Connect to PancakeSwap Exchange with Blocto Wallet! Here’s what you need to know.
PancakeSwap (like fellow food-themed SushiSwap) is a decentralized exchange (DEX) built on the BNB Chain. Not only can users trade crypto, you can also earn some rewards through yield farming. And according to their website, they’re “the most popular decentralized trading platform in the galaxy.” That’s a big area to cover!
PancakeSwap uses an automated market maker (AMM) model. This means that while users are able to trade digital assets on the platform, there isn’t an order book where you’re matched with someone else—here, you trade against a PancakeSwap liquidity pool.
What Can You Do on PancakeSwap?
Similar to crypto trading, you can trade BEP-20 tokens. Users can deposit funds into a liquidity pool, in return for liquidity provider (LP) tokens. The LP tokens can be used to reclaim their share, with a portion of trading fees. This is a good way to earn some rewards.
On PancakeSwap, users can also farm its governance token CAKE. When you deposit your LP tokens and lock them up on the farm, the process rewards you with its governance token CAKE. Just like investing fiat money, you lock up your LP tokens for rewards and returns—when you farm, you harvest, too!
Aside from farming, you can also stake your CAKE in a SYRUP pool and earn even more rewards. These include CAKE coins, as well as other BEP tokens. When you cash in the rewards after the set period of time, that means you’ve just earned passive income. Way to go!
Aside from earning rewards from farming and staking, you could also win special NFTs or even the PancakeSwap lottery! Simply register for a chance to win an NFT—if you’re one of the randomly-selected winners, you can choose to keep your NFT or trade it for its value in CAKE. As for the lottery, it happens every 6 hours. Each ticket costs 10 CAKE, and the jackpot is half of the entire lottery pool! If your ticket’s numbers only match some of the draw, you can still win some rewards.
Discover PancakeSwap with Blocto Wallet
The cherry on top of all of this is that the Blocto Farm and Syrup Pool are now LIVE! You can lock your LP tokens on the Blocto Farm to earn CAKE, and stake your CAKE to earn BLT, Blocto’s utility and governance token. Now that’s a sweet deal.
If you’re ready to start exploring PancakeSwap, farming some CAKE, and earning yummy rewards (including BLT!), then all you have to do is head to PancakeSwap and connect with Blocto Wallet! It’s as easy as that. And if you don’t have Blocto Wallet yet, what are you waiting for? Download now! Email signup takes less than 30 seconds—sign up now and start exploring PancakeSwap.
See? You can definitely have your cake and eat it, too.