Steemit Crypto Academy | Season 3: Week 3 || Trust wallet,Metamask,Uniswap & PancakeSwap & Binance smart chain| Homework for @ @yousafharoonkhan

HELLO STEEMIT members, I hope you all are fine and doing well, so this is my homework given by the honorable professor @yousafharoonkhan , First of all, thank you so much, professor.

Crypto academy professors are doing their utmost to help steemit users learn about a variety of topics by sharing their expertise and information in order to help them make better use of this environment and helping us to not only learn but also enhance our skills here.

My Name is Shahab Khan ( @shahab1998 ) and this is my homework post of great Professor @yousafharoonkhan .

QUES 01: What is Liquidity in PancakeSwap Explain with examples ?and add Liquidity in PancakeSwap and explain all the steps with screenshot.(explain in your own words)

LIQUIDITY IN PANCAKESWAP:

Liquidity in PancakeSwap refers to the assets in the liquidity pool that are used to conduct transactions. Liquidity in PancakeSwap employs full decentralization to quote prices automatically, allowing users to easily transact while also allowing liquidity providers to make a profit. In the world of cryptocurrencies, All of us can acquire any coin at any moment and then wait for the price to rise. To do so, the market you're trading in needs to be liquid, which means there needs to be a lot of trading activity, and the bid and ask prices can't be too far apart.

EXAMPLE:

Now let's discuss its example, lets assume a person named Abbot has 8 coins and as there is always a change in the market and prices of coins so the price of that coin increased so that person decided to sell all of his coins so that he could earn a good amount of profit from it, So its depends on the market now and market's condition. It means if the market is in a stable and good condition and the market is in liquid condition so that abbot could sale his coins in his demanded amount easily but on the same side if the market is not liquid so it would be difficult for him to sale his coins at that time.

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ADD LIQUIDITY IN PANCAKESWAP:

The procedure of adding liquidity in pancakeswap is really easy and simple you just have to follow simple steps, first choose a wallet, like I am selecting Trust wallet, and then open pancake swap.
First of all Click on the Trade button as mentioned in the screenshot.

After that Press ADD LIQUIDITY button to proceed with the further process.

Now, another step is selecting the coins so select the coins between you want to perform swapping.

Now select the Submit button.

Now after that those confirmation pop up will appear, confirm and then liquidity will be added to pancakeswap.

QUES 02: How to connect Binance exchange account with Binance smart chain or trust wallet. Explain all the steps through a screenshot. And transfer any coin from Binance exchange to Binance smart chain.

CONNECT BINANCE EXCHANGE WITH SMART CHAIN:

Connection of Binance Exchange with finance smart chain Is really simple and easy, first of all open your finance smart chain extension and unlock it with your password.

Now after getting logged in, there will be a button at right end , press it so a drop down will be open named wallet direct press it.

After that, the Binance Smart chain website will be open and there will be a button to verify and connect my address. so press that button.

After pressing the button a modal will appear with guidelines and terms and conditions, press I understand button.

After that Another modal will appear with three steps. Step 01 will be CONNECT TO WALLET. Press that button.

Step 02 will be a sign-in message, press continues to move on next step.

Now step 3 and the final one is CONNECTED WALLET DIRECT SUCCESSFULLY, for further proceedings press bind button,

After pressing bind, it will ask confirmation on your phone number and email and after the confirmation it will be connected with Binance Exchange.

TRANSFER COIN FROM BINANCE EXCHANGE TO BINANCE SMART CHAIN:

Transfering coin from Binance Exchange to Binance Smart chain is also very simple, you just have to follow few simple steps.

First open your finance smart chain account and press receive button,

After pressing receive button you will get an address, copy it, and then open your finance exchange.

After opening binance, select the coin which you want to transfer, I am transferring MATICS so I am selecting it, press the withdrawal button.

After pressing the withdrawal button to enter the address which was copied from Binance smart chain,

Enter the address and amount of coin you want to transfer, after that press Transfer

QUES 03: What is the difference between Trust Wallet and Metamask and which of them is better and why? Explain in your own words.

DIFFERENCE BETWEEN TRUST WALLET & METAMASK:

So here we will discuss some major differences between these two wallets Trust and Metamak and in the end, we will conclude which one is actually
better.

• All deffi exchanges enabled by the Binance smart chain are connected to Trust Wallet, While on other hand in case of
  Metamask all deffi exchanges are enabled by ETH blockchain and this is one of the main differences between these two.

• Another big difference and plus point of Trust wallet is that as it is BNB based so its transactional fees is quite low while
  in the case of Metamask, its transactional fees are much high because of Eth.

• Metamask has both its web app and mobile phone application while in the case of Trust wallet you can only use its mobile applications.

• Although both of them are easy to use but still Trust Wallet is much easier to use and user-friendly.

• Another difference between these two is that Metamask also has a browser extension just like Binance Smart Chain while Trust Wallet does not has any browser extension.

WHICH ONE IS BETTER? :

According to my knowledge and experience, Trust Wallet is much more better than Metamask. In a Trust wallet, you can buy and use third-party services, and while the customer's private key is not secure, one can instantly buy a freshly issued coin at a low price.

source

As a result, one of the most significant advantages of Trust wallet is that it allows us to make purchases.
Trust wallet is built on the Binance smart chain, which has a lower fee than the Ethereum blockchain.
This is one of the major benefits of Trust wallet, We may buy and sell newly available coins using it, but this feature can also be harmful to us in terms of fraud. Its fundamental feature is that it is decentralized, which means that customers and users have full access to the wallet and have keys to access it.
Not only that, but as previously stated, the user has total access to Dapps.

QUES 04: What is meant by PancakeSwap and Uniswap? And what is the main difference between them? Explain the different futures of both.

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

PANCAKESWAP:

Pancake is a completely decentralized exchange, which is one of its advantages. Pancake swaps are similar to classic ETH swaps in that they may be used to create a DEfi and also give access to stakes. Pancake offers decentralization and anonymity, as well as being quick to transact and with low transaction fees in the Pan Cake Swap platform.
PancakeSwap Exchange is a kind of automatic fund manager that lets you exchange coins on the Binance Smart Chain. People earn cake tokens/coins by supplying liquidity to the marketplace and through this.

UNISWAP:

After Pancakeswap now let's discuss Uniswap, Uniswap is basically an exchange that is decentralized in which investors
or buyers can choose more than twelve hundred coins whereas pancakeswap only offers 250 tokens. Uniswap now holds the top spot in the market due to its higher liquidity and volume, whereas pancakeswap is in second place because of its age.

DIFFERENCE BETWEEN PANCAKESWAP AND UNISWAP:

Following are the main differences between Pancakeswap and Uniswap.

• One of the main differences between Pancakeswap and Uniswap is that PancakeSwap runs on the BSC Binance Smart chain while the
  UniSwap works on Eth blockchain.

• As Panckakeswap works on Binance Smart chain so that's why its transactional cost is less than the transactional cost in Uniswap.

• Uniswap offers more than twelve hundred tokens while PancakeSwap only offers tokens up to two-fifty.

source

DIFFERENT FUTURE OF BOTH:

In my opinion, both of the exchanges are useful and have a good future because both of them offer a large number of tokens and the transaction is very fast and user friendly in both of them but according to me PancakeSwap has a more bright and good future because users can access all newly launched coins from it and also as it is based on Binance Smart Chain network so that's why its transactional cost is also less so users prefer Pancakeswap more than Uniswap.

WHICH EXCHANGE IS BETTER?

Although both of them are very user-friendly and very effective to use PancakeSwap is better than UniSwap.
The reason I am considering it better than Uniswap is that in PancakeSwap we can easily buy newly launched coins/tokens and also those coins which are not even launched yet. This is the biggest advantage of PancakeSwap and not only this as PancakeSwap is based on Binance Smart Chain network so that's why its transactional cost is also less so users prefer Pancakeswap more than Uniswap. Because people mostly prefer those exchanges which have fewer deductions and low transactional costs.

QUES 05: How to connect PancakeSwap with Metamask. Explain this with a screenshot.

Connection of Pancake Swap with Metamask is really easy and simple, First, open the website of Pancakes swap and then press the connect button as shown in the below picture.

After that select Metamask from this list.

After selecting Metamask, its extension will be open, and then enter your metamask credentials to connect it.

Press agree on all these terms and conditions.

After that, it will ask you to press connect button in the below screen so press connect button.

So after pressing connect button you can see Metamask is connected with Pancakeswap.

CONCLUSION:

Professor @yousafharoonkhan Thank you so much for this wonderful and informative lecture. In this lecture, we discussed Pancake swapping, Binance Smart Chain, Uniswap, and Metamask and I also came to know that Liquidity in PancakeSwap employs full decentralization to quote prices automatically, allowing users to easily transact while also allowing liquidity providers to make a profit. In the world of cryptocurrencies.

That's all, This is my homework professor@yousafharoonkhan I hope you like it, and once again professor thank you so much for this informative lecture, This post is totally plag free.

Please share your valuable feedback.

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