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What is Pancakeswap | Beginner's Guide on How to Use Pancakeswap
What is Pancakeswap
PancakeSwap is a decentralized exchange on Binance Smart Chain, one of Ethereum’s top competitors.
Interestingly enough, the Binance Smart Chain blockchain is the creation of Binance, a centralized crypto exchange known for being the largest in the world. With PancakeSwap, Binance is essentially competing against two distinct cryptocurrency establishments — Ethereum and Uniswap.
The intrigue gets even deeper because PancakeSwap can outshine Binance itself if exchange volume gets deep enough. However, cryptocurrency narratives aside, PancakeSwap is one of today’s largest DeFi protocols, and one that needs explaining if you’re new.
This guide to PancakeSwap will teach you the basics of how the decentralized exchange and liquidity protocol work, along with how to use each to your advantage.
After all, there are enough differences when you compare Uniswap to PancakeSwap that it’s well worth understanding PancakeSwap’s features.
What is PancakeSwap? It’s more than just another food-themed DeFi protocol
PancakeSwap is a decentralized exchange built on Binance Smart Chain, a fast and inexpensive alternative to Ethereum.
Much like the celebrated Uniswap DeFi AMM protocol running on Ethereum, PancakeSwap enables users to swap between cryptocurrency assets by tapping into user-generated liquidity pools.
To create said liquidity pools, PancakeSwap offers a plethora of DeFi farming opportunities for liquidity providers. The liquidity grab has so far worked like a charm — well over $1 billion in total value locked (TVL) has migrated to PancakeSwap since it opened its doors.
However, unlike Uniswap, PancakeSwap rewards those who stake its native BEP-20 token called CAKE. When you stake CAKE, you get SYRUP at a 1:1 ratio. Holding SYRUP entitles you to 25% of the CAKE emissions distributed proportionally to holders.
PancakeSwap vs. Uniswap vs. SushiSwap
In today’s cryptocurrency landscape, there are three major decentralized exchanges ruling the roost.
- Uniswap — The original DeFi liquidity protocol built on Ethereum. Today’s standard for easy cryptocurrency trading using ERC-20 tokens and mostly ETH pairs.
- SushiSwap — A community-governed Uniswap fork that has evolved into a DeFi hub offering token swaps, farming, and crypto lending/borrowing.
- PancakeSwap — Uniswap clone built on BSC to deliver fast and inexpensive trades using BEP-20 tokens and the BSC←→ETH bridge.
While all three enable decentralized exchange, community governance, yield farming, and LP (liquidity provider) opportunities, only Sushi and PancakeSwap pay rewards back to token holders who stake their tokens.
There are only two important decentralized exchanges in Ethereum’s DeFi ecosystem: Uniswap and SushiSwap. Both compete with each other at an extreme level, so which one is better and why?
Revenue sharing token
SUSHI holders who stake their tokens receive xSUSHI, a revenue-sharing token that earns transaction fees from the protocol. Similarly, CAKE holders who stake their tokens receive SYRUP, entitling holders to rewards paid in CAKE.
The fundamental difference between the three DeFi protocols is that the UNI token is solely used for governance. This difference explains why large liquidity migrations from Uniswap to both Sushi and PancakeSwap happened as LPs sought more wealth creation.
Farming liquidity provider tokens
Similar to yield farming on SushiSwap, farming LP tokens on PancakeSwap is pretty simple. Find a pair of assets you already hold or are willing to supply, fire up your Metamask wallet, deposit, and farm.
The beauty of farming using Pancakeswap vs. SushiSwap, however, is in how much cheaper it is to deposit said assets on the former. Binance Smart Chain is way cheaper to use than Ethereum — but that’s because it’s also far more centralized.
Cheaper + faster transactions
Additionally, PancakeSwap is less expensive and faster to use than both Uniswap and Sushi. The reason is PancakeSwap is built on Binance Smart Chain, a high-throughput blockchain built by Binance to compete with Ethereum.
BSC achieves its scaling prowess in part by being less decentralized than Ethereum, but that doesn’t seem to deter users from taking advantage of its barely-there transaction fees. Trading on PancakeSwap is undeniably better for smaller wallets who can’t quite call themselves crypto whales and don’t have unlimited funds to drop on gas fees.
Accessing PancakeSwap is still familiar for Ethereum users since you can connect to the exchange using Metamask, just like you do when using Uniswap and SushiSwap.
Gamified exchange experience
Uniswap is a somewhat serious decentralized exchange apart from its fun unicorn logo. Ditto SushiSwap and its homage to Japanese food and spa culture.
PancakeSwap, on the other hand, takes the fun to a new level with PancakeSwap Lottery. Every day, users deposit a number of CAKE tokens into the lottery then wait for the winning numbers to be announced.
The more deposits, the larger the pot, and the greater the stakes. To increase your odds of winning, you deposit more CAKE. The mechanics of the Lottery are simple yet brilliant, which explains why it’s such a hit with users.
How to use PancakeSwap DeFi Platform
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step
Don’t let the fancy names for the PancakeSwap platform confuse you. It calls itself an AMM, short for Automated Market Maker, but that’s just another way of saying exchange.
In short, an AMM like PancakeSwap or Uniswap is a decentralized liquidity protocol used to create the basis of liquidity for the platform’s exchange function. Users like yourself provide liquidity so that other users can seamlessly swap tokens using the decentralized exchange.
So, PancakeSwap AMM replaces the centralized order book found on exchanges like Coinbase and Binance. This functionality is fortunate for users who want to use PancakeSwap to exchange cryptocurrencies or provide them in return for rewards.
Before delving into PancakeSwap, you’ll need to understand how to connect Metamask to Binance Smart Chain. Here is an easy guide to follow before getting started on PancakeSwap.
PancakeSwap DEX
To use the PancakeSwap decentralized exchange, jump over to Pancakeswap.finance, then click Trade from the menu.
After doing so, you get two options: Exchange and Liquidity. Click Exchange to toggle the tool at the center of your screen to the Swap option.
Now, you can select the inputs for the exchange. Choose the cryptocurrencies you want to swap from the drop-downs in each line. When you trade crypto on PancakeSwap, you’re exchanging against the AMM liquidity pools generated by users instead of an order book.
This makes swaps easy, fast, and flexible compared to a centralized exchange since anyone can create a pair, provide liquidity for it, and thus open up a new market for the DEX.
Once you’ve selected the assets you want to exchange, hit the Swap button, confirm the transaction in your wallet, and you’re done!
One thing to note is that you can only trade BEP-20 tokens on the PancakeSwap DEX. That’s because PancakeSwap is built on Binance Smart Chain, not Ethereum. However, even if you only hold ERC-20 tokens, you’re in luck — just use the Binance Bridge to wrap your assets for use on PancakeSwap.
Binance Bridge
If you want to trade ERC-20 tokens on PancakeSwap, you’ll need to wrap them on the Binance Bridge to turn them into BEP-20 assets (Binance Smart Chain token standard).
To do so, head over to the Binance Bridge, then connect your wallet. Assuming you’re connecting from a Metamask wallet on the Ethereum main network, you’ll be asked to confirm the transaction (after you input the token you’re bridging to BSC) on the Ethereum side, which will cost an amount paid in ETH.
While this may be expensive due to high Ethereum gas fees, once you get your crypto assets wrapped and bridged over to BSC, you’ll save tons in trading fees by virtue of PancakeSwap’s low costs.
Binance Bridge isn’t just for cross-chain assets used in trading. You can also use it to bridge Ethereum assets you want to use to provide liquidity and yield farming on PancakeSwap.
Once you’ve finished your activities on PancakeSwap and want to convert your BEP-20 assets back to ERC-20, just follow the same steps in reverse using Binance Bridge.
How to provide liquidity to PancakeSwap
Like Uniswap and SushiSwap, you can become a liquidity provider on PancakeSwap to receive rewards. Doing so is easy and keeps the AMM liquid for exchange users.
Click Liquidity, then Add liquidity, and make sure your wallet is unlocked. Now you’ll be asked to specify which tokens you’re providing liquidity for. Remember, providing liquidity on PancakeSwap is done in pairs, meaning you must provide two tokens.
You can provide liquidity to either:
- Existing pools
- A pool created by you
Creating your own pool is usually done by new projects looking to debut their cryptocurrency token. If that doesn’t sound like you, providing liquidity to an existing pool is the better option.
Once you select the pair you’re providing liquidity for, go ahead and deposit by confirming the transaction. After depositing, you’ll receive FLIP, an LP token that represents your stake in the pool.
The benefit of holding the FLIP LP token is every time an exchange happens that taps into your pool’s liquidity, you receive a portion of the rewards. To claim those rewards, you simply redeem your FLIP tokens to unlock the underlying assets which, by now, have grown in value.
Yield farming on PancakeSwap
Yield farming and providing liquidity are two different things you can do on PancakeSwap — don’t mix them up!
Providing liquidity means your original asset amounts increase as the pool they’re in is used for exchange transactions. Yield farming means you deposit one set of tokens to mint another token altogether.
To yield farm using PancakeSwap, select the Farms tab. Make sure the toggle is switched over to Live farms so you see what’s going on right now. A long list of options should populate the page including many farms with BUSD and BNB base pairs.
Choose the farms that interest you most, then click details to see how much CAKE each farm earns. PancakeSwap farming APY is currently high across several pairs, with farms like DUSK-BNB earning well over 200% APY.
After clicking Details, PancakeSwap will prompt you to unlock your wallet before detecting the currencies inside and allowing you to deposit them in the farm. Once you’ve deposited, the page will update with your CAKE earned.
Using PancakeSwap Syrup Pools
Alright, so you understand how to provide liquidity on PancakeSwap, and how yield farming works, but along comes yet another pool that is different to all the rest.
PancakeSwap Syrup Pools are a way to stake your CAKE tokens in exchange for a Binance Smart Chain project’s new token. The way it works is you deposit your CAKE token in a syrup pool to receive the project’s BEP-20 token in return.
You get a shiny new token that might rise in value, and the project gets liquidity bootstrapping for their project and an immediate listing on PancakeSwap exchange.
To get into a Syrup Pool, click Pools, find the one that appeals to you (do your own research!), then deposit your CAKE and receive new tokens.
Playing the PancakeSwap Lottery
Sometimes, getting lucky on a crypto trade can feel a lot like winning the lottery. Why not just play the lottery instead? PancakeSwap Lottery allows you to do exactly that using your CAKE tokens.
Click Lottery, then buy lottery tickets using CAKE tokens. The more CAKE you spend, the better your odds of winning (because you have more tickets, of course). If you match 2 or more of the winning numbers on your tickets, you win a portion of the overall CAKE pot.
Lottery sessions happen several times per day — every six hours to be exact. This keeps the turn over high and your chances for eventually striking gold intact.
Initial farm offering (IFO)
PancakeSwap is spearheading a new ICO model called the IFO, short for Initial Farm Offering.
An IFO enables CAKE-BNB liquidity providers to buy a new project’s tokens. Joining an IFO is straightforward if you’re already a CAKE-BNB liquidity provider — just deposit your LP tokens on the IFO page.
If you want to participate in an IFO but don’t have CAKE-BNB LP tokens yet, you’ll need to get some first. Buy BNB and CAKE tokens equal to the total amount you want to contribute (decide total contribution amount, then buy 50% BNB and 50% CAKE). Then, deposit those tokens in the CAKE-BNB liquidity pool to receive your LP tokens.
Now, head back to the IFO page, deposit your LP tokens, then when the IFO is finished, you’ll receive the project’s tokens in exchange.
Is PancakeSwap better than Uniswap?
You’re probably wondering if PancakeSwap is better than Uniswap or rival exchanges like SushiSwap.
The short answer is no, but it isn’t a long way off. There is plenty of liquidity on PancakeSwap, making it a great decentralized exchange.
But, since PancakeSwap is on Binance Smart Chain, and BSC isn’t fully decentralized, we hesitate to call it a true decentralized exchange. Not being fully decentralized does have its advantages though.
For one, PancakeSwap is much faster and cheaper to use than Uniswap and has similar levels of liquidity. The only issue there is if you want to trade ERC-20 tokens, you’ll need to use the Binance Bridge coming in and out of Ethereum, which, depending on gas costs, can be prohibitively expensive for some.
As such, the best user experience for PancakeSwap is for those who already have BEP-20 tokens and are eager to keep their activities on Binance Smart Chain. With BSC’s rate of expansion these days, it shouldn’t be hard to do so, either.
As one of the earliest blockchains supporting smart contracts, the bulk of DeFi activity has been focused on the Ethereum blockchain. Its huge community of users and developers has proven to be an excellent starting point to create powerful decentralized applications (dapps).
However, surges in interest towards the back end of 2020 and the start of 2021 mean that the spotlight has been shifting away from Ethereum applications. Essentially Ethereum has become a victim of its own success in the DeFi space, as gas prices have risen to all-time highs, and as a result, forcing users to look elsewhere for better value transactions. Binance Smart Chain and DeFi dapps in their ecosystem are reaping the rewards.
Using PancakeSwap
At this point, it is essential to understand that a blockchain wallet is required to interact with Binance Smart Chain and PancakeSwap. Furthermore, any users familiar with the layout and design of Sushiswap will instantly feel at home on PancakeSwap.
- Get either the Binance Smart Chain wallet or use Metamask.
- Add Binance Smart Chain as one of the networks in Metamask, following the steps in the video below.
- Once the wallet has been set up, users can trade on PancakeSwap.
- Users need to provide liquidity to earn rewards, while PancakeSwap also allows users to easily swap one BEP-20 token for another. More about these options below.
PancakeSwap Exchange
PancakeSwap is a decentralized exchange for swapping BEP-20 tokens similar to Uniswap or SushiSwap and uses an automated market maker (AMM) model. Simply put, that means that users can trade digital assets on the platform. Importantly, there isn’t an order book and Instead, users trade against a liquidity pool.
Those pools are filled with other users’ funds. They deposit them into the pool, receiving liquidity provider tokens in return. They can use those tokens to reclaim their share, plus a portion of the trading fees. In short, you can trade BEP-20 tokens, or add liquidity and earn rewards.
Farming & Staking on PancakeSwap
A significant trend in 2020 and continuing is yield farming and PancakeSwap also allows you to farm its governance token – CAKE. Users can deposit liquidity provision (LP) tokens, locking them up in a process that rewards users with CAKE. The list of LP tokens accepted is long but a few major ones are:
- CAKE – BNB LP
- BUSD – BNB LP
- BETH – ETH LP
- USDT – BUSD LP
- USDC – BUSD LP
- DAI – BUSD LP
- LINK – BUSD LP
- TWT – BNB LP
Users can also earn by staking their CAKE in SYRUP pools after they have deposited funds to receive LP tokens and used them to farm CAKE. From there, users can stake CAKE and earn other tokens through special staking pools.
Further specific details about both farming and staking activities can be found here. The biggest SYRUP pool is for CAKE, where you can stake your CAKE to earn even more CAKE, but there are several other tokens you can earn by staking CAKE as well.
_Learn more about Binance Smart Chain and its DeFi applications: _
Is PancakeSwap Exchange Safe to use?
PancakeSwap is a DeFi based DEX exchange, whose smart contract is audited by Certik. Smart Contracts always hold their own risks and bugs. Even though audited properly, there may be any smart contract vulnerabilities at any time, which may result in bugs or errors in the platform which may cause asset loss.
🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
Read more:
☞ What is Binance | How to Create an account on Binance (Updated 2021)
☞ What is Metamask wallet | How to Create a wallet and Use
☞ What is Trust Wallet | How to Create a wallet and Use
☞ What is Uniswap | Beginner’s Guide on How to Use Uniswap
I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!
#blockchain #bitcoin #pancakeswap
What is GEEK
Buddha Community
1620729846
Why Use WordPress? What Can You Do With WordPress?
Can you use WordPress for anything other than blogging? To your surprise, yes. WordPress is more than just a blogging tool, and it has helped thousands of websites and web applications to thrive. The use of WordPress powers around 40% of online projects, and today in our blog, we would visit some amazing uses of WordPress other than blogging.
What Is The Use Of WordPress?
WordPress is the most popular website platform in the world. It is the first choice of businesses that want to set a feature-rich and dynamic Content Management System. So, if you ask what WordPress is used for, the answer is – everything. It is a super-flexible, feature-rich and secure platform that offers everything to build unique websites and applications. Let’s start knowing them:
1. Multiple Websites Under A Single Installation
WordPress Multisite allows you to develop multiple sites from a single WordPress installation. You can download WordPress and start building websites you want to launch under a single server. Literally speaking, you can handle hundreds of sites from one single dashboard, which now needs applause.
It is a highly efficient platform that allows you to easily run several websites under the same login credentials. One of the best things about WordPress is the themes it has to offer. You can simply download them and plugin for various sites and save space on sites without losing their speed.
2. WordPress Social Network
WordPress can be used for high-end projects such as Social Media Network. If you don’t have the money and patience to hire a coder and invest months in building a feature-rich social media site, go for WordPress. It is one of the most amazing uses of WordPress. Its stunning CMS is unbeatable. And you can build sites as good as Facebook or Reddit etc. It can just make the process a lot easier.
To set up a social media network, you would have to download a WordPress Plugin called BuddyPress. It would allow you to connect a community page with ease and would provide all the necessary features of a community or social media. It has direct messaging, activity stream, user groups, extended profiles, and so much more. You just have to download and configure it.
If BuddyPress doesn’t meet all your needs, don’t give up on your dreams. You can try out WP Symposium or PeepSo. There are also several themes you can use to build a social network.
3. Create A Forum For Your Brand’s Community
Communities are very important for your business. They help you stay in constant connection with your users and consumers. And allow you to turn them into a loyal customer base. Meanwhile, there are many good technologies that can be used for building a community page – the good old WordPress is still the best.
It is the best community development technology. If you want to build your online community, you need to consider all the amazing features you get with WordPress. Plugins such as BB Press is an open-source, template-driven PHP/ MySQL forum software. It is very simple and doesn’t hamper the experience of the website.
Other tools such as wpFoRo and Asgaros Forum are equally good for creating a community blog. They are lightweight tools that are easy to manage and integrate with your WordPress site easily. However, there is only one tiny problem; you need to have some technical knowledge to build a WordPress Community blog page.
4. Shortcodes
Since we gave you a problem in the previous section, we would also give you a perfect solution for it. You might not know to code, but you have shortcodes. Shortcodes help you execute functions without having to code. It is an easy way to build an amazing website, add new features, customize plugins easily. They are short lines of code, and rather than memorizing multiple lines; you can have zero technical knowledge and start building a feature-rich website or application.
There are also plugins like Shortcoder, Shortcodes Ultimate, and the Basics available on WordPress that can be used, and you would not even have to remember the shortcodes.
5. Build Online Stores
If you still think about why to use WordPress, use it to build an online store. You can start selling your goods online and start selling. It is an affordable technology that helps you build a feature-rich eCommerce store with WordPress.
WooCommerce is an extension of WordPress and is one of the most used eCommerce solutions. WooCommerce holds a 28% share of the global market and is one of the best ways to set up an online store. It allows you to build user-friendly and professional online stores and has thousands of free and paid extensions. Moreover as an open-source platform, and you don’t have to pay for the license.
Apart from WooCommerce, there are Easy Digital Downloads, iThemes Exchange, Shopify eCommerce plugin, and so much more available.
6. Security Features
WordPress takes security very seriously. It offers tons of external solutions that help you in safeguarding your WordPress site. While there is no way to ensure 100% security, it provides regular updates with security patches and provides several plugins to help with backups, two-factor authorization, and more.
By choosing hosting providers like WP Engine, you can improve the security of the website. It helps in threat detection, manage patching and updates, and internal security audits for the customers, and so much more.
#use of wordpress #use wordpress for business website #use wordpress for website #what is use of wordpress #why use wordpress #why use wordpress to build a website
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Big Data Platform and Use Cases: A Quick Guide for Beginners
Introduction to Big Data Platform
Big Data Platform refers to IT solutions that combine severalBig Data Tools and utilities into one packaged answer, and this is then used further for managing as well as analyzing Big Data. The emphasis on why this is needed is taken care of later in the blog, but know how much data is getting created daily. This Big Data if not maintained well, enterprises are bound to lose out on customers. Let’s get started with the basics.
#big data engineering #blogs #big data platform and use cases: a quick guide for beginners #big data platform #cases #beginners
1617335057
What is Pancakeswap | Beginner's Guide on How to Use Pancakeswap
What is Pancakeswap
PancakeSwap is a decentralized exchange on Binance Smart Chain, one of Ethereum’s top competitors.
Interestingly enough, the Binance Smart Chain blockchain is the creation of Binance, a centralized crypto exchange known for being the largest in the world. With PancakeSwap, Binance is essentially competing against two distinct cryptocurrency establishments — Ethereum and Uniswap.
The intrigue gets even deeper because PancakeSwap can outshine Binance itself if exchange volume gets deep enough. However, cryptocurrency narratives aside, PancakeSwap is one of today’s largest DeFi protocols, and one that needs explaining if you’re new.
This guide to PancakeSwap will teach you the basics of how the decentralized exchange and liquidity protocol work, along with how to use each to your advantage.
After all, there are enough differences when you compare Uniswap to PancakeSwap that it’s well worth understanding PancakeSwap’s features.
What is PancakeSwap? It’s more than just another food-themed DeFi protocol
PancakeSwap is a decentralized exchange built on Binance Smart Chain, a fast and inexpensive alternative to Ethereum.
Much like the celebrated Uniswap DeFi AMM protocol running on Ethereum, PancakeSwap enables users to swap between cryptocurrency assets by tapping into user-generated liquidity pools.
To create said liquidity pools, PancakeSwap offers a plethora of DeFi farming opportunities for liquidity providers. The liquidity grab has so far worked like a charm — well over $1 billion in total value locked (TVL) has migrated to PancakeSwap since it opened its doors.
However, unlike Uniswap, PancakeSwap rewards those who stake its native BEP-20 token called CAKE. When you stake CAKE, you get SYRUP at a 1:1 ratio. Holding SYRUP entitles you to 25% of the CAKE emissions distributed proportionally to holders.
PancakeSwap vs. Uniswap vs. SushiSwap
In today’s cryptocurrency landscape, there are three major decentralized exchanges ruling the roost.
- Uniswap — The original DeFi liquidity protocol built on Ethereum. Today’s standard for easy cryptocurrency trading using ERC-20 tokens and mostly ETH pairs.
- SushiSwap — A community-governed Uniswap fork that has evolved into a DeFi hub offering token swaps, farming, and crypto lending/borrowing.
- PancakeSwap — Uniswap clone built on BSC to deliver fast and inexpensive trades using BEP-20 tokens and the BSC←→ETH bridge.
While all three enable decentralized exchange, community governance, yield farming, and LP (liquidity provider) opportunities, only Sushi and PancakeSwap pay rewards back to token holders who stake their tokens.
There are only two important decentralized exchanges in Ethereum’s DeFi ecosystem: Uniswap and SushiSwap. Both compete with each other at an extreme level, so which one is better and why?
Revenue sharing token
SUSHI holders who stake their tokens receive xSUSHI, a revenue-sharing token that earns transaction fees from the protocol. Similarly, CAKE holders who stake their tokens receive SYRUP, entitling holders to rewards paid in CAKE.
The fundamental difference between the three DeFi protocols is that the UNI token is solely used for governance. This difference explains why large liquidity migrations from Uniswap to both Sushi and PancakeSwap happened as LPs sought more wealth creation.
Farming liquidity provider tokens
Similar to yield farming on SushiSwap, farming LP tokens on PancakeSwap is pretty simple. Find a pair of assets you already hold or are willing to supply, fire up your Metamask wallet, deposit, and farm.
The beauty of farming using Pancakeswap vs. SushiSwap, however, is in how much cheaper it is to deposit said assets on the former. Binance Smart Chain is way cheaper to use than Ethereum — but that’s because it’s also far more centralized.
Cheaper + faster transactions
Additionally, PancakeSwap is less expensive and faster to use than both Uniswap and Sushi. The reason is PancakeSwap is built on Binance Smart Chain, a high-throughput blockchain built by Binance to compete with Ethereum.
BSC achieves its scaling prowess in part by being less decentralized than Ethereum, but that doesn’t seem to deter users from taking advantage of its barely-there transaction fees. Trading on PancakeSwap is undeniably better for smaller wallets who can’t quite call themselves crypto whales and don’t have unlimited funds to drop on gas fees.
Accessing PancakeSwap is still familiar for Ethereum users since you can connect to the exchange using Metamask, just like you do when using Uniswap and SushiSwap.
Gamified exchange experience
Uniswap is a somewhat serious decentralized exchange apart from its fun unicorn logo. Ditto SushiSwap and its homage to Japanese food and spa culture.
PancakeSwap, on the other hand, takes the fun to a new level with PancakeSwap Lottery. Every day, users deposit a number of CAKE tokens into the lottery then wait for the winning numbers to be announced.
The more deposits, the larger the pot, and the greater the stakes. To increase your odds of winning, you deposit more CAKE. The mechanics of the Lottery are simple yet brilliant, which explains why it’s such a hit with users.
How to use PancakeSwap DeFi Platform
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step
Don’t let the fancy names for the PancakeSwap platform confuse you. It calls itself an AMM, short for Automated Market Maker, but that’s just another way of saying exchange.
In short, an AMM like PancakeSwap or Uniswap is a decentralized liquidity protocol used to create the basis of liquidity for the platform’s exchange function. Users like yourself provide liquidity so that other users can seamlessly swap tokens using the decentralized exchange.
So, PancakeSwap AMM replaces the centralized order book found on exchanges like Coinbase and Binance. This functionality is fortunate for users who want to use PancakeSwap to exchange cryptocurrencies or provide them in return for rewards.
Before delving into PancakeSwap, you’ll need to understand how to connect Metamask to Binance Smart Chain. Here is an easy guide to follow before getting started on PancakeSwap.
PancakeSwap DEX
To use the PancakeSwap decentralized exchange, jump over to Pancakeswap.finance, then click Trade from the menu.
After doing so, you get two options: Exchange and Liquidity. Click Exchange to toggle the tool at the center of your screen to the Swap option.
Now, you can select the inputs for the exchange. Choose the cryptocurrencies you want to swap from the drop-downs in each line. When you trade crypto on PancakeSwap, you’re exchanging against the AMM liquidity pools generated by users instead of an order book.
This makes swaps easy, fast, and flexible compared to a centralized exchange since anyone can create a pair, provide liquidity for it, and thus open up a new market for the DEX.
Once you’ve selected the assets you want to exchange, hit the Swap button, confirm the transaction in your wallet, and you’re done!
One thing to note is that you can only trade BEP-20 tokens on the PancakeSwap DEX. That’s because PancakeSwap is built on Binance Smart Chain, not Ethereum. However, even if you only hold ERC-20 tokens, you’re in luck — just use the Binance Bridge to wrap your assets for use on PancakeSwap.
Binance Bridge
If you want to trade ERC-20 tokens on PancakeSwap, you’ll need to wrap them on the Binance Bridge to turn them into BEP-20 assets (Binance Smart Chain token standard).
To do so, head over to the Binance Bridge, then connect your wallet. Assuming you’re connecting from a Metamask wallet on the Ethereum main network, you’ll be asked to confirm the transaction (after you input the token you’re bridging to BSC) on the Ethereum side, which will cost an amount paid in ETH.
While this may be expensive due to high Ethereum gas fees, once you get your crypto assets wrapped and bridged over to BSC, you’ll save tons in trading fees by virtue of PancakeSwap’s low costs.
Binance Bridge isn’t just for cross-chain assets used in trading. You can also use it to bridge Ethereum assets you want to use to provide liquidity and yield farming on PancakeSwap.
Once you’ve finished your activities on PancakeSwap and want to convert your BEP-20 assets back to ERC-20, just follow the same steps in reverse using Binance Bridge.
How to provide liquidity to PancakeSwap
Like Uniswap and SushiSwap, you can become a liquidity provider on PancakeSwap to receive rewards. Doing so is easy and keeps the AMM liquid for exchange users.
Click Liquidity, then Add liquidity, and make sure your wallet is unlocked. Now you’ll be asked to specify which tokens you’re providing liquidity for. Remember, providing liquidity on PancakeSwap is done in pairs, meaning you must provide two tokens.
You can provide liquidity to either:
- Existing pools
- A pool created by you
Creating your own pool is usually done by new projects looking to debut their cryptocurrency token. If that doesn’t sound like you, providing liquidity to an existing pool is the better option.
Once you select the pair you’re providing liquidity for, go ahead and deposit by confirming the transaction. After depositing, you’ll receive FLIP, an LP token that represents your stake in the pool.
The benefit of holding the FLIP LP token is every time an exchange happens that taps into your pool’s liquidity, you receive a portion of the rewards. To claim those rewards, you simply redeem your FLIP tokens to unlock the underlying assets which, by now, have grown in value.
Yield farming on PancakeSwap
Yield farming and providing liquidity are two different things you can do on PancakeSwap — don’t mix them up!
Providing liquidity means your original asset amounts increase as the pool they’re in is used for exchange transactions. Yield farming means you deposit one set of tokens to mint another token altogether.
To yield farm using PancakeSwap, select the Farms tab. Make sure the toggle is switched over to Live farms so you see what’s going on right now. A long list of options should populate the page including many farms with BUSD and BNB base pairs.
Choose the farms that interest you most, then click details to see how much CAKE each farm earns. PancakeSwap farming APY is currently high across several pairs, with farms like DUSK-BNB earning well over 200% APY.
After clicking Details, PancakeSwap will prompt you to unlock your wallet before detecting the currencies inside and allowing you to deposit them in the farm. Once you’ve deposited, the page will update with your CAKE earned.
Using PancakeSwap Syrup Pools
Alright, so you understand how to provide liquidity on PancakeSwap, and how yield farming works, but along comes yet another pool that is different to all the rest.
PancakeSwap Syrup Pools are a way to stake your CAKE tokens in exchange for a Binance Smart Chain project’s new token. The way it works is you deposit your CAKE token in a syrup pool to receive the project’s BEP-20 token in return.
You get a shiny new token that might rise in value, and the project gets liquidity bootstrapping for their project and an immediate listing on PancakeSwap exchange.
To get into a Syrup Pool, click Pools, find the one that appeals to you (do your own research!), then deposit your CAKE and receive new tokens.
Playing the PancakeSwap Lottery
Sometimes, getting lucky on a crypto trade can feel a lot like winning the lottery. Why not just play the lottery instead? PancakeSwap Lottery allows you to do exactly that using your CAKE tokens.
Click Lottery, then buy lottery tickets using CAKE tokens. The more CAKE you spend, the better your odds of winning (because you have more tickets, of course). If you match 2 or more of the winning numbers on your tickets, you win a portion of the overall CAKE pot.
Lottery sessions happen several times per day — every six hours to be exact. This keeps the turn over high and your chances for eventually striking gold intact.
Initial farm offering (IFO)
PancakeSwap is spearheading a new ICO model called the IFO, short for Initial Farm Offering.
An IFO enables CAKE-BNB liquidity providers to buy a new project’s tokens. Joining an IFO is straightforward if you’re already a CAKE-BNB liquidity provider — just deposit your LP tokens on the IFO page.
If you want to participate in an IFO but don’t have CAKE-BNB LP tokens yet, you’ll need to get some first. Buy BNB and CAKE tokens equal to the total amount you want to contribute (decide total contribution amount, then buy 50% BNB and 50% CAKE). Then, deposit those tokens in the CAKE-BNB liquidity pool to receive your LP tokens.
Now, head back to the IFO page, deposit your LP tokens, then when the IFO is finished, you’ll receive the project’s tokens in exchange.
Is PancakeSwap better than Uniswap?
You’re probably wondering if PancakeSwap is better than Uniswap or rival exchanges like SushiSwap.
The short answer is no, but it isn’t a long way off. There is plenty of liquidity on PancakeSwap, making it a great decentralized exchange.
But, since PancakeSwap is on Binance Smart Chain, and BSC isn’t fully decentralized, we hesitate to call it a true decentralized exchange. Not being fully decentralized does have its advantages though.
For one, PancakeSwap is much faster and cheaper to use than Uniswap and has similar levels of liquidity. The only issue there is if you want to trade ERC-20 tokens, you’ll need to use the Binance Bridge coming in and out of Ethereum, which, depending on gas costs, can be prohibitively expensive for some.
As such, the best user experience for PancakeSwap is for those who already have BEP-20 tokens and are eager to keep their activities on Binance Smart Chain. With BSC’s rate of expansion these days, it shouldn’t be hard to do so, either.
As one of the earliest blockchains supporting smart contracts, the bulk of DeFi activity has been focused on the Ethereum blockchain. Its huge community of users and developers has proven to be an excellent starting point to create powerful decentralized applications (dapps).
However, surges in interest towards the back end of 2020 and the start of 2021 mean that the spotlight has been shifting away from Ethereum applications. Essentially Ethereum has become a victim of its own success in the DeFi space, as gas prices have risen to all-time highs, and as a result, forcing users to look elsewhere for better value transactions. Binance Smart Chain and DeFi dapps in their ecosystem are reaping the rewards.
Using PancakeSwap
At this point, it is essential to understand that a blockchain wallet is required to interact with Binance Smart Chain and PancakeSwap. Furthermore, any users familiar with the layout and design of Sushiswap will instantly feel at home on PancakeSwap.
- Get either the Binance Smart Chain wallet or use Metamask.
- Add Binance Smart Chain as one of the networks in Metamask, following the steps in the video below.
- Once the wallet has been set up, users can trade on PancakeSwap.
- Users need to provide liquidity to earn rewards, while PancakeSwap also allows users to easily swap one BEP-20 token for another. More about these options below.
PancakeSwap Exchange
PancakeSwap is a decentralized exchange for swapping BEP-20 tokens similar to Uniswap or SushiSwap and uses an automated market maker (AMM) model. Simply put, that means that users can trade digital assets on the platform. Importantly, there isn’t an order book and Instead, users trade against a liquidity pool.
Those pools are filled with other users’ funds. They deposit them into the pool, receiving liquidity provider tokens in return. They can use those tokens to reclaim their share, plus a portion of the trading fees. In short, you can trade BEP-20 tokens, or add liquidity and earn rewards.
Farming & Staking on PancakeSwap
A significant trend in 2020 and continuing is yield farming and PancakeSwap also allows you to farm its governance token – CAKE. Users can deposit liquidity provision (LP) tokens, locking them up in a process that rewards users with CAKE. The list of LP tokens accepted is long but a few major ones are:
- CAKE – BNB LP
- BUSD – BNB LP
- BETH – ETH LP
- USDT – BUSD LP
- USDC – BUSD LP
- DAI – BUSD LP
- LINK – BUSD LP
- TWT – BNB LP
Users can also earn by staking their CAKE in SYRUP pools after they have deposited funds to receive LP tokens and used them to farm CAKE. From there, users can stake CAKE and earn other tokens through special staking pools.
Further specific details about both farming and staking activities can be found here. The biggest SYRUP pool is for CAKE, where you can stake your CAKE to earn even more CAKE, but there are several other tokens you can earn by staking CAKE as well.
_Learn more about Binance Smart Chain and its DeFi applications: _
Is PancakeSwap Exchange Safe to use?
PancakeSwap is a DeFi based DEX exchange, whose smart contract is audited by Certik. Smart Contracts always hold their own risks and bugs. Even though audited properly, there may be any smart contract vulnerabilities at any time, which may result in bugs or errors in the platform which may cause asset loss.
🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
Read more:
☞ What is Binance | How to Create an account on Binance (Updated 2021)
☞ What is Metamask wallet | How to Create a wallet and Use
☞ What is Trust Wallet | How to Create a wallet and Use
☞ What is Uniswap | Beginner’s Guide on How to Use Uniswap
I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!
#blockchain #bitcoin #pancakeswap
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APIs for Beginners - How to use an API (Full Course / Tutorial)
What is an API? Learn all about APIs (Application Programming Interfaces) in this full tutorial for beginners. You will learn what APIs do, why APIs exist, and the many benefits of APIs. APIs are used all the time in programming and web development so it is important to understand how to use them.
You will also get hands-on experience with a few popular web APIs. As long as you know the absolute basics of coding and the web, you’ll have no problem following along.
⭐️ Unit 1 - What is an API
⌨️ Video 1 - Welcome (0:00:00)
⌨️ Video 2 - Defining Interface (0:03:57)
⌨️ Video 3 - Defining API (0:07:51)
⌨️ Video 4 - Remote APIs (0:12:55)
⌨️ Video 5 - How the web works (0:17:04)
⌨️ Video 6 - RESTful API Constraint Scavenger Hunt (0:22:00)
⭐️ Unit 2 - Exploring APIs
⌨️ Video 1 - Exploring an API online (0:27:36)
⌨️ Video 2 - Using an API from the command line (0:44:30)
⌨️ Video 3 - Using Postman to explore APIs (0:53:56)
⌨️ Video 4 - Please please Mr. Postman (1:03:33)
⌨️ Video 5 - Using Helper Libraries (JavaScript) (1:14:41)
⌨️ Video 6 - Using Helper Libraries (Python) (1:24:40)
⭐️ Unit 3 - Using APIs
⌨️ Video 1 - Introducing the project (1:34:18)
⌨️ Video 2 - Flask app (1:36:07)
⌨️ Video 3 - Dealing with API Limits (1:50:00)
⌨️ Video 4 - JavaScript Single Page Application (1:54:27)
⌨️ Video 5 - Moar JavaScript and Recap (2:07:53)
⌨️ Video 6 - Review (2:18:03)
📺 The video in this post was made by freeCodeCamp.org
The origin of the article: https://www.youtube.com/watch?v=GZvSYJDk-us&list=PLWKjhJtqVAblfum5WiQblKPwIbqYXkDoC&index=5
🔥 If you’re a beginner. I believe the article below will be useful to you ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
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Thanks for visiting and watching! Please don’t forget to leave a like, comment and share!
#apis #apis for beginners #how to use an api #apis for beginners - how to use an api #application programming interfaces #learn all about apis
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Beginners Guide to Machine Learning on GCP
Introduction to Machine Learning
- Machine Learning is a way to use some set of algorithms to derive predictive analytics from data. It is different than Business Intelligence and Data Analytics in a sense that In BI and Data analytics Businesses make decision based on historical data, but In case of Machine Learning , Businesses predict the future based on the historical data. Example, It’s a difference between what happened to the business vs what will happen to the business.Its like making BI much smarter and scalable so that it can predict future rather than just showing the state of the business.
- **ML is based on Standard algorithms which are used to create use case specific model based on the data **. For example we can build the model to predict delivery time of the food, or we can build the model to predict the Delinquency rate in Finance business , but to build these model algorithm might be similar but the training would be different.Model training requires tones of examples (data).
- Basically you train your standard algorithm with your Input data. So algorithms are always same but trained models are different based on use cases. Your trained model will be as good as your data.
ML, AI , Deep learning ? What is the difference?
ML is type of AI
AI is a discipline , Machine Learning is tool set to achieve AI. DL is type of ML when data is unstructured like image, speech , video etc.
Barrier to Entry Has Fallen
AI & ML was daunting and with high barrier to entry until cloud become more robust and natural AI platform. Entry barrier to AI & ML has fallen significantly due to
- Increasing availability in data (big data).
- Increase in sophistication in algorithm.
- And availability of hardware and software due to cloud computing.
GCP Machine Learning Spectrum
- For Data scientist and ML experts , TensorFlow on AI platform is more natural choice since they will build their own custom ML models.
- But for the users who are not experts will potentially use Cloud AutoML or Pre-trained ready to go model.
- In case of AutoML we can trained our custom model with Google taking care of much of the operational tasks.
- Pre-trained models are the one which are already trained with tones of data and ready to be used by users to predict on their test data.
Prebuilt ML Models (No ML Expertise Needed)
- As discuss earlier , GCP has lot of Prebuilt models that are ready to use to solve common ML task . Such as image classification, Sentiment analysis.
- Most of the businesses are having many unstructured data sources such as e-mail, logs, web pages, ppt, documents, chat, comments etc.( 90% or more as per various studies)
- Now to process these unstructured data in the form of text, we should use Cloud Natural Language API.
- Similarly For common ML problems in the form of speech, video, vision we should use respective Prebuilt models.
#ml-guide-on-gcp #ml-for-beginners-on-gcp #beginner-ml-guide-on-gcp #machine-learning #machine-learning-gcp #deep learning