been executed. You should now see the provided liquidity on the Liquidity page. You can then choose what amount of CAKE tokens to stake in that pool. Note that you can choose between the CAKE pools and the other Syrup Pools, depending on what kind of rewards you are after. If you want to generate more CAKE tokens from your already owned CAKE, then you can choose one of those CAKE pools (auto or manual).
Transaction to Buy Coins on Pancake Swap using Metamask
Like other DEXs, such as SushiSwap, you earn rewards through yield farming on PancakeSwap. After receiving the LP token from your liquidity pool, you can use them for yield farming. PancakeSwap is a decentralized exchange platform where anyone can trade, earn, and win cryptocurrencies. To use PancakeSwap, you will need to connect a supported wallet to the DApp, such as TrustWallet or MetaMask.
Once the transaction completes, you will have your tokens in your wallet. If your LP tokens have an incentivized pool under Farms, you can go and stake them there, to generate additional rewards from your crypto. Liquidity providers will earn 0.17% of all trades on this pair proportional to their share of the pool.
How to Swap Crypto on PancakeSwap?
These are also incentivized pools by the different projects listed in the list of pools. However, Syrup Pools do not present the risk of impermanent loss and are an easy way to generate more rewards. PancakeSwap is a decentralized exchange, a fork of Uniswap protocol and an automated money market. The platform is trusted and used by millions of users, as it is beginner-friendly and is free from the process of registrations. Like other DEXs, PancakeSwap offers an easy platform to swap tokens on the BNB Smart Chain network.
Fill out the required fields with the information below and your MetaMask wallet will be connected to Binance Smart Chain. We write product reviews and comparison articles in the field of cryptocurrency. Here we are connected to Ethereum Mainnet, the Ethereum network. After you’ve enabled the pool, the Stake option will become available.
The platform charges 2% of any NFT sale and uses these fees to buy back CAKE tokens and burn them weekly. Anyone can become an NFT artist by applying through the NFT application form. Trading on PancakeSwap is straightforward, and you can access the option by clicking on “Trade” and selecting the token pair you wish to swap. Click the ”approve” button and confirm the transaction on your MetaMask wallet.
Go to the Trade page and select the tokens you want to buy/sell. On the Trade page, you can select the tokens and the amount that you want to swap. If this is the first time trading that token on PancakeSwap, you will need to enable it first before you can swap tokens on the PancakeSwap DEX. After you successfully deposit liquidity on the protocol, you will receive LP tokens to represent your share of the liquidity pool. To use all these features on PancakeSwap, you’ll first need to connect your wallet to the application. MetaMask, TrustWallet, and Binance Chain wallet are some of the most used wallets.
After approving the token you want to swap, you can click the ”swap” button and confirm the transaction on your MetaMask wallet. Once you have some BNB in your MetaMask wallet for gas fees on the BSC network, you can go the exchange page on PancakeSwap and start trading. If you do not you will either waste a lot of time or receive a drastic difference in what you paid to what you get. Once connected, you will see the “SWAP” icon active to get clicked.
Mastering Blockchain in no time part 3 — Solidity for creating Smart Contracts
CAKE tokens staked in Syrup Pools can be unstaked at any time. Furthermore, — except for the CAKE pools — these Syrup pools end when the rewards are out. PancakeSwap is a decentralized exchange on the Binance Smart Chain (BSC) and facilitates the swapping of BEP-20 tokens. Although it is the largest of these DEXs on Binance Smart Chain, there are DEXs that have significantly higher average trading volumes on Ethereum, such as Uniswap.
Make sure you have a compatible wallet before looking for how to use PancakeSwap. PancakeSwap, the most used decentralized application on the BSC network, is famous for its token launches, as well as for its many different features. The DEX makes trading extremely accessible, even for those new to the DeFi scene. In this guide, you’ll learn how to trade (or swap) tokens in the most popular DeFi platform, PancakeSwap. Before making the trade, you can also change your slippage tolerance and the transaction deadline by clicking the settings icon.
The decision about which DEX to use will ultimately depend on your personal needs and the one that you are most comfortable using. Uniswap’s native tokens (UNI) cannot be used for yield farming or staking anymore, but SUSHI and CAKE are still used for generating extra rewards. Also, investors that want to use the lending and borrowing functions on a DEX may choose SushiSwap, as it’s the only one of the three to offer that function.
For this guide on how to use PancakeSwap, we will use TrustWallet, but you can use any of the supported wallets. PancakeSwap offers an NFT market for users to buy and sell NFTs on the BNB Smart Chain. Before we explain how to use PancakeSwap, we first cover how it works and the tokenomics.
As you can see in the image below, it only costs $0.15 and you need BNB in your wallet to make an ”approve” transaction. Also, if you want to stake CAKE on PancakeSwap, you can send CAKE from Binance or other exchanges to your MetaMask wallet. If you plan to use Binance Smart Chain dapps such as PancakeSwap, you need BNB in your MetaMask wallet to pay for transaction fees.
Whether you’re new to crypto or if you have been in the space for a while, you’ll need to pay taxes.
Click the ”connect” button on PancakeSwap and then choose ”MetaMask” to connect your wallet to PancakeSwap. After unlocking your MetaMask wallet which is connected to Binance Smart Chain, visit PancakeSwap to connect your wallet to the platform. The first step is to head over to the PancakeSwap official web page, and on the header, you will see “Trade” as an option. Take your cursor to trade, and you will see two options displayed on the web page-Exchange and Liquidity. Click on Exchange, and you will see a description box appearing for exchange.
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. Any action taken by the reader based on this information is strictly at their own risk. It’s now up to you to discover how to use PancakeSwap for your investments and trades, now that you’ve learned the basics of how the DEX works. You will get a summary of your deposit, stating how many LP tokens you will receive.
As with any blockchain action, this counts as a transaction (will incur a network gas fee) and you will need to confirm the transaction from your wallet. The first thing to do on every decentralized application (DApp) is to connect your wallet. Otherwise, you can’t access any of the features of the DApp. PancakeSwap supports many different private wallets, including Binance Chain Wallet, Coinbase Wallet, TrustWallet, WalletConnect, and others. If you want to sell a particular BEP20 token on PancakeSwap, you can transfer it from exchanges or other wallets to your MetaMask address. With PancakeSwap, you can purchase, exchange or swap and start trading instantly.
You’ll see the list of the supported wallets when you click on Connect Wallet.