Learn how you can use the B2M token on PancakeSwap, the largest exchange in the Binance Smart Chain (BSC).
El fact that the token B2M be a token ERC-20 makes it much easier to be able to move it to other networks compatible with Ethereum, as in the case of Polygon or Binance Smart Chain. This facility allows, for example, that we can transfer B2M from chains such as Ethereum to Binance Smart Chain and we can use these tokens in Decentralized exchanges (DEX) like PancakeSwap. And, the latter is precisely what you will learn in this guide.
What is PancakeSwap?
PancakeSwap is a decentralized exchange (DEX) that works under the automated market maker (AMM) model. Thanks to this, its users can exchange tokens in a completely decentralized way, since liquidity pools are generated that enable these exchanges. In fact, users can add liquidity to these pools and, consequently, receive interest for said contribution.
This DEX works on the Binance Smart Chain network and uses BEP-20 tokens (an identical standard to Ethereum's ERC-20 token). It has been in operation since September 2020 and since then it has become one of the most important DEXs in the crypto world. If you want more information about PancakeSwap we recommend you review this complete article elaborated by our best experts.
Use B2M in PancakeSwap
Now, how can we use the B2M token inside PancakeSwap? Well, it is quite easy and the first thing you should do is meet these three requirements:
- Have a device (PC, tablet or mobile) with an Internet connection.
- Have a Chrome web browser (or derivatives such as Edge, Brave or Opera) or Firefox.
- Add and configure MetaMask in the browser.
- Add BSC to MetaMask
Firstly, you must add the BSC network to your MetaMask wallet, to be able to use this network and its dApps.
Initial configuration of the wallet
To start the configuration you must go to the MetaMask menu:
There you must look for the option "Settings", which will allow you to add the necessary data to the wallet.
On the next screen, you should look for the option "Networks" and click on it.
This option is the one that will allow you to add all the necessary data so that you can connect your MetaMask to the Binance Smart Chain (BSC) network. Once there, look for the button "Add Network" (o "Add Network", if it is in English).
With this you will see a form in which you must add the necessary data so that MetaMask can interact with the BSC network:
The data in question are the following:
- Network name: BSC Mainnet
- RPC URL: https://bsc-dataseed.binance.org/
- Chain ID: 56
- Currency symbol: BNB Faucet
- URL Explorer: https://bscscan.com
After finishing adding the data, you must click on "Save" and with that you will have already added the BSC network in MetaMask.
Add B2M to MetaMask via BSC
The next thing is to add the B2M token to our wallet. To carry out this procedure you must use a Bridge, and in this particular case, we recommend using an exchange that supports the BSC chain, or failing that, the official BSC bridge. From there you can make the necessary change and withdrawal to other chains. This recommendation responds to the same recommendation given from MetaMask.
Use B2M in PancakeSwap
Now that you have sent your tokens to the BSC network, it is time to use B2M on PancakeSwap. To do this, the first thing we will do is go to the official PancakeSwap website and connect to it through our MetaMask wallet.
At this point we can do two things with our tokens:
Create a liquidity pool to enable B2M exchanges with it in this DEX
This option is the one that initially allows us to create a liquidity pool with which we enable B2M exchanges for the even token of our choice. For example, we can create a B2M / BNB pair where the pool would be created in a 50:50 value ratio of B2M and BNB tokens.
To create a pool you must look for the option «Liquidity» and click on the option "Add Liquidity":
Next, you will see a form where you can indicate the amount of liquidity to add (remember, a value ratio of 50:50 must be maintained) and, after filling in the data, just click on the button Supply and with this concludes the process of creating the pool.
By creating this pool, anyone on PancakeSwap who wants to exchange B2M for BNB or vice versa will be able to do so, and liquidity providers will earn commissions for each exchange made. As you will see this is the same dynamic that is used in Uniswap and in many other DEXs (like QuickSwap in Polygon).
Exchange the B2M tokens for other tokens (if there is an exchange pair already created).
This is the most direct option but it depends on whether there is already a pool created in PancakeSwap that allows this exchange or that serves as a bridge for it. To use this option, all you have to do is go to the option "Exchange" and choose the exchange pair you want to carry out your operation.
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