Back
2021-11-16 10:01:17
HOW TO USE PANCAKESWAP?

1. What is Pancakeswap?

Pancakeswap is the first native AMM decentralized exchange on Binance Smart Chain. Pancakeswap allows users to exchange, add liquidity, farming buy using BEP20 tokens (the latest token standard from Binance Smart Chain). Pancakeswap now is a liquidity center for the entire Binance Smart Chain system, similar to Uniswap - the liquidity center for the Ethereum system.

2. How to use Pancakeswap?

2.1 Provide liquidity

Providing liquidity is staking your tokens into liquidity pools (LPs) on Pancakeswap. When you add the token pool (LP), you will receive FLIP tokens (the number of FLIP tokens you receive represents your share in the liquidity pool). For example, if you deposit $CAKE and $BNB into a liquidity pool, you will receive CAKE - BNB FLIP tokens.

Step to add liquidity: 

1. Visit Liquidity page on Pancakeswap.

2. Select Add liquidity.

3. Choose coin/token to stake in the pool, here I choose to stake coin BNB and BUSD. Then select Supply. You must provide tokens with equal total USD value. (For example, when you stake 10$ BNB, you also have to stake 10$ BUSD)

Note: To prepare equal USD value tokens, you can swap your tokens on Neko app for the best quotation and most saving gas fee.

How to swap on Neko Wallet

4. Double check the information and select Confirm Supply.

5. Select Confirm button to confirm staking coin. 

6. You have now completed staking coins on Pancakeswap and have BUSD/BNB FLIP liquidity tokens.


2.2 Farming

You need to provide liquidity before farming. By using your FLIP liquidity tokens, you can join farming on Pancakeswap to earn CAKE or other tokens you want (if it was available on the farming pool).

Step to join farming on Pancakeswap: 

1. Visit the Farming page on Pancakeswap.

2. Choose the Farm you want to join. For example, here I choose BUSD-BNB farm. Then click on Enable button.

3. Adding liquidity by using the following step above.

4. Click on Stake LP button to start farming. 

5. Enter the number of liquidity tokens you want to stake and select Confirm.

6. Now you have completed farming on Pancakeswap.


 

2.3 Lottery

Lottery is a special feature on PancakeSwap. 

To join Lottery, you need to have CAKE (Pancakeswap token) in your wallet. Usually, each Lottery ticket will be worth 5$ (~0.27 $CAKE). After buying the ticket, you will be given 6 random numbers from 0 to 9. Every day there will be 2 lottery draws, each lasting 12 hours.

Note: To buy CAKE tokens, you can swap your tokens to CAKE tokens by clicking on Swap button on Neko Wallet homepage. 

How to swap on Neko Wallet

The number of tickets to participate is unlimited, so you can buy as many tickets as you like. To win, the numbers on your ticket must match the Lottery results in the correct order from left to right.

For example: The lottery result is 256739 and you have 2 tickets to participate in the Lottery:

Ticket A - 256239: Match the first 3 numbers and the last 2 numbers with the lottery results ⇒ Ticket A will win the " Match First 3 " prize.

Ticket B - 056739: Although the last 5 digits are matched, the first number that doesn’t match ⇒ Ticket B will not win any prizes.

Distribution of rewards:

  • Match 1st digit - Match First 1: 1% Pool prize.
  • Match the first 2 digits - Match First 2: 3% Pool prize.
  • Match the first 3 digits - Match First 3: 6% Pool prize.
  • Match the first 4 digits - Match First 4: 10% Pool prize.
  • Match the first 5 digits - Match First 5: 20% Pool prize.
  • Match all 6 digits - Match All 6: 40% Pool prize.

To join Lottery on Pancakeswap, follow these steps:

1. Open Lottery page on Pancakeswap.

2. Click on the Buy Tickets button. Please note that you need to have at least 0.27 CAKE (~5$) to buy lottery tickets. 

3. Enter the number of tickets you want to buy and select Enable. 

7. Select Confirm and you now successfully bought 1 lottery ticket and you just have to wait for the lottery results. Goodluck ^^


 

2.4 NFTs

2.4.1 How to buy NFTs on PancakeSwap:

1. Click on Collections button on Pancakeswap NFT page.

2. Choose the collection that you want to buy.

3. You can sort NFTs items on the collection by Recently listed and Lowest Price. Then click on the NFTs that you want to buy. 

4. Click on the Buy button. Then click Checkout and now you own a Pancakeswap NFTs.

2.4.2 How to set up an NFTs profile 

Note:  This process will cost a total of 1.5 $CAKE

1. Click on the Wallet icon in the top right corner and choose Make a Profile.

2. Under “Choose your Starter!”, pick one of the available bunny NFTs you’d like for your profile picture. The NFT will cost you 1 CAKE.

3. Click Approve, then confirm the action in your wallet. Once it's approved, click Confirm.

4. Click on the collectible of your NFTs that you choose at step 1. Then click Enable button and confirm the action in your wallet. Once it's approved, click Next Step.

5. On the next page you will be asked to join a team. Joining a team lets you compete in special events to earn special, limited rewards! Choose a team under “Join a Team”. For this example, we will choose Syrup Storm.

6. Click the Next Step button.

7. Next we will set our profile name. Type your name into the “Enter your name…” field.

8. Read the warning in red, and click the “I understand…” checkbox.

9. Click the Confirm button, then confirm the action in your wallet. Once it's confirmed, click the Complete Profile button.

10. You’ll receive a message saying your profile contract will cost you 0.5 CAKE. Click Enable, then confirm the action in your wallet. After it's approved, click the Confirm button.

11. After a short wait your new profile will appear. 

 

If there are any questions, please feel free to join our community for further discussions about Crypto/Neko Wallet with our team and other members!