Trading GBITS on PancakeSwap

Last updated: May 26, 2021 10:35 pm

Crypto King

2 Min Read

You’ll notice if you visit https://pancakeswap.finance that many features are inaccessible until you click on Unlock Wallet. Click on it, and you’ll be met with a few options: MetaMask, Trust Wallet, WalletConnect, Binance Chain Wallet, and other options.

But wait, we hear you say, isn’t MetaMask an Ethereum wallet?Yes, it is, but the architecture of Binance Smart Chain is such that you can use MetaMask to interact with BSC-based DApps. If you choose to use MetaMask, we suggest you check out our Connecting MetaMask with Binance Smart Chain guide.

Once you’ve got that set up, you can unlock your wallet to reveal additional information.

2. Go to the SWAP page https://exchange.pancakeswap.finance/#/swap

3. Choose the Currency you wish to buy with

Then hit Select a Currency

Add the GBITS Contract Address 0x0ee32d0f42ba41af60b61cdcce13a7e1a552502d

Need help, try the GBITS Telegram

Hit Swap and you are done!!!

PancakeSwap uses an automated market maker (AMM) model. That means that while you can trade digital assets on the platform, there isn’t an order book where you’re matched with someone else. Instead, you trade against a liquidity pool.

Those pools are filled with other users’ funds. They deposit them into the pool, receiving liquidity provider (or LP) tokens in return. They can use those tokens to reclaim their share, plus a portion of the trading fees.

So, in short, you can trade BEP-20 tokens, or add liquidity and earn rewards. There are also other features we’ll cover later.

You’ll find these LP tokens in several flavors – if you added, say, BUSD and BNB to the pool, you’ll receive BUSD-BNB LP tokens in return. BETH and ETH? You’ll get BETH-ETH LP tokens.

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