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PanсakeSwap listing and DBX communication in the Binance chain

06.01.2022
PanсakeSwap listing and DBX communication in the Binance chain

The DBX token is to be listed soon at the PancakeSwap exchange. Thanks to the release of a smart contract on Binance Smart Chain (BSC), and the realization of a cross-chain bridge between DBX Smart Network, Ethereum and BSC, traders soon will be able to trade DBX in pairs of DBX/BNB and DBX/BUSD.

PancakeSwap is a decentralized exchange operating on Binance Smart Chain. It allows transactions between cryptocurrency assets of the BEP-20 standard with low transaction fees and high speed.
Since PancakeSwap is a non-custodian platform (it doesn’t store user assets), it requires a cold wallet to make deals with virtual assets. Currently, the exchange supports Metamask, Trust Wallet, Binance Chain, WalletConnect, MathWallet, TokenPocket, Safe Pal, and Coin98 wallets.
An outstanding feature of the PakcakeSwap DEX exchange is liquidity pools for various tokens and new trading pairs, the number of which on the exchange has already exceeded one thousand. Unlike the general trading platforms, where asset exchange operations are carried out only between two traders, here transactions can be carried out between the user and the liquidity pool.
The fee for every operation is 0,25%, where 0,17% goes to the liquidity providers as a motivation for storing assets in the pool, 0,03% goes to the PancakeSwap Treasury, and the remaining 0,05% is converted to CAKE tokens which are then burned.

In addition to exchanging assets for PancakeSwap, you can receive passive income from:
investing in a liquidity pool (as a liquidity provider);

  • pharming;
  • staking;
  • price forecasting;
  • participation in various lotteries and team competitions;
  • buying and selling NFT.

Liquidity provider

To become a liquidity provider for a certain pool, you need to select two assets and deposit funds from the wallet. In return for a deposit, the exchange gives the tokens to the liquidity provider (LP). For example, if you add funds to the BUSD and BNB pool, you can get BUSD-BNB LP tokens, and if it’s BETH and ETH, then BETH-ETH LP tokens, respectively. The received tokens can be used for farming. The liquidity provider will be rewarded continuously while the funds are in the pool.

Pharming

LP tokens received for providing liquidity can be invested in any of the farms to receive additional interest. The farm must match the available LP tokens. For example, if you have BUSD-BNB LP tokens in your wallet, you must select the BUSD-BNB farm. After confirming the contract, the farming is activated and the reward will be paid in the CAKE token. You can collect the reward at any time by clicking the "Collect" button.

If there are no specific LP tokens, they can be obtained by adding liquidity to the pool of interest, as described in the section above.

Staking

After earning money from farming or buying CAKE tokens, you can invest in syrup pools and get a high percentage of staking income in return. The rates there are quite high - from 20-60% to 400% and more. The reward is paid in the selected pool token. For example, place CAKE coins in the GM pool, get an interest in GM tokens. You can also withdraw them at any time by clicking, just as with farming, the "Collect" button.
Auto-replenishment pools are also presented. They offer higher rates than pools without the feature (manual). The only downside of this type of staking is the requirement to freeze funds for a certain period.

Price forecasting

The PancakeSwap exchange allows you to make money by forecasting the exchange rate in the BNB / USDT pair. All forecasts are processed every 5 minutes. Any participant can make their forecast for the rise or fall of the BNB token rate before the start of a new round. If the forecast works out, then the participant receives a reward from the prize pool, and if not, then the entered bet will expire and will not be returned.

Lottery

There is a lottery on the website every six hours. Anyone who purchased a ticket for CAKE in the equivalent of $5 is eligible. Participants need to choose 6 different numbers in the range from 1 to 14 and wait for the results of the lottery draw. To win, guess as many numbers as possible.

Trader teams competitions

From time to time, PancakeSwap holds team competitions for traders with a large prize pool. It is distributed proportionally between the teams that took 1-3 places. The higher the team's rating, the more valuable the prize each trader gets!

NFT market

PancakeSwap allows you to buy or create and then auction your own NFTs. Some collections contain up to 20 thousand cards. Cards are traded for BNB. The exchange often gives away various NFTs during competitions or raffles. They can be exchanged for CAKE, put up for an NFT auction, or left in your collection, hoping for a price increase in the future.

It’s clear, that the PancakeSwap exchange is a rather good-looking and promising trading platform with a wide range of tools for trading and generating passive income.
The listing of the DBX token on the exchange and the creation of new trading pairs DBX / BNB and DBX / BUSD once again confirm the plans of the founders for the further and systematic development of the DBX Digital Ecosystem project, the constant expansion of the boundaries of the emerging ecosystem and markets for the use of the DBX token.