How to use PancakeSwap in CoinPocket Wallet

BSC (Binance Smart Chain)

The Binance Smart Chain is an innovative solution to bring EVM-enabled programmability and cross-chain interoperability to the Binance Chain. It relies on 21 verifiers out of the block, and the system follows the POSA (Proof of Staked Authority) consensus algorithm. The speed is very fast, and it has low fees. Verifiers are selected based on the number of tokens they are bound to. The security and stability of on-chain transactions are also achieved by binding the verifier through penalty mechanisms such as preventing multiple signatures. BSC is fully compatible with the ETH ecosystem and natively supports cross-chain operation. Cross-chain transactions and information exchange can be done easily on BSC. Assets in both blockchains (ETH and BSC) can be traded on DEX. Users can either enjoy the high-performance aggregation engine of DEX or complete their own development on BSC.

PancakeSwap

PancakeSwap is the number one automated market maker (AMM) on Binance Smart Chain, which allows exchange two different tokens. It is fast, cheap, and everyone can participate.

Tutorial

The latest version of TP adds support for BSC, with the following major updates:

1. Support BSC

2. Support DeFi projects on BSC

3. Support BSC wallet creation

4. Support BNB and BEP20 Token storage and transfer

There are many functions in pancakeswap, including【Swap】【Farm】【Staking】【Voting】and so on. The following lecture focuses on these 4 functions.

Swap

1. Launch Coinpocket wallet app and click the【Discover】to enter Pancake Dapp on the top of search bar.

2. The top of DApp is the main function area (PC access will see the voting and other functions not yet opened, mobile will also support later), in the 【Swap】, we just need to set the tokens to be exchanged and the number of tokens (automatic matching) according to the information at the bottom of the slip point, handling fee and other information to confirm and then click Swap to authorize.

3. The gas fee is very cheap in BSC and users need to wait patiently for the successful exchange after the authorization is completed.

4. The transaction records on BSC cannot be displayed now, the recent version will be updated to support it. Users can click【More】to check through the block browser (https://coinpocket.io/)

Farm

1. Pancakeswap adopts liquidity mining model, which means that LP (Liquidity Provider) can get rewards. First of all, users need to provide two different tokens for liquidity pool. Click【Pool】and use 【Add Liquidity】to select BNB and BUSD as an example to be a pair. Then, click 【Approve BUSD】to authorize.

2. After the first authorization is completed, click 【Supply】 again to send tokens, and finally finish the authorization to see your market making record in the pool.

3. Users can find the Mining pool of BNB-BUSD in Farm, the 10X represents the weight of mining and the higher value means that the mining is faster. The same first time operation also need to click 【Approve BUSD-BNB FLIP 】for authorization.

4. Click on the blue【+】after the authorization is completed, set the number of FLIPs in the mortgage screen and authorize.

Staking

1. 1 CAKE = 1 SYRUP, staking CAKE (pancake tokens) to get SYRUP, holding SYRUP will not only get you CAKE rewards, but will also be used for subsequent functions such as pancake exchange lottery and general governance. The first operation requires authorization 【Approve CAKE】, click the blue【+】to add CAKE tokens after authorization is complete.

2. Set the number of CAKE to be staked, and click 【Confirm】to see the number of CAKE staked, the number of CAKE rewards that can be harvested and the number of SYRUP redeemed at the top after successful authorization (the voting function is not yet open, so no screenshot is taken). When we don't need to stake, click【Unstake】to finish the operation of collecting rewards and redeeming CAKE tokens.

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This tutorial is only for the DApp in the wallet side of the operation guide, does not represent the investment advice of CoinPocket. Investing involves risks, you should be fully aware of the risks and make your own investment decisions.