How To Build A DeFi DEX Like PancakeSwap on Binance Smart Chain (BSC)?
What is PancakeSwap?
PancakeSwap is a decentralized exchange platform exclusively built for swapping BEP-20 tokens. This food-themed DEX platform functions based on the AMM model rather than order books. Users in this exchange trade against a liquidity pool where the pools are filled with the user's funds.
Why Start PancakeSwap Like DeFi DEX Platform?
Issues faced by other decentralized exchanges are sorted and fixed in PancakeSwap. PancakeSwap's innovative approach and commitment to security are some of the main reasons behind PancakeSwap's growth among multiple food-based decentralized exchanges. It has secured itself as one of the highly notable alternatives to Uniswap.
Source: Binance Academy
Features To Consider In PancakeSwap DeFi DEX
Connect with the meta mask wallet or with the other trust wallet to participate in the trading. The participants can connect with the recognized wallet just before participating in the trading.
Native tokens of the pancakeswap clone script are nothing but BEP-20 tokens and it is commonly called by the name "CAKE". The main functionality of the pancakeswap clone script is nothing but the tokens can be transferred and functions on top of the Binance smart chain.
Liquidity can be added to the exchange and it generates tokens that can be used for farming. Only when there is enough liquidity in the exchange then farming can be initiated.
Keeping track of the Cake token is essential and it can be efficiently carried out to process the transactions on a massive scale.
How PancakeSwap DeFi DEX Works?
Get started with PancakeSwap
- Starting with PancakeSwap is too easy, initially click on MetaMask, Trust Wallet, WalletConnect, Binance Chain Wallet
- Better choosing MetaMask is preferable as it is BSC-based Dapps.
- After confirmation just unlock the wallet and get further details.
- Different liquidity pools suggest different returns, let us explore it in detail.
On the left side, traders can view the "Trade" option. So just navigate to it, click liquidity and then choose add liquidity option. Now, select the token pair that needs to be deposited. Before processing make sure that you get to know about the impermanent loss before adding liquidity to the pool.
After receiving LP tokens by following the above steps, it's time to stake it before earning rewards. Just navigate to the "Farms" option and choose the option that matches your LP tokens. With ERC-20 tokens just approve BEP-20 tokens, by doing withdrawal of rewards is possible. Click Approve Contract, confirm the transaction, and finally display a fee.
Next, select the amount that needs to be staked and confirm. If you wish to harvest your reward then choose the Harvest option and confirm it.
Stake your CAKE at SYRUP pools. All you need to do is to go to the Pools tab. Here a pool lists out the CAKE that can be staked. After approval, withdraw your tokens. Click approve CAKE then select the amount of CAKE that needs to be staked.
PakcakeSwap lottery let's traders get tasty rewards as they can try their luck. Each lottery section takes 6 hours to process where 1 ticket costs 10 CAKE.
Randomly 4 digit combinations can be chosen between 1 & 14. Eg: (12-8-4-3 ) is the combination you have chosen, so to win a jackpot, the numbers in your ticket should match all 4 numbers in the same position as a winning ticket. If 2 or more numbers match then a jackpot can be won.
Winning special NFTs is possible, traders can trade it for CAKE value by registering into it, here winners are chosen at random.
This Initial Farm Offerings (IFO) method can be used to get tokens from users using the yield farming method. LP tokens should be provided to the liquidity pool to access the newly launched token in it.
Is PancakeSwap safe?
It's audited by CertiK. Ensure that you deposit affordable money before participating in it.
Source: Binance Academy
Road Map To Launch a DeFi Exchange Like Pancakeswap
PancakeSwap has a great potential to earn billion bucks in the forthcoming days. Here are some 7 points you should check out instantly to start a DeFi DEX platform like PancakeSwap.
- Decide Your Theme - Food themed Decentralized exchanges are quite more in number to pre plan and fix the DEX that you wish to start.
- Fix the Features - Keenly watch out for the features that you wish to integrate in your PancakeSwap DEX platform.
- For a perfect launch you can hire a developer from DeFi Development Company.
- You can talk about the customizations that you wish to integrate in your PancakeSwap platform.
- We can support you with a high-end ready made PancakeSwap Clone Script. It is prebuilt and comes with the source code with a set of features embedded in it.
- If you like to make customizations for your exchange then you can claim for our whitelabel solutions.
- By the way, it is the finest choice for you to quickly start a DeFi exchange like PancakeSwap.
Launch Your Own DeFi Based Exchange Like PancakeSwap
Security is the major concern in the Decentralized finance-based operating services and keeping this in concern DeFi platforms considers one of the most alternative approaches which gets adapted to the conventional banking system.
To enhance the security level and standard architecture of the Binance smart chain immutable frameworks and extreme security are enforced which effectively operate on the decentralized financial systems.
You can grab our pancakeswap clone script which functions well on Binance smart chain as offers serviceable features and services which can definitely help you to kick start your business in a short span.