Using Pancake Swap DeFi Exchange
When it comes to using Crypto exchanges, almost all the exchanges popular are owned by a central authority or a person , Eg: Binance is owned by Changpeng Zhao ,Wazirx is owned by Nishchal Shetty, these systems are performing well, but to make crypto systems perform better and optimize the cost some developers decided to build decentralized exchanges. A group of anonymous developers in 2020 decided to build exchange that allow the users to use peer-to-peer (P2P) transactions with a process that relies on automated smart contracts.
Pancake Swap is a decentralized exchange built on Binance Smart Chain, a fast and inexpensive alternative to Ethereum. Pancake Swap enables users to swap between cryptocurrency assets by tapping into user-generated liquidity pools.Also it is the first-ever food-based decentralized finance-based platform that facilitates the transactions of cryptocurrencies along with functionalities like swapping pooling, and liquidity pools. It supports binance supported tokens, except that of the ethereum tokens which have high gas fees and transaction fees.
If there is any new token listed on Binance Smart Chain Network, in the initial phase you cannot buy it directly via exchange, but we can do it by swapping it with Pancake (which indicates token) and later exchange and sell it when the crypto token gets listed.
Let us see the step by step procedure about how to buy Pancakses, I am assuming you are an investor trying to buy Pancakes for the first time via Indian Rupee.
- We will first covert your Indian Rupee to BNB (Binance Smart Chain Tokens ) by using WazirX, to get initial information about how to buy crypto using INR refer to the previous blog .
2. Once you have some BNB tokens with you, we will use Trustwallet to connect with Pancakeswap.finance . You can go also download the trustwallet android app , sign up for the new account.
Also make sure that you are using Backup and seed words.
You can save these seed words, and store them for backup later.
Once you are done with this, you will get an acknowledgment about account successful creation.
3. Once you login into the trustwallet, just search for BNB:
Copy the receiving public key from the Binance Tokens and get your money into BNB Trust wallet account.
Just look for receiving the BNB tokens from your WazirX account :
Click on the Withdraw Button and see the balance in your Trustwallet account.
You can convert the BNB to Binance Smart Chain tokens by swapping in Trustwallet itself.
4. Just click the Dapps section in the Trust wallet application and select Pancake swap:
Once you are in Pancake Swap section , just convert BNB tokens to CAKE .
You can store these Pancakes in your trust wallet.
Also you can convert your BNB Tokens to Ripples (XRP) as shown below, there is a big list of crypto tokens available for swapping :
If you are a developer you can perform all the above operations via Metamask, for knowing more about metamask just refer to my previous blog.
For any further Queries or anything related to Blockchain, Cryptos /NFT /DeFi, Ethereum / Dapp Development you can DM me on Linkedin or instagram id=acanubhav94.
