HomecaretCoin98 Wallet

An A-Z guide on how to use PancakeSwap on Coin98 Wallet

Publish by Nguyen Khanh Huong Thao at 06 August 2021

PancakeSwap is familiar to most DeFi users as one of the most popular AMMs built on Binance Smart Chain nowadays. Currently, users are able to not only trade the hottest tokens that generate high profits, but also take advantage from other activities such as providing liquidity, farming, prediction, lottery and IFO.

Coin98 Wallet has recently integrated with PancakeSwap and became one of the official wallets on this popular AMM, expanding the opportunities for users to benefit from our multi-chain wallet as well as the top-tier DeFi gateway in Asia.

In this article, I will guide you step-by-step through the process of connecting and using PancakeSwap directly on Coin98 Wallet.

Before we begin

Install Coin98 Mobile Wallet

PancakeSwap is now available on the Coin98 Mobile Wallet for both iOS and Android users:

Read the detailed instruction about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Create a Binance Smart Chain (BNB BEP20) Wallet

As PancakeSwap is an AMM on Binance Smart Chain, you need a Binance Smart Chain (BNB BEP20) wallet to start using it.

After installing Coin98 Wallet, you can refer to the guidelines below to create a BSC (BNB BEP20) wallet, or restore BSC wallets from other platforms to Coin98 Wallet.

  • How to create a Binance Smart Chain (BNB BEP20) wallet here.
  • How to create a Multi-chain Wallet here (recommended).
  • How to import Binance Smart Chain (BNB BEP20) wallet from Metamask to Coin98 Wallet here.
  • How to import Binance Smart Chain (BNB BEP20) wallet from Trust Wallet to Coin98 Wallet here.

If you are already a Coin98 Wallet user, you should import multi-chain wallets again to get updated with wallets on Binance Smart Chain (BNB BEP20), as well as other integrated blockchains on the latest version automatically.

On PancakeSwap, whether you’re using USDT, BUSD or BNB, you need to transfer them all to your BEP20 wallet.

In case you’ve accidentally transferred your assets to a TRC20, ERC20 or SPL wallet, don’t worry, you can use the Coin98 Wallet Cross-Chain Bridge solution to convert them into BEP20 tokens directly in the app instead of transferring them to Binance and withdrawing them as BEP20 tokens. This is considered one of the best solutions that eases your journey through PancakeSwap.

Prepare BNB to pay for the gas fee

PancakeSwap uses BNB for the gas fee, therefore, to start farming on PancakeSwap, you need to have BNB in your account.

The transaction fee on BSC is cheaper compared to Ethereum, with the rate of approximately 0.25% for one transaction on PancakeSwap.

Now everything’s ready, let’s start trading.

This guide includes the following main points:

  • How to add liquidity on PancakeSwap;
  • How to farm on PancakeSwap;
  • How to stake CAKE on Syrup Pools;
  • How to join Lottery;
  • How to join IFO;
  • How to join Prediction.

How to use PancakeSwap on the Coin98 Mobile Wallet

To access PancakeSwap, after logging in to your Coin98 Wallet account, click Browser on the home screen and select PancakeSwap in the DApp Store.

Let’s begin!

Add liquidity on PancakeSwap

Step 1: Click Pool on PancakeSwap. Your BEP20 wallet will automatically be connected to PancakeSwap.

If you have more than 2 BEP20 wallets, you can select the wallet you want to connect by clicking on the selection tab at the bottom right corner of the screen.

In case your wallet hasn’t been connected, follow these steps:

  • Click Connect.
  • Choose Coin98 Wallet from the list.

Now your wallet has been connected to PancakeSwap and is ready to serve.

Step 2: Click Add Liquidity and choose the token you want to stake. I’ll take the BNB and CAKE pair as an example in this guide, but you can choose other tokens as needed. For those that haven’t been listed on the Coin98 Mobile Wallet, you can still trade using their contract addresses.

If this is your first time farming, you'll need to complete this step to get the BNB-CAKE liquidity pair before joining the BNB-CAKE Farm.

Step 4: Insert the amount of tokens you want to supply. The system will automatically calculate the corresponding amount of the other.

Step 5: Double-check the information carefully and click Approve CAKE. The system will then calculate a small confirmation fee. Click Send to pay, then click Supply.

Step 6: The screen will then display the amount of BNB/CAKE FLIP liquidity tokens you’ll receive. Click Confirm Supply and the system will calculate the transaction fee for this step (approx. 0.001 BNB). Click Send to complete.

The amount of BNB/CAKE FLIP represents your share of the BNB-CAKE pool. You can get your assets back any time by cancelling the supplied liquidity.

Farm on PancakeSwap

After receiving FLIP, you can use this token to farm and receive free CAKE tokens as follows:

Step 1: Click Farm at the home screen of PancakeSwap. Similar to the previous part, you can freely choose and connect any wallet that contains LP tokens.

Step 2: Choose your Farm (I’ll take the CAKE-BNB farm as an example in this guide), then click Enable Farm. PancakeSwap will then ask you to pay a small fee to join this farm. Click Send to pay and complete this step.

Step 3: Click Stake LP and insert the amount of LP tokens you want to stake. Click Confirm and pay the calculated fee to complete the process.

After the transaction is completed, the system will display the exact real-time amount of CAKE you’ve farmed. If you’d like to collect this amount, click Harvest.

And that is how farming on PancakeSwap looks like!

Stake CAKE of Syrup Pools

With Syrup Pools, you can Stake your CAKE tokens to receive the corresponding amount of CAKE or other BEP20 coins/tokens.

Step 1: Click the Menu icon at the top left corner of PancakeSwap’s home screen, then select Pools to access Syrup Pools. Follow the similar process as above to connect or change to another BSC wallet.

At this point, you may wonder what Auto CAKE Bounty is.

Auto CAKE Bounty is an automated function that gives users a small amount of reward when activating it. Auto CAKE Bounty equals to 0.05% of all Auto CAKE Pool users’ pending yield at the point of access. You can Claim this amount, however, make sure this amount is larger than the amount of BNB you need to spend for it.

Step 2: Select your Pool (I’ll take Auto Cake as an example), then click Enable. The system will then calculate a small fee. Click Send to pay and complete this step.

Step 3: Click Stake to start staking CAKE.

Step 4: Insert the amount of liquidity you want to stake. You can choose the suggested amount of 25%, 50%, 75% or Max, and click Confirm. The system will then calculate a small fee. Click Send to pay and complete this step.

Step 5: The system will display the exact real-time amount of CAKE you’ve staked and the amount you’ll receive. If you want to keep staking, click (+), otherwise, click (-) to unstake CAKE.

Note: There are 2 types of fees you need to consider in the Syrup Pool:

  • Unstaking fee: You’ll have to pay a 0.1% fee if you cancel the staking process (withdraw) during the first 72 hours. After this period of time, you can freely withdraw any time without paying. The 72-hour time limit will automatically reset whenever you start staking more CAKE.
  • Performance Fee: This fee equals to 2% of each harvest and is automatically collected from your balance. For example, if you harvest 1 CAKE, a performance fee of 0.02 CAKE will be deducted.
  • When you stake CAKE into the Auto CAKE pool, CAKE tokens will automatically be harvested and re-staked. On the contrary, with the Manual CAKE pool, you’ll need to perform these processes yourself.

Lottery on PancakeSwap

Lottery is one of the special features on PancakeSwap.

To join the Lottery feature, follow these steps:

Step 1: On the PancakeSwap home screen, select Lottery.

Step 2: Click Buy Tickets.

Step 3: Insert the amount of tickets you want to buy. As of this moment, each ticket costs approximately 0.34 CAKE. A Bulk Discount is also available for those who buy multiple tickets at once. Click Enable.

Step 4: There are 2 buying options:

  • Buy Instantly: The system automatically gives you 6 random numbers on your ticket.
  • View/Edit Numbers: You’ll be able to view the current series of numbers of the ticket and Randomize the numbers if desired.

Click Buy Instantly on the main interface, or Confirm and buy on the Edit numbers interface to confirm. The system will charge a small fee for each purchase, click Send to pay and complete this step.

Step 5: After the purchase is completed, scroll down to view the details of the rewards, time of the draw and other information on the Lottery home screen.

  • To review the ticket number, click View your ticket.
  • To buy more tickets, click Buy Tickets.

And you have successfully bought a lottery ticket on PancakeSwap. Just sit tight, wait for the results and compare the numbers. Good luck!

IFO on Pancakeswap

IFO (Initial Farm Offering) is where you’ll be able to buy the newest tokens through yield farming, by staking LP tokens from the supporting pools to get the permission to buy new tokens.

Before we begin, please note:

  • You need to own CAKE-BNB LP tokens.
  • When the amount of CAKE tokens equals to half of the total fund, they’ll be permanently burned.

For example, if the total allocated capital is 1,000,000 USD, the amount of CAKE tokens to be burned is 500,000.

To join the IFOs on PancakeSwap, follow these steps:

Step 1: Click the Menu icon at the top left corner of the screen, then click IFO.

Step 2: Complete these actions:

  • Activate your profile.
  • Get CAKE-BNB LP tokens by staking CAKE-BNB according to the instructions demonstrated above.

During the sale: Commit your CAKE-LP tokens to buy IFO tokens.

After the sale: Claim the purchased IFO tokens. The remaining amount of LP tokens will be refunded to your account.

Prediction on PancakeSwap

The Prediction feature on PancakeSwap is relatively simple. You need to predict whether the price of BNB/USDT will be higher or lower than it was when the “LIVE” stage started.

Step 1: Click the Menu icon at the top left corner of the screen and select Prediction (Beta).

Step 2: Tick the boxes in the pop-up notification to confirm you’re aware of the risks. Then click Continue.

Step 3: Multiple screens will appear in line and can be switched back and forth with the arrows underneath. There are 2 main screens to which you need to pay attention:

  • The LIVE screen on the left: shows the locked price of BNB/USDT as of that moment.
  • The Prediction screen on the right: where users can perform their prediction and choose their position.
  • Enter UP means you believe the price of BNB/USDT in the next 5 minutes will be higher than the locked price on the LIVE screen.
  • Enter DOWN means you believe the price of BNB/USDT in the next 5 minutes will be lower than the locked price on the LIVE screen.
  • If the result matches your prediction, you’ll WIN! Otherwise, you’ll lose!

Step 4: I’ll take Enter DOWN to demonstrate. Insert the betting amount of BNB, then click Confirm. The system will charge a small fee, click Send to pay and your betting position will be recorded.

If you win, you’ll be able to Collect Winnings. The value of the rewards will be based on the value of the Pool and the UP/DOWN participants ratio. After clicking Confirm, you’ll need to pay a small fee.

The displayed reward has been deducted by 3% to move to the Pancake Treasury and will be used to buy back and burn CAKE tokens every Monday.

If your prediction doesn’t match the result, you’ll lose all the BNB used to bet.

You can also view your betting history by clicking the clock icon underneath.

To assist you in making your decisions, PancakeSwap also provides a chart that displays the real-time price of BNB/USDT. You can use this function by clicking the chart icon underneath.

Why you should use PancakeSwap on Coin98 Wallet

For both the newbies and the DeFi experts, using PancakeSwap on the Coin98 Wallet DApp Browser brings undeniable benefits, such as:

Simple, easy to access

The DApp Browser is integrated in the Coin98 Mobile Wallet for both iOS and Android users. Just by clicking Browser on the home screen, you’ll be seamlessly taken to the marvelous DApp world.

Minimized risks of scams

Coin98 Wallet constantly strives to find the most trustworthy AMMs with great use cases while prioritizing users’ security and privacy. Coin98 Wallet directly integrates the exact addresses of all AMMs on the app, which prevents the cases of searching and accessing fake AMMs that steal users’ Private Keys/Passphrases, or swapping scam tokens.

The Cross-Chain Bridge

Considered one of the most innovative features of Coin98 Wallet, the Cross-Chain Bridge allows users to interact with PancakeSwap easily and convert ERC20, TRC20, SPL tokens to BEP20 tokens directly on the Mobile App without using third parties.

Numerous DApps

If you are inclined towards farming on PancakeSwap after reading this article, why miss out on the great experience of trying other multi-chain DApps on the Coin98 Mobile Wallet DApp Browser?

Stay tuned for the upcoming planets that are about to be integrated into the Coin98 Wallet Universe!

Some final words

Hopefully, this article has been helpful in explaining and assisting you in generating extra profit with PancakeSwap natively on Coin98 Wallet. Let’s take this chance and reward yourself with the sweetest CAKEs of DeFi.

Don't forget to join Coin98 Community and Coin98 Wallet on Telegram to express & discuss your idea with admin and other members!

Bạn là người mới, muốn học đầu tư Crypto từ đầu để có kiến thức nền tảng?

Học tại đây
Nguyen Khanh Huong Thao

Nguyen Khanh Huong Thao

🌹 Nobody's rich when everyone's rich 🍀 Helsinki - FI 🇫🇮

back to top