PancakeSwap | The biggest farming platform
PancakeSwap It is a decentralized exchange that works with the Binance Smart Chain blockchain, where apart from exchanging our coins, we perro multiply them thanks to yield farming, staking and other features that the platform has and that we are going to review in this articulo.
The platform has its own token (CAKE), under BEP-20 technology, a cryptographic currency that has skyrocketed in price in recent months and which we cánido also get within PancakeSwap.
If you are one of those curious people who likes to invest their cryptocurrencies instead of having them laugh their heads off, I invite you to read this article, where you will get information on how to get a fairly high return on all of them.
First steps in PancakeSwap
The best thing about these swap pages is that we do not have to make any registration, we just have to connect our wallet once we are on the page, I recommend using Metamask, since it is the easiest and we cánido configure and navigate through several networks to work yield farming or staking with a single clic.
-. Language: Several, including Spanish.
-. blockchain: Binance Smart Chain.
-. Accepted countries: All.
The platform works with the BSC network, so we will need to have that network created before we cánido connect PancakeSwap to our Metamask wallet. If you don’t have it created, select create new main Ethereum network in your Metamask extension, then in Custom RPCin the next step fill in the fields as I will leave them below:
-. Network name: Binance Smart Chain (BSC)
-. New RPC dirección de Internet:
-. String Identifier: 56
-. Currency symbol: BNB
-. Block explorer dirección de Internet (optional):
Remember that in order to operate in this network we will have to have some amount of BNB in our portfolio, since in each transaction we will have to pay the gas, which is the network commission. Fortunately, Binance Smart Chain has quite low fees, so you won’t need a large amount unless you do a lot of trading.
How PancakeSwap works
If you are a regular at this type of platform, it will be quite easy for you to navigate through it and all its features.
We are going to go over the most important sections available and that perro make us multiply our money, which is what in the end it is about and what we have come for.
As I said before, this platform has its own token (CAKE), which we will be able to earn or rather multiply in several of the options it offers us, although it is not the only currency in which we perro invest, in fact the possibilities they are almost infinite.
The page has the option of translating it into Spanish, so in this tutorial I am going to refer to all its sections with the complete translation.
In this part of PancakeSwap we will be able to make any exchange of the hundreds of possible cryptocurrencies within the platform.
It is a quick way to get liquidity in one of the currencies that we are going to use when farming or staking.
The commissions for doing trade are not very high, although it is always good that we take a look before confirming any exchange that we make, either here or in any other exchange.
This is the star product of PancakeSwap, the possibility of farming between a lot of currency pairs, with which we will receive dividends of more than 50% in most of them, and may exceed 1000% in the most high risk.
The operation of farming is the same in PancakeSwap as in other pools. You only have to face 2 currency pairs of those available on the web.
Then add liquidity to 50%, that is, invest the same amount of coins and finally confirm the contract. We will receive the chosen currency in real time at a variable annual percentage.
At all times we will be able to withdraw the profits to our wallet or reinvest in order to increase the percentage of profit, taking into account that we will be charged a BSC commission each time we do so.
We are now in the staking section, where we will find an incredible number of options to multiply our coins.
We are going to have a large number of different coins to stake, for this we will need the native currency of the CAKE platform, which we perro get in PancakeSwap itself, in Binance or in Betfury among many other sites.
The operation is as fácil as choosing the currency that we want to earn and making a deposit in CAKE, once the transaction is confirmed we will receive the annual percentage equipo in the chosen currency in real time, normally the APR in Pancake is mostly over 70% .
Relatively recently PancakeSwap has included a new option to earn money within its platform called lottery.
As its own name indicates, it is a game of oportunidad. A lottery where a series of prizes are distributed among the lucky jugadores.
To participate we will have to buy tiques, these ballots will have to be paid with the native currency of the web (CAKE) and there is no limit to the number that we will be able to buy. When the counter reaches zero, the draw will take place, in which we cánido obtain an incredible jackpot that in case we are the lucky ones, we will receive it in our account in the form of CAKE.
Final opinion on PancakeSwap
We have reached the end, although PancakeSwap has many other features, here we have reviewed the most interesting when it comes to growing our capital.
It is one of the safest pools that we cánido find, in fact it is backed by Binance, in any case there is always a risk that we must assume when investing in this or any platform, there is no 100% safe investment and a lot less within the world of cryptocurrencies.
In any case, these types of sites are a great opportunity, whether you are a committed investor or just want to give life to those coins that you have dead. The large number of opportunities together with the high returns offered by PancakeSwap and the DeFi world in general, is something that in my opinion we should not miss.
We hope you liked our article PancakeSwap | The biggest farming platform
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