Steemit Crypto Academy | Season 3: Week 3 || Trust wallet,Metamask,Uniswap & PancakeSwap,How to link Binance smart chain wallet to Binance Exchange. by @g0h4mroot for the Cryptoprofesor @yousafharoonkhan

in hive-108451 •  3 years ago 

IMG-20210713-WA0007.jpg

separador estrella.png

Question no 1:

A- What is liquidity in PancakeSwap?
B- Explain with examples?
C- And add Liquidity in PancakeSwap and explain all the steps with a screenshot (explain in your own words)

mi separador(1).png


A) What is liquidity in PancakeSwap?

The liquidity in pancake swap is given by the amount of money that a person invests in this dapp, as it is a decentralized exchange it does not have a regulatory entity, nor an entity that finances it.

in this case all the people who believe in this type of DEX are the ones who add liquidity by investing in it.

The money from our investment goes to a liquidity fund, this money is kept blocked for a period of time and we receive a reward in return.

B) Explain with examples?

I add 100 dollars in $ shiba to the uniswap through metamask, this money goes to the liquidity fund, this money is blocked for a certain period from 6 months.

C) And add Liquidity in PancakeSwap and explain all the steps with a screenshot (explain in your own words)




1- the first thing we must do is enter the pancakesswap website at this link, https://www.pancakeswap.finance

Diapositiva1(4).PNG


2- add our wallet if we have not added it.

Diapositiva1(3).PNG


Diapositiva3(3).PNG


3- we click on trade.

Diapositiva4(3).PNG


4- then in liquidity.

Diapositiva5(2).PNG


5- click on + add liquidity

Diapositiva6(1).PNG


6- we select the pairs.

Diapositiva7(1).PNG


7- We must choose the same dollar amount of the pairs, not the same number of coins.

8- click on unlock wallet.

Diapositiva8(1).PNG


9- we choose the wallet to discount

Diapositiva9(1).PNG


10- added liquidity.

Diapositiva11(1).PNG


separador estrella.png

Question no 2:

How to connect Binance exchange account with Binance smart chain or trusted wallet. Explain all the steps through the screenshot.

And transfer any currency from the Binance exchange to the Binance smart chain.

separador estrella.png


1- we enter the official Binance smartchain page here.

Diapositiva1(2).PNG


2- the binance bridge is the same binance smartchain.

Diapositiva2(2).PNG


3- click on create wallet.

Diapositiva9.PNG


4- copy the recovery phrase in a separate place.

Diapositiva10.PNG


Diapositiva13~2.PNG


Diapositiva14-1~2.png


5- add a key and repeat it.

Diapositiva11.PNG


Diapositiva12.PNG


6- and voila, we have already created the Binance smartchain account.

Diapositiva15.PNG


mi separador(1).png


1- to connect binance exchange to binance smartchain, click on the 3 dots that are in the upper right under the amount.

Diapositiva16.PNG


2- click on direct wallet, to connect our Binance wallet.

Diapositiva17.PNG


3- we verify our account.

Diapositiva21.PNG


Diapositiva22.PNG

Diapositiva23.PNG


Diapositiva25.PNG


Diapositiva26.PNG


Diapositiva27.PNG


4- we log in.

Diapositiva28.PNG


Diapositiva29.PNG


5- ready, we have our Binance wallet connected with binance smartchain.

Diapositiva30.PNG


Diapositiva31.PNG


separador estrella.png


There are 2 ways to transfer.

1- scanned the QR code.

click on receive.

Diapositiva12(1).PNG


2- click on QR Code

Diapositiva13(1).PNG


3- we scan the code

Diapositiva14(1).PNG


Diapositiva24(1).PNG


4- we selected the BEP-20 network.

we choose the token to transfer, in my case I chose TLM.

Diapositiva25(1).PNG


5- to finish click on withdraw the money.

Diapositiva26(1).PNG


esperando.png


trancomp.png


enviorecibido.png


separador estrella.png


1- click on receive.

Diapositiva12(1).PNG


2- click on DIRECT WALLET

Diapositiva15(1).PNG


3- A menu is displayed with the coins that we have in the wallet

Diapositiva16(1).PNG


4- we choose the token to transfer, in my case I chose TLM.

Diapositiva17(1).PNG


5- we add the amount to transfer..

Diapositiva18(1).PNG


6- we add the codes that reach the phone and email.

Diapositiva19(1).PNG


7- click accept to finish.

Diapositiva20(1).PNG


enviorecibido.png


trancomp.png




mi separador(1).png

Question no 3:

What is the difference between Trust Wallet and Metamask and which of them is better and why? Explain it in your own words.

mi separador(1).png


To differentiate these 2 wallets, we must first know what a cryptocurrency wallet is.

There are several types of wallets, among which are software wallets, hardware wallets, paper wallets among others.

A software wallet is like our safes to store our cryptocurrencies.

Among the software wallets we find the METAMASK wallet and the TRUST WALLET wallet.

the METAMASK wallet works on the Ethereum blockchain, and offers us several possibilities of use.

Among those options it allows us to connect it with Dapps and exchanges, we can add new networks in which we can add BSC, we can make changes to cryptocurrencies and look at their graphs, it offers us an extension mode for our browser and an app for our phone.

It is customizable, very intuitive and easy to use, it can be linked with uniswap and pancake swap among the most named, import use keys, and we have a recovery phrase in case we forget the key.

The TRUST WALLET works on the binance smartchain, this wallet allows us to save a lot of coins, and connect to Dapps and the BINANCE exchange. In the same way we can add any network we want, trust wallet does not provide a very simple and easy to understand mobile app, we can link it with BSC, and with the most important deffi in the world such as uniswap and pancakesswap.

It offers a recovery key in case of loss of our personal key, this app is very fast, the best option is to buy with fiat, which makes this wallet the best option.

DIFFERENCES

METAMASKTRUST WALLET
USE ETHEREUM BLOCKCHAIN ​​USE BINANCE SMARTCHAIN ​​
high fees based on Ethereumlower fees based on BNB
accepts only currencies based on the Ethereum network, but has the possibility of adding the RCP system, which allows adding more networksaccepts many currencies
cannot be bought with fiataccepts fiat
Offers browser extensions and an appvery good app
easy and intuitiveeasy and intuitive
can be linked with uniswap andcan be linked with uniswap and pancakesswap


separador estrella.png

Question no 4:

What is meant by PancakeSwap and Uniswap?

And what is the main difference between them?
Explain the different features of both.
Which of these exchanges is better and why? Explain in your own words.

mi separador(1).png


pancakeswap works under the BSC network, this helps to save gas costs by making it extremely low compared to uniswap, uniswap works under the Ethereum network, and commissions on uniswap can cost hundreds of dollars.

uniswap makes more than 1,300 tokens available to its investors, while pancakeswap only offers 250 tokens. currently uniswap has the first place in the market since it has more liquidity and greater volume, while pancakeswap is in second place, since uniswap is older.

Explain the different features of both.

Between the characteristics of both swaps, we have a big difference: pancakeswap, although it is newer, offers us endless possibilities within it. We can operate in futures, in the PREDICTION section, although it is still in the beta version we can use it.

we can do cryptocurrency stacking as we already know it.

We use the pools, we add liquidity, we can work with INTERCHANGEABLE AND NFTS and do FARMING.

it has a lottery sale and its pool has more than 200 coins.

pancake1.png


pancake2.png


while UNISWAP only offers us the exchange of coins, but makes available more than 1300 coins for its pool, the common liquidity fund, the pool, the voting and the graphics.

unifeat.png


although the charts are extremely important because we can follow the top currencies with the highest trading volume and the highest liquidity.

Which of these exchanges is better and why? Explain it in your own words.

Pancakeswap is more feasible for me, because it offers us a greater variety of options when deciding what to invest in.

as an example : If I just want to do staking I can do it. if I want to exchange I can exchange coins.

I can do them all at the same time if I have money to invest, I can do staking, farming and investing in the liquidity pool and thus I will passively earn money in different ways within the same swap without having to have my money in several pools, Not to mention that gas costs and transactions are cheaper when charged in BNB.


mi separador(1).png

Question no 5:

How to connect PancakeSwap with Metamask. Explain this with a screenshot.

mi separador(1).png


1- we open the page of pancakesswap link, https://www.pancakeswap.finance

Diapositiva1(5).PNG


2- we select connect wallet

Diapositiva2(4).PNG


3- A menu is displayed with the different wallets that it supports.

Diapositiva3(4).PNG


4- we choose METAMASK.

Diapositiva4(4).PNG


5- in my case I will export my wallet because I already have it created.

Diapositiva5(3).PNG


6- click on accept

Diapositiva6(2).PNG


7- we type our security phrase.

Diapositiva7(2).PNG


8- click accept.

Diapositiva8(2).PNG


9- click accept.

Diapositiva9(2).PNG


9- click accept.

Diapositiva10(2).PNG


10- click accept.

Diapositiva11(2).PNG


9- ready, we hope you load all the information.

Diapositiva12(2).PNG


Diapositiva13(2).PNG


congratulations, we have already managed to connect METAMASK to pancakesswap.

Diapositiva14(2).PNG

separador estrella.png

CONCLUSION

mi separador(1).png

In this class we learned all about decentralized exchanges (DeFfi), wallets and the binance SMARTCHAIN ​​(BSC) how to use them all, how we can send coins between them and their characteristics.

We learned about UNISWAP which is one of the main Deffi, uniswap is based on the Ethereum blockchain, although the oldest offers few options to investors, their fees and commissions are high.

While PANCAKESWAP, which is a relatively new deffi, offers us a greater variety of options when investing, it works under the binance smartchain, this makes the commissions cheaper, we can add the Binance wallet in a very simple way.

We got to know about trust wallet, which is a software wallet created to work with bsc and many other networks, it supports a wide variety of currencies at low commissions, one of the best features of trust wallet is that we can buy with fiat money.

Another wallet studied was metamask, this wallet is one of the most used since it works on the Ethereum network, although it only allows currencies that work on the Ethereum blockchain in its main network, other networks can be added and even connect BSC with it.

a wonderful class where we learned about deffi, dex and wallets. all screenshots are my own.

mi separador.png

@yousafharoonkhan

hive-108451 yousafharoonkhan-s3week3 cryptoacademy deffi dex tradding
3 years ago by

Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

  • Disagreement on rewards
  • Fraud or plagiarism
  • Hate speech or trolling
  • Miscategorized content or spam

Submit
$11.53
  • Past Payouts $11.53
  • - Author $5.77
  • - Curators $5.76
8 votes
1
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  • Trending
    • [-]
      ·  3 years ago (edited)

    Respected first thank you very much for taking interest in SteemitCryptoAcademy
     Season 3 | intermediate course class week 3

    CriteriaCalculation out of 2remarks
    Presentation/quality1.5thank you very much for taking participate in intermediate class course
    Originality2/2
    Compliance with Topic1.2
    Clarity of Language1.3
    Quality of Analysis1.5
    Grand total7.5looking good

    image.png

    • at the time of adding liquidity you did not complete the process ,

    thank you very much for taking participate in this class

    Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

    • Disagreement on rewards
    • Fraud or plagiarism
    • Hate speech or trolling
    • Miscategorized content or spam

    Submit
    $0.00