Crypto assets, which are touted as the coins of the future, have gradually started to appear in all areas of our lives. These assets, which have been declared as the official currency by some countries recently, have become a huge market in which billions of dollars are turning by increasing their popularity day by day.
Of course, the channels where cryptocurrencies meet with their investors are also very important. We have examined PancakeSwap (CAKE), which we have been hearing frequently these days, in detail, and conveyed it to you.
What is altcoin in cryptocurrencies?
What does ‘altcoin’ mean, one of the terms often heard when it comes to crypto money? Here’s all you need to know about altcoins.
What is PancakeSwap (CAKE)?
As people who are closely related to crypto money exchanges know, platforms such as Binance are managed from a single center. PancakeSwap (CAKE), on the other hand, is a decentralized automated market maker (AMM) concept platform developed on Binance Smart Chain.
PancakeSwap, which has a similar concept to platforms such as Uniswap and Sushiswap, the decentralized finance protocol used mainly to exchange cryptocurrencies, appeals to users with many functions such as quickly and securely exchanging tokens, adding liquidity to one or more of the liquidity pools, and generating passive income.
Apart from this, although it is based on AMM, there are also options such as winning NFT by participating in staking draws, participating in token sales and being on the leaderboard.
How to use PancakeSwap (CAKE)?
Cryptocurrency wallet is required in the PancakeSwap platform, which is not connected to any center, as in the crypto money exchanges that are connected to a single center such as Binance. It is worth mentioning here that the platform supports many wallets such as MetaMask, Trust Wallet and Binance Chain Wallet.
Investors who want to use PancakeSwap must first integrate the crypto money wallets they use into the system, then deposit Binance Coin (BNB) or PancakeSwap (CAKE) to the platform to make transactions and start earning.
Swap, that is, token exchange, is quite simple. Here, the only step that investors have to follow is to determine the token to be exchanged and click on the “Swap” button. It should be noted that a 0.25 percent fee is charged for this transaction.
In order to start earning income by locking the tokens you have purchased into liquidity pools, you need to add an equal amount of token pairs such as CAKE and BNB. In return, investors are given CAKE-BNB LP. While the number of LP tokens here represents your share in the CAKE-BNB liquidity pool, you can remove your liquidity at any time and start using your money.
Disclaimer: This content of ShiftDelete.Net does not constitute investment advice or recommendation. It was created for informational purposes.