How to decentralize your crypto BNB on Pancakeswap? (GUIDE)

Updated on Oct. 14, 2022 at 10:26 a.m.

pancakeswap is one of decentralized exchanges the most used in Binance SmartChain. It allows its users to trade, buy, sell and create passive income from your cryptos.

Metamask is a browser extension that allows you to interact with blockchain with your crypto wallet.

Crypto Wallet - Metamask

For those who have already configured Metamask, go to the removal step.

Network Setup

Here, it will be necessary to configure the wallet to access the Binance SmartChain. For this, you will have to go to the scrolling menu all the way up, then “Add network”and you will be redirected to a page.

Crypto Wallet - Metamask

Here is the data to be completed here:

Network name: Binance SmartChain

New RPC URL: https://bsc-dataseed.binance.org/

Channel ID: 56

Symbol : BNB

Block Explorer URL: https://bscscan.com

Crypto Wallet - Metamask

Finally, copy your wallet address:

Crypto Wallet - Metamask

Remember to select Binance SmartChain from the networks drop-down menu.

Attention : in your use of Metamask, if you have a balance of the native token of the blockchainhere in this case BNBdo not sell everything, because if necessary, you will not be able to make any more transactions, the costs of these being paid in crypto BNB.

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Transfer your crypto to an external wallet

Go to your exchange favorite crypto. In our case, let’s take the example of Binance. Go to your overview of your portfolio.

Binance Wallet

Main account, then withdrawal.

Binance Wallet

Next, paste your address previously copied, select the network BSCand follow the procedure.

Binance Wallet

Pancakeswap: the main features

First, you must connect your crypto wallet to pancakeswap. Select Metamask.

Connect Wallet - Pancakeswap

Perform crypto swaps

In the navigation bar, go to Tradethen swap.

Crypto Swap - Crypto BNB - Pancakeswap

Here you can swap your cryptos BNB against other crypto. When you confirm a swap, a pop-up opens asking you to accept the transaction, which will cost a fee, and will need to be confirmed. You can buy cryptos with your BNBif the stacking rewards or farming are more interesting in other cryptos.

However, many investment features work with CAKEthe signed crypto pancakeswap.

Crypto Swap - Crypto BNB - Pancakeswap

Pancakeswap Farms

The farms at leverage (yield farming) are a feature allowing you to stack your cryptos and be paid for them.

Farms crypto - Pancakeswap - Crypto BNB

For example, a trader wants to trade BUSD for crypto BNB. L’exchange must therefore have liquidity of BNB to be able to perform the swap. This is where farms come in handy. Individuals stack their cryptos, theexchange borrows them and remunerates these “farmers” with a percentage of the loan. Loans are made in pairs such as BNB and USDT, or BNB and CAKE, etc.

Farming crypto - Pancakswap

You should know that if many traders come to buy BNB, the price of this currency will rise, and the commissions will be higher in the long term. This is why the farming is interesting for dormant funds.

Moreover, one of the assets consists in reinvesting the gains, and thus using the compound interest.

L’leverage is offered in a few pairs of farming. This is to get more rewards, and also run more risks.

The use of Crypto Pools

Crypto liquidity pools are the cousin feature of the farmingjust as interesting for your dormant crypto.

Crypto Pools - Pancakeswap

Users can deposit funds into a liquidity pool in the form of a pair of tokens, in order to create a market between the assets.

Liquidity Pool - Pancakswap

Even though they have many similarities, there are still differences.

Firstly, the farming requires users to deposit their funds in crypto on platforms of the Challenge. Next, the staking pooling is where crypto investors use their funds to support the blockchain and help validate transactions and blocks on the network.

Moreover, the farming Where yield farming generally offers a better APY than stacking, but the risk is higher.

Another difference is that in pools you set a “lock” on your cryptos and when your time ends, theexchange allows you to recover your cryptos as well as the defined reward. The longer the time, the higher the reward.

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Other features

pancakeswap offers other investment opportunities, but these fall under the category of gambling. it is therefore dangerous to venture there. Here are the most interesting:

Prediction and Lottery

Indeed, it is possible to earn amounts of CAKEthe cryptoexchange, predicting the price of the token. Participants pay for their entry, and all transactions go into a pool which will be distributed to the winners.

Prediction CAKE - Pancakeswap

It is also possible to play the lotto with your cryptos. You can buy your ticket with your numbers, by CAKE.

Lottery - Pancakswap

pancakeswap presents many ways to invest to earn cryptos. However, as everywhere in the Challenge, every investment has its risks. We must therefore remain vigilant.

You are interested in cryptocurrencies and trading? You can learn how to make multiples of your cryptocurrencies, all within the rules of risk. The training Crypto Rider offers you to establish a strategy to allow you to be profitable:

We want to give thanks to the author of this article for this amazing material

How to decentralize your crypto BNB on Pancakeswap? (GUIDE)


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