How To Swap Tokens On A Decentralized Exchange, Pancakeswap?
Pancakeswap has really advanced in recent times. Below, I have documented an entire tutorial video dedicated to utilizing the swap feature of Pancakeswap, a decentralized exchange associated with the Binance Smart Chain.
In the tutorial, we captured a lot of context in relation to really understanding crypto. We attempted to learn about hundreds of blockchains, hundreds of decentralized exchanges and hundreds of cryptocurrencies at once.
We should you how to add find out custom contract address using Coingecko & Coinmarketcap, how to add these assets to metamask or Trustwallet and how to go about swapping.
We also looked into appropriate slippage settings, how to prepare some BNB for transactions fees and how manage fees, while tackling how to speed up transactions.
Similar to the Ethereum blockchain, on the Binance Smart Chain, transactions are aligned into a Mem pool and queued allowing for the existence front-running bots. Front-running bots in an attempt to extract maximum MEV may front-run your transaction depending on your slippage settings, leaving you at a loss.
Then, we looked at the automatic audit feature now offered by Pancakeswap allowing your to audit a token contract to determine if the token is safe to buy.
To conclude the tutorial, we executed the swap, verified the transaction on the binance smart chain explorer and show you how to add custom tokens to your metamask wallet.
See this lengthy video for a full tutorial on How To Make Use Of Pancakeswap's swap feature:
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