What is PancakeSwap?
PancakeSwap is the most widely used decentralized crypto platform. The service is used by more than 2.2 million customers per month, who make more than 26 million trades. PancakeSwap claims to have more than 3.4 billion euros staked in contracts – that is, total value locked, or TVL.
The PancakeSwap platform allows trading of any crypto on the Binance smartchain.
PancakeSwap implements an automated market maker architecture, which relies upon user-supplied liquidity pools to support crypto swaps. That’s why it offers users passive income for staking tokens.
In addition to swapping, trading, and staking, PancakeSwap supports NFTs, initial farm offerings, yield farms, syrup pools, and other features.
The PancakeSwap’s native cryptocurrency is called CAKE. Users can buy CAKE at PancakeSwap, earn it from participating in farms and syrup pools, or win it in an on-site lottery. Of course the best way to purchase CAKE is to buy it at Kriptomat.
Launched in 2020 by anonymous developers, PancakeSwap allows holders of CAKE tokens to vote on governance proposals.
Year Established: 2020
Start using PancakeSwap DEX now
Here’s the fast, easy way to get started with the PancakeSwap DEX: The Kriptomat DEX Onramp.
1. Purchase Ethereum at Kriptomat
Your PancakeSwap journey starts with funding your account. Kriptomat is the fastest, easiest way to start. In this example, we’re starting by buying Ethereum to fund your account. Ethereum is easy to buy at Kriptomat. Simply create your free account, complete the quick identity verification procedure, and make the purchase. Visa and Mastercard support means you can complete this process in minutes.
2. Set up a MetaMask wallet
MetaMask is a crypto wallet that is implemented as a browser extension on PCs and an app on mobile devices. Visit metamask.io and select “Download” and you will receive the proper version for the device you are using. Follow the instructions to complete installation. Create a wallet and password. Set up the wallet to use the BNB Smart Chain:
Network Name: BNB Smart Chain
New RPC URL: https://bsc-dataseed.binance.org
Chain ID: 56
Currency Symbol (optional): BNB
Block Explorer URL (optional): http://bscscan.com
3. Transfer Ethereum to your MetaMask wallet
Use the Account Details menu on MetaMask to display the numeric code that is your MetaMask mainnet wallet address.
At Kriptomat, locate My Wallets and select the Ethereum mainnet. Click on Send and paste the wallet address from MetaMask into the “Recipient address” blank. Specify the amount of Ethereum you wish to send and confirm the transaction. You may need to confirm the transfer via email.
4. Add the Ethereum to your MetaMask wallet
The Ethereum you transferred is in your MetaMask wallet, but it may not be visible until you add it manually. Visit coinmarketcap.com and locate the token contract address for ETH, then open MetaMask, select “Add token,” and paste in the address.
5. Connect your MetaMask wallet to PancakeSwap
Navigate to PancakeSwap, click on the Connect button in the upper-right corner, and follow the instructions on your screen to link your MetaMask wallet to your PancakeSwap account.
6. Begin trading
Now that you have funded your MetaMask wallet and linked it to the DEX, you are ready to begin executing transactions at PancakeSwap.
It’s just that easy!