elcome back to my blog. This is Tario Sultan. In this post, I'd like to show you step by step how to set up your MetaMask with PancakeSwap.
MetaMask, Binance, and SmartChain are all blockchain-based technologies. PancakeSwap is a decentralized application (dApp) that uses these technologies to allow users to swap pancakes for tokens. In this article, I will show you how to use PancakeSwap with MetaMask Wallet integrated with Binance SmartChain (BSC).
So first things first. Here is a list of items you need to prepare:
- MetaMask Extension Download
- Article by Binance
- PancakeSwap Website
- Binance Signup (send BNB to Metamask)
Just come to their site. Click on download. So remember, MetaMask is Ethereum based Hot wallet (ERC20 Network). Basically, it downloaded as a browser extension (supports up to 4 browsers). So in this case I'm using Chrome, but on a daily basis I use Brave and I switch a little bit on Firefox so it supports pretty much all of them.
For demonstration purpose. I'm going to go with the Chrome. Basically, you want to click on Chrome, add to Chrome and you want to add extension. If you don't see it here, simply click on Extension Icon and you want to ping the extension so it can show up on your browser at. all times. You have two options when you first click on the Metamask extension. You either have your own wallet already or you're going to set up a new wallet again for demonstration purpose.
I'm going to create a new wallet to show you guys how the process goes. Click on either I agree or no thanks. Click on. No thanks. So let's quickly set up a password. So this is going to be minimum eight characters.
The secret backup phrase is the most important part. This phrase is super important. You don't want to give it out to anybody. Think about it like your bank account. So basically you do not want to share it to anybody. You don't want to store it somewhere on safe. You probably want to write it down on a piece of paper or you want to screenshot it and save it on an encrypted hard drive. That's what you could do.
So basically I'm going to click on Reveal. This is a test wallet, so there won't be any money in there. So what you need to do is either click on Command + C. You copy this or you write down on a piece of paper. In my case, I'm just going to quickly click on download this phrase so it will save it as a TXT file on my desktop.
Click on next. Basically, what you want to do here is you want to confirm your secret backup phrase once I have this TXT. Now all I need to do is depress them one by one by the correct order. Once you're done with this step, click on confirm. Congratulations. Our wallet has officially set up.
So what do you want to do is just click on all done. And now we're done with the MetaMask set up. As you can see, this is an Ethereum wallet, right? If I click on MetaMask, it's already logged in. Just like this, you can add token you can buy or send or swap. We're not going to touch those yet because we want to set up the MetaMask with PancakeSwap.
Binance Smart Chain Setup (BSC)
So how we do that is actually quite simple because this is an Ethereum based wallet. If I just come to pancake swap, Pancakswap is built on Binance Smart Chain. So it's NOT on Ethereum ERC-20 chain. That explains why Pancakeswap has such a low fee. So basically if I just connect my wallet right now, these are the wallets Pancake swap supports. So in my case we have a MetaMask click on it once it says our provider is not recognized. Now found that's because our wallet is NOT set up correctly to go ahead and set up correctly.
Here is the article link by Binance: MetaMask BSC Network
Now, you're going to open this specific article. This is written by Binance. So what you want to do is you want to scroll a little bit down here. I'll link this information in the description as well. You can find it there if you want to come here and see this:
So basically we're going to create a binding space MetaMask Wallet right. The way we do it is click on your MetaMask and you're going to see these three dots. You can expand view and it will open up a big browser like this and now you can see top right corner.
Currently the wallet is on Ethereum Mainnet (ERC20) click on this drop down option and you want to choose custom RPC. Click on it once and you're going to see all these criteria.
This looks very familiar with the screenshot above from the article, doesn't it? So all you need to do is copy paste these criteria. I'm going to put one on the left and we put one on the right. Just copy pasting the information network name is Smart Chain and URL. Copy this part.
Chain ID is 56. Currency symbol is BNB and Block Explorer. Url is copy paste just like that. And that's all you need to do and click on Save right away. We have this new chain created.
Binance Smart Chain Setup (BSC)
Now should successfully setup Binance Smart Chain network on your Metamask Wallet. Once your wallet is switched to BSC Network, you want to come to PancakeSwap. If you already landed on this website, make sure you give it a refresh.
And now what you want to do is top right corner. Click on Connect and select MetaMask. It should open up this pop up and this is going to ask you do you want to connect this Binance smart chain wallet with MetaMask and click on next and we're going to connect this wallet. Click on Connect. That's all you need to do right now.
We have successfully connected our MetaMask with Pancake Swap. You can see top right corner that should show your address the first four digits and the last four digits. Click on it once you're going to see this is the address. So in here you can click on View on BSA Scan you can see this wallet has successfully registered with the BSA Scan. You want to fund your MetaMask with B and B token.
If you haven't signed up for Binance yet, you want to find your Binance account and come to withdraw. Recipient address is going to be a Madamask address. Just simply click on here. You can copy it to your clipboard and you paste it in here. In terms of transfer network, you want to ignore the BNB version.
You want to go with the BSC, which it stands for Binance Smart Chain. You want to go with the second option, click on it once and now. Once you find the BNB token on your account, you want to send whatever amount you want to send to and your metamask should be able to receive BNB tokens successfully. And now come back to Pancake Swap. In here you can do a lot of things.
Cake Tokens by BSC
You can swap between BNB token to CAKE token. There's some benefits with holding cake tokens. For example, if you come to my pool you're going to see I'm actually just leaving my cake in the pool to earn 93.8% APR. This is annual percentage rate and the good thing is there's no time frame lock to it. I can unlock it.
Cake Tokens by BSC
I can take back my CAKE tokens anytime I want and I can swap it back to any other token. Like buying a token and I can send it out from my MetaMask back to any other exchange and in here also, if you leave it here alone right now I have a 0.104. What you can do is you can take advantage of the compound and you can simply click on compound once it will ask you, do you want to compound everything into the pool? Click on Confirm Total gas fee here is ridiculously cheap. If you are in Uniswap, this one single transaction fee might cost you $10-15 for gas.
That's why Binance Smart Chain is capable of bringing that fee down to the minimum $0.5. Sometimes click on Confirm and give it a few seconds. You're going to see right there. My cake token all went back to zero and it went back to my total stake.
And part is the lottery feature. I'm not a gambler. Maybe a lot of people made a lot of money here. So you have a feature here. You can buy tickets and you can actually buy a lottery. And I believe they have their own pancake version of the NFTs, and that's pretty much it. So basically what you want to do is three features you're going to use the most.
Number one you're going to an exchange. Okay, there's a way where you swap tokens recently, there's a big trend happening. SafeMoon, SafeMars, etc. And these tokens. That's how you're able to use pancakeswap and metamask to buy these tokens.
Swap these tokens with your BNB tokens and also you can come to liquidity. I'm not going to do liquidity in this post. We need a little bit explanation on. Basically, you need to require two tokens, one to one ratio. You want to convert that into something called LP tokens. They call it liquidity pool tokens. And then with that, you get to earn pancake very similar to pools, but it's a different case.
Remember, the pool is just one token. You can leave it in the pool and it will generate cake tokens for you and for farms.
It requires you two tokens. That's why it shows you a pair of tokens. In this case, cake and BNB. You get to earn 73 point 34%. That's pretty much it.
And I hope you enjoyed this post. Have fun with the pancakeswap. Again. I want to tell you that there is a risk to this. Don't just think this is 100% safe. There's a risk to anything in crypto world, and it's really volatile.
And last, but not least be careful out there. Be careful of scammers. There's so many scammers out there. If people approach you want to help you to sort certain things, very be careful with.
All right. They come at you at your most vulnerable time. Make sure you don't give out your private phrases, your private keys, anything like that. Secure that on a piece of paper or screenshot it or save it on a little USB. You can encrypt that, put on a password or anything like that.
Just be safe out there. There's nobody going to get back the token you lost or you got scammed. So be careful with your own assets.
So thank you for reading this blog. Chat with you in the next one!