Instructions for using PancakeSwap sàn flooring The most detailed and simple will be shared by kiemtien.com in the article below. When Binance Smart Chain started to be launched, it made it possible to transfer cryptocurrencies at extremely low costs. Pancakeswap exchange is the fastest growing and decentralized exchange on the BSC. This is also a project heavily invested by the prestigious virtual exchange house Binance with up to 350,000 USD. Check out the article for more details!
Detailed instructions for using PancakeSwap
The following article will help you to gain more knowledge to adopt Trust Wallet using PancakeSwap exchange, this is the best and most compatible DeFi wallet with Binance Smart Chain acquired by Binance itself. First, you need to install Trust Wallet, you can go to Appstore or CHPlay to search keyword “Trust Wallet” and then download and install it on your phone.
Prepare
To use PancakeSwap's functions, you need 2 main currencies: Binance Coin (BNB) and CAKE. You can buy BNB and CAKE coins directly on the Binance exchange, but to avoid complications, just buy Binance Coin (BNB). Regarding CAKE, you can convert from BNB app to PancakeSwap. From there, you needRegister an account on Binance's virtual exchange house.
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Sign up on Binance exchange
You then use Binance P2P to buy Binance Coin with your bank account. To learn how to use Binance P2P app, you can check out our article on how to use binance in our app.
Once you have your Binance Coin (BNB), you must deposit it into your Trust Wallet before proceeding with the steps to use PancakeSwap. One thing to note, in Trust Wallet, remember to get Smart Chain address and send it to this address, choose Bep20 format.
Instructions for using the Swap function in PancakeSwap
PancakeSwap's Swap function helps convert from currency A to currency B. In this case we have BNB, but as mentioned above to continue using PancakeSwap, we need more CAKE, use Swap to continue. convert some BNB to CAKE to use for next steps. Here they areHow to use Swap on PancakeSwap.
Step 1: Open Trust Wallet, select the 4 dots icon (Dapps) from the menu below the app. Then find the PancakeSwap entry. Also, in the address bar Search or enter website URL, you can enter the link and visit the website: https://exchange.pancakeswap.finance.
Step 2: Select the Binance logo (circled in red) and select To connect to connect pancakeswap with confidence. So you've finished connecting pancakeswap with wallet trust.
Step 3: In From, enter the amount of binance you want to convert. For example 2.24741 BNB (you can choose MAX if you want to transfer all). To section, select the CAKE token. When ready, click the Swap button as shown below.
View more: What is Binance Coin? Why should you use BNB?
Step 4: Confirm the transaction and wait for the network to process. Once done, you will have some CAKE tokens transferred to your trust wallet.
Guide to Farming CAKE Tokens on PancakeSwap
Farm is a function that can help you earn CAKE or earn new A,B,C,..tokens completely free of charge. Here they are 2 ways to farm the CAKE token on the pancake exchange.
Option 1. Provide FLIP Liquidity and Stake Tokens
Step 1: Log in Liquidity to start offering tokens on the PancakeSwap platform. To continue, go to add liquidity, select the token you want to send and approve it first. Fill in the amount of tokens, the platform automatically calculates the amount you need to give.
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Step 2: Log in Provide and then select confirm. You will receive a confirmation request from the application. Press To send to send tokens to the platform.
Step 3: Once the token is provided, you will see a confirmation. will receive token Liquidity Provider (LP), holding this token, you will be shared by PancakeSwap a portion of the fees earned by the Pancake Swap exchange. These LP tokens are also known as FLIP tokens.
- FLIP stake token
After completing the above step, we have the FLIP token, you will use this token for Stake and get free CAKE. The steps for staking this FLIP coin are as follows:
Step 1: Select the 3 horns icon in the upper left corner to go to the Main Menu. then choose farms to access the PancakeSwap “Kitchen” and the corresponding LP token you provided. choose farm BOLO-BNB LP.
Step 2: Necessity To approve this before continuing. click select stake LP to enter the desired amount of LP tokens stake. Transaction confirmation. Instantly you will earn tokens CAKE.
Option 2: Bet directly CAKE
If you don't want to provide liquidity to get FLIP tokens and staking that token to get CAKE coins, you can staking your existing CAKE coins directly on the platform, you will get CAKE coins according to STAKE amount. Binance can staking CAKE coins in different staking pools will receive different corresponding tokens. In the following section, I will guide Stake CAKE coin to receive CAKE coin.
Step 1: Come back Home menu, press “Pools”.
Step 2: Approve the pre-staking of CAKE tokens. click on the sign + to enter the number of CAKE tokens you want to stake and Confirm.
Step 3: Completed, your CAKE tokens will be wagered and you will earn other CAKE tokens. You can harvest CAKE at any time and also stake again to get more CAKE tokens.
Conclusion
Above is a guide to using PancakeSwap, including Swap, Farm and Stake functions. Currently, CAKE coin is available on the Binance exchange. Therefore, it is possible to buy CAKE directly from the Binance exchange for reserve. Good luck!
View more: What is PancakeSwap? The most detailed way to trade on PancakeSwap to better understand this platform.