How To Use Pancake Swap With Trust Wallet

Different between Dex & Cex 👇👇👇
https://youtu.be/Tp4lrSWuNmY?si=d79CNwm5gwie2tFz

What is PancakeSwap?
PancakeSwap is the leading decentralized exchange (DEX) on the BNB Chain. As of September 2023, it was the largest decentralized application (dApp) on the BNB Chain, with a total value locked (TVL) of about $1.3 billion.

The DEX is also available on other EVM chains, including Ethereum, Base, Arbitrium One, Polygon zkEVM, Aptos, Linea, and zkSync Era.

PancakeSwap’s native cryptocurrency is called CAKE. The token is used for staking, governance, trading fee discounts, and rewards.

How Does PancakeSwap Work?
It is very easy if you have experience using crypto wallets and other DEXs.

You will need:

A crypto wallet;
The native crypto of the blockchain you wish to transact on. For example, on the BNB Chain, you will need the BNB token to pay gas fees. Similarly, if you operate PancakeSwap on the Ethereum mainnet, you will need ETH tokens to pay gas fees;
Cryptocurrencies to exchange or stake.
Setting Up a Cryptocurrency Wallet
You have a plethora of options when it comes to crypto wallets, including MetaMask, Coinbase Wallet, and Rainbow.

MetaMask is arguably the most popular crypto wallet in the world, while Coinbase Wallet is endorsed by one of the world’s biggest crypto exchanges, Coinbase.

Setting up a crypto wallet is pretty straightforward. We recommend you download the mobile application to begin your setup. Crypto wallets like MetaMask can also be downloaded as a browser extension on your laptop.

You can read our latest guide to learn how to set up a MetaMask wallet in detail.

Just remember, whenever you are setting up your crypto wallet, ensure that you store the secret recovery phrases safely. If you forget the passcode to access your wallet, those recovery phrases will be essential for recovery.

Acquiring Tokens to Pay Gas Fees
You need the native token of the blockchain you are transacting on to pay gas fees. Without these tokens, you will not be able to carry out any trades on PancakeSwap.

If you use PancakeSwap on its native BNB chain, you will need BNB tokens in your wallet to pay gas fees.

You can acquire BNB tokens on centralized exchanges like Binance, Coinbase, Gemini, Huobi OKX, and Kraken. Once you acquire these tokens, you will have to send them over to your crypto wallet.

Make sure that you send the BNB tokens using the BNB Chain otherwise, your tokens will be lost in transition. Similarly, if you are planning to use PancakeSwap on Ethereum, you will have to buy ETH on a centralized exchange and send it over to your crypto wallet via the Ethereum network.

Accessing the PancakeSwap Website;
Once you have set up your crypto wallet and have acquired tokens to pay gas fees, you can head to the PancakeSwap website pancakeswap.finance.

Connecting Your Wallet to PancakeSwap;
Your crypto wallet is like your email account that you use to “log in” to dApps like PancakeSwap. Most crypto wallets like MetaMask and Coinbase Wallet come with an in-app browser to visit and log into various dApps seamlessly.

You can also access Web3 sites like pancakeswap.finance from your laptop browser.

On the home page, click on the “Connect Wallet” button, which will show you a pop-up page with all the compatible crypto wallets available. Select the wallet you use.

If you have downloaded the wallet extension on your laptop browser, simply enter your password when prompted. In some cases, you may be required to scan a QR code via the wallet application on your smartphone.

If you are connecting your wallet for the first time to PancakeSwap, you will be prompted to give the dApp permission to view your public address and wallet balance and to send you requests for transactions. Select the “Allow” button.

You have successfully logged into dApp.

Overview of the PancakeSwap User Interface
PancakeSwap is a feature-loaded DEX. It provides the following features including:

Token Swaps: As a DEX, PancakeSwap allows token swaps where users can trade one crypto for another. These token swaps are enabled by liquidity pools.

Liquidity Pools: Users can deposit their idle crypto tokens into liquidity pools and earn fees from them. Tokens from these pools are used whenever a trader swaps a token on PancakeSwap. The trader pays trading fees, a part of which is paid to liquidity providers (LP).

PancakeSwap Smart Router: This is a smart order routing algorithm that executes trades across multiple pools to find the best price for traders.

Zap: Liquidity is provided in token pairs. For example, a user has to deposit equal values of BNB and USDT to a BNB-USDT pool. Zap is a feature that allows users to provide liquidity by depositing only one token.

StableSwap: StableSwap is a feature that allows traders to trade cryptocurrencies that are closely priced to one another (e.g., stablecoins)
for more; https://www.techopedia.com/how-to/how-to-use-pancakeswap

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