Steemit Crypto Academy || Season 3: Week 3 || Trust wallet,Metamask,Uniswap & PancakeSwap,How to link Binance smart chain wallet to Binance Exchange || Part#2 Homework Post for @yousafharoonkhan by @ahsanjawed
Question no 1:
🟠 liquidity pools :
These are the exchanges that sell Liquidity Pool (LP) coins. This is an automated exchange, as opposed to a traditional exchange where the price is decided only by demand and the use of an order book. You have a buyer who wants to purchase a token for a specific price and a seller who wants to sell the token for a specific price. You've got a deal when the pricing comes together. The Binance exchange, for example, has an XRP/BNB market where you may trade XRP/BNB pairings.
A liquidity pool always has a pair of tokens available for trading. Tokens from Token A to Token B can be swapped and vice versa.
The initial pricing of a new pool is established by the "Liquidity Provider" (LP). Both tokens will have the same value. For example, 1 BNB is worth 350 dollars, and 20 CAKE is worth 350 dollars. For all other liquidity sources, the ratio (in this case 1/30) remains the same.
In exchange, the LP receives liquidity provider tokens, often known as LP tokens. It will be a proportion of the tokens contributed to the pool by the LP. A percentage charge paid by the LP is divided proportionally to the LP holders.
A liquidity pool is a new type of digital market where two tokens are sold at the same time.
🟠 Adding Liquidity:
Go to the Liquidity tab to increase liquidity. It's up to you to choose the token pair. We have some BNB and CAKE in our wallet, which we will use to increase our liquidity.
It's worth noting that users must spend an equal quantity of both tokens they want to add to the pool.
Choose a token pair. Enter a value for one token, and the value for the other token will be shown automatically.
If this is your first time utilizing the token pair, you must first approve it before adding it to the liquidity pool.
The app will also display the proportion of your pool share that you own. Confirm the availability of supplies.
You will become a liquidity provider in the specified pool after the transaction is completed, and you will earn a liquidity fee for each transaction in that liquidity pool.
Traders are charged a 0.25 percent commission by PancakeSwap. The liquidity providers receive a share of this (0.17 percent).
You may now check your liquidity information.
Now Your MetaMask/trust wallet will contain the BNB-CAKE LP token. As here is metamask Used.
Question no 2:
🟠 connection of Binance exchange account with Binance smart chain.
- First of all we have add an extension on google chrome.
- Go to the settings menu. Click on the Extension, then Open Chrome Web Store, and select Binance Smart Chain.
- Download and add Binance Smart chain extention on Chrome.
🟠Step # 1
🟠Add Extention
🟠Step # 2
🟠Click on the Create Wallet.
🟠Step # 3
🟠Click on Generate seed.
🟠Step # 4
🟠Now Enter a Strong Password.
🟠Step # 5
🟠After Enter a Strong Password you see this screen This is your back-up seeds You have to copy or write this some where Safely
🟠Step # 6
🟠Now Enter the seeds you copy or write some where here as Given number
🟠Step # 7
🟠Now You successfully created Your wallet. Now we have to connect this with Binance exchange
🟠Step # 8
🟠Now goto your Binance exchange Account. And Search Wallet Direct And Click mon the Verify And Connect my wallet Button
🟠Step # 9
🟠Now you this Pop-up Appear first click on Click on connect to Wallet and then the Connect
🟠Step # 9
🟠Now your Sign Message is Appear,Click On Sign with wallet
🟠Step # 10
🟠Click on the BInd Button
🟠Now you are successfully connected your binance exchange with binance smart chain
🟠 Transferring Coin From Binance exchange to Binance smart chain.
- So now i am Transferring DOGE Coin From Binance exchange to Binance smart chain
🟠Step # 1
🟠As you can see there is no doge coin option so first of all we to add doge coin here by clicking on this +
🟠Step # 2
🟠Now search DOGE Coin And And Click on this check shown in fig
🟠Step # 3
🟠After this DOGE Coin is add on our list.Then CLick on the DOGE Coin
🟠Step # 4
🟠Click on the Receive Button
🟠Step # 5
🟠Then Receiving Address Or QR Code is appear Scan This on your Binance Exchnage App on your mobile
🟠Step # 6
🟠Now scan QR And Select amount you have to Transfer there
🟠Step # 7
🟠Now Check the network And Click on the Conform
🟠Step # 8
🟠Now your Request is summited Wait for some MinsIt hardly took 1,2 mins
🟠Step # 9
🟠As you can my coin is successfully transfer to my Binance smart chain wallet and
Question no 3:
🟠Differences between Trust Wallet and Metamask.
| METAMASK | TRUST WALLET |
|---|---|
| * The wallet's extension allows Metamask to be used on mobile devices as well as on desktop/PC. | * Only mobile devices are supported by Trust Wallet. |
| * The Ethereum blockchain is linked to Metamask. | * Binance Smart Chain and Trust Wallet are connected. |
| * Metamask is essentially programmed and accessible from the comfort of your own home; you may even create your version if you like. | * Trust wallets can't access your wallets without your consent, and your private keys are securely stored. |
| * Metamask is identified by the Ethereum blockchain's high transaction fee and high gas fee functionality. | * As compared to Metamask, Trust Wallet transactions are less expensive. |
| * Metamask transactions are slower than the Trust Wallet analog. | * As compared to Metamask, Trust Wallet transactions are quicker. |
| * Metamask provides you direct access to two crypto exchange in which you might buy them. | * Trust wallet codes are crucial, because they are used in combination with a variety of other services. |
🟠Which is the preferable choice, and why?
I Personally prefer Trust-wallet.
Because i am using this since 3 months Ago.In the crypto ecosystem, transactions should be cost-effective as well as quick; as a result, I prefer Trust Wallet over Metamask because of the cheaper transaction costs.Exchanging coins using trust wallet is easy, and there aren't many proofs required to establish an account. After you've got access to the App, Trust wallet allows you to alter your phone number, email address, or password. And i have 3 multi coin wallet. See below
My Current balance
My 3 wallets
Question no 4:
🟠 PancakeSwap
PancakeSwap is a digital exchange that lets users swap their crypto assets for whatever currencies they choose. PancakeSwap is also part of the Binance Smart Chain network, which allows users to transact without the involvement of a third party. PancakeSwap quotes prices using the AMM (Automated Market Maker), allowing users to trade autonomously using Smart Contracts code written expressly for the purpose.
🟠 Uniswap
Uni-swap, like pancakeswap, is a decentralised exchange, which means it is not governed by any central authority. It establishes and utilises an automated liquidity pool to aid in the efficient execution of your trades.
The platform was formally launched in 2018 via an Etherium blockchain wall. Its project is enormous, with some saying that it is currently the greatest crypto project in terms of market capitalization. It is part of the ERC-20 token, which comprises a number of coins that you may trade and use to swap for the coin of your choice.
🟠 Main Difference
- Uniswap, although having comparable trading volumes, offers over 1,600 coins and 2100 trade pairs. On the other side, Pancakeswap has just 96 tokens and 690 trade pairs. Uniswap has almost one million unique wallet addresses, according to June data.
- Unlike Ethereum, Binance Smart Chain is relatively cheap and quick to use, making PancakeSwap transactions less expensive than Uniswap. BSC is tempting because of its low cost and speed, however the increased speed is due to Binance Smart Chain's centralization.
🟠 Different futures
we can trade them safely and securely without the assistance of an escrow service or an intermediary because they both have a large market capitalization. BEP-20 tokens are utilized in pancake-swap, whereas ERC-20 currencies are used in uni-swap. Uni-swap is built on an open-source platform that allows anyone to clone the code and create your Decentralized exchange. Uni-swap is built on an open-source platform that enables you to copy code and construct your Decentralized exchange. Pancakeswap uses an AMM (automated Market Maker), whereas Uni-swap uses an open-source platform that allows you to copy code and establish your Decentralized exchange. Both exchanges and LP offer wallets for storing currencies that fall under their authority, and both use smart contract technology.
🟠 Best One
You're undoubtedly curious about the differences between Uniswap and PancakeSwap. They are, after all, the world's largest DEXes. Because both trades have merits and disadvantages, it's impossible to provide a definitive response.
Here's a quick rundown of our results to help you determine which decentralized exchange is right for you.
Uniswap With a handy dark mode choice, the switch interface is sleek and elegant. Ethereum ERC-20 coins have the most liquidity. Advantage to the first-mover. History of flawless security As It Have some Drawback also Like, UNI token is just a government token. There will be no liquidation or yield farming. It can be time-consuming and costly to utilise. Uniswap V3 has issues with slippage.
PancakeSwap There is a lot of liquidity tied up in pools. Binance Bridge makes it simple to utilise. Uniswap is much more expensive and takes longer. Farming alternatives with infinite yields It also Have some Drawbacks aswell The user interface is cluttered.The volume of Ethereum trading has been dropping, therefore you'll need to bridge assets.BSC has recently been subjected to a slew of exploits.
I Personally Prefer Pancakeswap because i have used this serval times and i feel comfortable with it. And Now It's All Depend on you which one you want to use.
Question no 5:
I will Explain you Step by step Here.
First of all you Must have an account on MetaMasks Wallet . Now Open it on Your Mobile or Google Chrome Extension. Now Follow My steps.
🟠Step # 1
🟠Goto To pancakeswap website Pancakeswap And Click On the Connect Button.
🟠Step #2
🟠After Clicking you see this. Now click on the Metamask Wallet option
🟠Step # 3
🟠Then you see this google extention open in your screen.Now click next button
🟠Step #4
🟠Now it will conforming your address. Click On Connect
Step #5
🟠Now You are Successfully Connectedyour Pancakeswap to Metamask Wallet
Thank-you Sir @yousafharoonkhan For this Amazing HomeWork, I have learn alot by this Homework and i hope you like and appreciate it.
All the References of photos and Screenshots used in this post are Mentioned.
🟠Now You are Successfully Connectedyour Pancakeswap to Metamask Wallet
Thank-you Sir @yousafharoonkhan For this Amazing HomeWork, I have learn alot by this Homework and i hope you like and appreciate it.
All the References of photos and Screenshots used in this post are Mentioned.
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