Altcoin Update - PancakeSwap Up 75% in 7 Days

Image Source: Coingecko

“Good things come to those who wait” - but when altcoins start pumping we don’t wait to bring you the update! PancakeSwap is up nearly 75% in the last seven days! Current price is approximately $2.14 with $182.574 million in volume. Listed as coin number 92 in terms of market cap, lets take a closer look at today’s hot coin.

PancakeSwap is a decentralized exchange that operates natively on BNB Chain. This platform bears similarities to well-established exchanges like UniSwap but with a distinct focus on BEP20 tokens, which adhere to the Binance-developed BEP20 standard. The BEP20 standard outlines the necessary functions for tokens to integrate seamlessly into the broader Binance ecosystem, including DApps, wallets, and other services.

How PancakeSwap Functions

PancakeSwap utilizes an automated market maker (AMM) system, eliminating the need for traditional order books or intermediaries. Traders interact with liquidity pools rather than counterparties, enabling instantaneous trades. Liquidity pools consist of funds contributed by investors worldwide, enhancing trading liquidity.

To execute a trade, users deposit one token and receive another based on the pool's liquidity and exchange rate. Besides trading, PancakeSwap offers the roles of liquidity provider and yield farmer, allowing users to deposit tokens and earn a share of trading fees or CAKE tokens, the native cryptocurrency. The platform also features a lottery for those feeling lucky and provides a marketplace for BNB Chain-based non-fungible tokens (NFTs).

Getting Started with PancakeSwap

To engage with PancakeSwap, you first need a compatible wallet for BNB Chain. Options include Trust Wallet, BNB Chain Wallet, Coinbase Wallet, or MetaMask with some configuration adjustments. These settings enable MetaMask to interact with BNB Chain-based DApps like PancakeSwap.

After connecting your wallet to BNB Chain, you can begin interacting with PancakeSwap.

Adding Liquidity

By visiting the Trade menu and selecting Liquidity, you can contribute tokens to a liquidity pool. Ensure you deposit both tokens in the predetermined ratio, sign the transaction from your wallet, and receive LP tokens representing your share of the pool's liquidity.

Yield Farming

For yield farming, browse available farms in the Earn menu. Choose a farm compatible with your LP tokens, considering the annual percentage rate (APR). After enabling and staking your LP tokens, you can monitor your staked LP balance and even withdraw your earnings.

Staking

Staking your CAKE tokens in the Syrup pools offers a way to compound your earnings. Visit the Pools option on the Earn menu, select a pool, activate CAKE staking, and watch your earnings grow with the option to reinvest them.

By following these steps, you can maximize your returns through yield farming on BNB Chain.

The PancakeSwap Lottery

PancakeSwap's lottery provides a chance for passive income. It involves guessing a winning four-digit combination between 1 and 14. Matching the exact combination earns you 50% of the lottery pool. If your ticket partially matches the winning combination, you can still receive rewards if the numbers align in the same positions as the winning ticket.

NFTs on PancakeSwap

PancakeSwap also supports the trading of BNB Chain-based non-fungible tokens (NFTs). To list your NFTs on the platform, you can apply by completing a form.

Well, we hope your week is going well (tomorrow IS Hump Day!). Enjoy the rest of your week and stay tuned for Sunday’s news updates!

Stay Educated.

-The Token Mindset Team

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