Pancakeswap is one of Binance Smart Chain’s first automated market-making (AMM DEX) exchanges, allowing users to exchange BEP20 tokens (the latest from Binance Smart Chain).
Similar to other AMM DEX, when trading on PancakeSwap, users who provide liquidity contribute their assets to the Pool, while traders will swap assets back and forth in the Pool according to the Smart Contract’s pre-existing formula, instead of the order-book mechanism as conventional exchanges.
Originally, PancakeSwap was considered an AMM fork from Uniswap V2. However, since its first launch in September 2020, Pancakeswap has performed very well when consistently in the top 3 DEX with the largest trading volume in the market.
To date, Pancakeswap is not only an AMM DEX anymore but has become a liquidity center for the entire Binance Smart Chain, similar to Uniswap, a liquidity center for ethereum.
PANCAKESWAP HIGHLIGHTS
The highlight of Pancakeswap is the diverse set of products that turn Pancakeswap into a true DeFi station on the Binance Smart Chain ecosystem.
- Trade: Trade and create LP tokens to provide liquidity.
- Farms: Yield Farming with a large number of pools (the liquidity center of the BSC system).
- Pools: Stake CAKE to receive CAKE or other tokens in the BSC system.
- Predictions are the mechanism that predicts the rise and fall of asset pairs in a certain period.
- Lottery: Lottery game on Pancakeswap.
- Collectibles: Collect NFT items.
- Team Battle: This is a program that engages in group trading and ranks based on trading volume.
- IFO: Initial Farm Offering is the IDO Platform for new projects on the BSC system.
PANCAKESWAP MANUAL
To use PancakeSwap, you must first set up a wallet using Binance Smart Chain.
Here I will guide Metamask for the web version and trust wallet with mobile devices.
Set up Binance Smart Chain wallet
Metamask
1. First you have to download Metamask wallet a few settings already.
2. After installation you click to select the Ethereum Mainet line
3. Select “Custom RPC”
4. Fill in the information below
| NETWORK NAME | Binance Smart Chain |
| NEW RPC URL | https://bsc-dataseed.binance.org/ |
| CHAIN ID | 56 |
| SYMBOL (OPTIONAL) | BNB |
| BLOCK EXPLORER URL (OPTIONAL) | https://bscscan.com |
5. Select the Save button.
So, you’ve already established a Binance Smart Chain wallet. For the rest, you just need to send BEP20 assets and BNB as gas fees to be able to trade.
Trust Wallet:
1. Fill in head everyone also installs Trust wallet and save the phrase restored.
2. Find a Smart Chain Wallet
3. Load your BEP20 assets into your Smart Chain wallet address. You can withdraw BEP20 from Binance to your Smart chain wallet address. You have to have enough BNB to charge gas.
4. You can now use a Smart Chain wallet!
Note: To access Pancakeswap on your mobile device, you must use the Dapps browser on the trust wallet.
Trade
1. Visit the trading page
2. Get the “Connect a wallet” button at the base right of the picture table to connect the Binance Smart Chain wallet.
3. Choose the type of token you want to trade
4. Select the “Swap” button
5. Check the transaction and get into the “ConfirmSwap” button
6. Confirm transactions in your wallet
7. That’s it! You can click on the “View on bscscan” line to see transaction details.
Provide liquidity
The Pool on PancakeSwap allows you to provide liquidity by staking the tokens you are having into the liquidity pool (LP).
For those who do not yet understand what the staking mechanism is, staking is the act of keeping a certain number of coins in the wallet of a Blockchain project for some time to receive a reward.
Cevil Pool liquidity on PancakeSwap.
When you add a token pool (LP), you will receive a FLIP token (a token that represents pancakeSwap’s liquidity offering). For example, if you deposit $CAKE and $BNB into a liquidity group, you will receive cake – BNB FLIP tokens.
The number of FLIP tokens you receive represents your share in the CAKE liquidity pool – BNB. You can also get your money back at any time by canceling the liquidity you have provided.
You take the following steps to provide liquidity on PancakeSwap:
1. Visit the Provide Liquidity page on PancakeSwapfloor.
2. Choose Add liquidity.
Select Add Liquidity to provide liquidity on PancakeSwap.
3. Choose coins/tokens to stake in the pool, here I choose BNB and CAKE coin stakes. Then select supply.
Note: You must provide tokens with an equal total USD value. For example, when you stake $10 BNB, you also have to stake $10 CAKE.
Select Tokens and Supply.
4. Double check the information and select Confirm Supply.
Select Confirm Supply to confirm the liquidity offer on PancakeSwap.
5. Select Confirm to confirm stake coin.
6. The brothers have now completed the coin stake on Pancakeswap and have the CAKE/BNB FLIP liquidity token.
Farming
After holding the LP token, you can use it to earn CAKE. There are many pools for farm coins on Pancakeswap.
Farm interface on PancakeSwap.
1. Go to the farm section on Pancakeswap and select Connect to connect the wallet similar to the one above.
2. Choose the farm you want to join. For example, here I choose CAKE – BNB farm.
Select Farm you want to join on PancakeSwap.
4. Select Select.
Select Select.
5. Select the “+” button to stake the liquidity token.
Stake token by selecting the “+”.
6. Enter the number of liquidity tokens you want to stake and select Confirm.
Enter the number of liquidity tokens and Confirm.
7. So you’ve completed the farm CAKE token.
Join the Lottery
The lottery is a special lottery feature on PancakeSwap.
The PancakeSwap Lottery.
Usually, each lottery ticket will be worth $ 5 in CAKE, after buying the ticket, you will be given 6 random numbers from 0 to 9. There will be 2 lottery draws per day, each lasting 12 hours.
The number of tickets participating is unlimited, so you can buy as many tickets as you like.
Rules for playing Lottery on PancakeSwap.
To win, the numbers on your ticket must match the lottery results in the right order from left to right.
For example, the lottery result is 913662 and there are 2 tickets to the Lottery:
- Ticket A – 913962: Match the first 3 numbers and the last 2 numbers with the draw result ⇒ Ticket A will win “Match First3“.
- Ticket B – 013662: Although the last 5 digits are matched, the first number that does not match ⇒ Ticket B will not win at all.
Lottery winning criteria on PancakeSwap.
The distribution of rewards for each prize will be presented as follows:
- Match First 1: 1% Pool Prize.
- Match First 2: 3% Pool Prize.
- Match First 3: 6% Pool Prize.
- Match First 4: 10% Pool Prize.
- Match First 5: 20% Pool Prize.
- Match All 6: 40% Pool Prize.
Lottery award distribution.
To participate in the Lottery on Pancakeswap, you follow these steps:
1. Brothers participate in the Lottery on Pancakeswap.
2. Select Buy Tickets.
Buy Ticket to participate in the Lottery on PancakeSwap.
3. Enter the number of tickets you want to buy and select Enable.
Enter the number of tickets you want to buy and select Enable.
7. Select Confirm in the wallet associated with PancakeSwap.
8. So you have successfully purchased a lottery ticket, now just sit and wait for the draw results.
Pancake Collectibles
You can also earn special NFTs in the Pancake Collectibles set and trade them for CAKE.
Pancake Collectibles.
Here are the steps to join and earn NFT on PancakeSwap:
1. Register and select Register for a chance to win.
Register to earn NFT on PancakeSwap.
2. You will be randomly selected to receive NFTs.
On October 7, 2021, Pancake released a new NFT called Pancake Squad with a total supply of 10,000 NFTs, with a selling price of 15 CAKE for an NFT. That NFT sold out in a minute.
Currently, this NFT Pancake Squad has sold out, and you can buy them back on Pancake’s NFT Marketplace.
Join IFO
IFO (Initial Farm Offering) is a form in which you can acquire newly launched tokens through yield farming, by stake LP tokens from support pools to be granted the right to participate in the purchase of new tokens.
IFO on PancakeSwap.
With the outstanding feature that Total commit will be made public at the place of sale, IFO has brought PancakeSwap a large number of users with 2 million transactions in one day (April 20) and achieved ATH on all three fronts: 24h volume, users and transactions on BSC on the same day.
Note when participating:
- You must have CAKE-BNB LP tokens.
- When CAKE tokens are similar to half of the total fund, they will be permanently burned.
For example, if the total allocated capital is $1,000,000 USD, $500,000 CAKE tokens will be burned.
To join IFOs on PancakeSwap, follow these steps:
Brothers on the page: https://pancakeswap.finance/ifo to see IFOs projects.
Before the sale:
- Buy CAKE and BNB tokens.
- Create CAKE-BNB LP tokens by adding CAKE and BNB to the liquidity pool.
During the sale: You have to deposit CAKE-LP tokens to buy IFO tokens.
After the sale ends: The brothers claim the IFOs tokens you bought. The rest of the money will be sent back to you.
WHAT IS THE TRANSACTION FEE ON PANCAKESWAP?
Trading fees on PancakeSwap are cheap compared to current DEX exchanges: 0.2%
- 0.17% for liquidity providers.
- 0.03% will go to the floor fund.
PANCAKESWAP ROADMAP
As one of the BSC projects invested by Binance in the upcoming PancakeSwap, many products are planned to launch.
Upcoming product list:
- Lending & Borrowing: Borrowing BSC tokens and LP tokens. CAKE will be used for discounts.
- Margin Trading: Trade BSC tokens with on-chain leverage – CAKE will be acquired and burned periodically.
- NFT Ecosystem: Mint, trade, breed, … All will be paid for by CAKE.
- NFT-based gamification: Complete missions, level up… to receive NFTs – use CAKE for mining.
With the roadmap, it is clear that the role of CAKE will be used more, as well as the amount of CAKE that will be burned, will increase. From there, cake prices are likely to increase in the future as more products are launched by PancakeSwap.
PROJECT TEAM, INVESTORS, PARTNERS
Project team
Updating…
Investors
Pancakeswap is one of three projects along with Bakeryswap and Burgerswap that have received funding from Binance Smart Chain worth up to $100 million.
At the same time, Pancakeswap also sponsored the Audit Smart Contract of the project from CertiK.
Partner
Pancakeswap’s partners are currently numerous, mostly in projects operating in the Binance Smart Chain ecosystem. According to a statement on Medium, all projects with tokens in Farming Pool are Pancakeswap partners.
In addition, Pancakeswap is also actively supporting its token launching projects through the Ifo Pancake platform.
CAKE TOKEN DETAILS
Key Metrics CAKE
- Token Name: Pancakeswap.
- Ticker: CAKE.
- Blockchain: Binance Smart Chain.
- Token Standard: BEP-20.
- Contract: 0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82
- Token Type: Utility and Governance.
- Total Supply: No max supply.
- Circulating Supply: 178,932,954 CAKE.
CAKE Token Allocation
Pancakeswap is one of the projects with a very effective tokenomic construction mechanism. Although there is no Max Supply, it means inflation could rise. But Pancakeswap’s team has designed the product so that the number of circulating CAKEs (working to create value) is always higher than the number of CAKEs minted, the details will be mentioned below.
CAKE Token Sale
Pancakeswap does not have a pre-sale to the community, all CAKE tokens will be released under the mechanism below.
CAKE Token Release Schedule
Every day, about 530,000 CAKEs will be minted and distributed for the following products:
- Syrup Pool: 288,000 CAKE.
- Farming Pool: 238,000 CAKE.
- Lottery Pool: 4,000 CAKE.
At the same time, Pancakeswap has also developed the following mechanisms for buying and burning CAKE supplies:
- 100% CAKE is used in profile creation and NFT Minting.
- 20% of CAKE is used in the lottery.
- 100% CAKE is used in IFO.
- 3% of the total bet volume per round in the Predictions product.
- 2% of the value each time a user harvests interest from Cake Auto Pool.
- 0.05% fee on total trading volume on AMM.
CAKE Token Use Case
CAKE token will be applied as follows:
- Participate in voting for changes in the system.
- Staking and Farming to receive rewards at Pools.
- Used in Lottery, Team Battle, IFO, NFT products.
- The main means of payment are on the Pancakeswap platform.
SHOULD I JOIN PANCAKESWAP OR NOT? IS PANCAKESWAP A SCAM OR NOT?
I realize that at the moment, Yield Farming is not as hot as it was in August and September. Therefore, for brothers who want to profit a lot and do not want to hold capital for a long time, PancakeSwap is not the right choice.
In addition, since this period APY on cake’s peach pools has decreased markedly, this is once again the reason that many brothers need to consider.
Another factor is that the development team behind CAKE is still anonymous. This detail is sometimes a bit worrying for some brothers who want to hug and keep capital on PancakeSwap long term.
However, in the opposite direction, it can be said that as the yield farming platform as well as the first Automatic Market Generation (AMM) platform on Binance Smart Chain, this will likely be the long-term goal that Binance wants to develop in the future.
PancakeSwap also integrates and connects to many tokens that have just been IEO on Binance, so in terms of ecosystem, this can still be considered a plus for the platform.
COMUNITY AND SOCIAL
- Twitter: https://twitter.com/pancakeswap
- Medium: https://medium.com/@pancakeswap
- Announcement Channel: http://t.me/PancakeSwapAnn
- English Chat: http://t.me/pancakeswap
- Vietnamese Community: https://t.me/PancakeSwapVN
CONCLUSION
With the success of PancakeSwap and the Binance Smart Chain (BSC) network, this is a terrible thing in the crypto market. It offers many opportunities for DApp users and developers to participate in making money.
