The CanWork ecosystem is shifting to Binance Smart Chain (BSC). As part of this community members can now swap their BEP2 $CAN for BEP20 $CAN (BEP20 being the native standard for BSC). BEP20 $CAN offers a lot more functionality to the platform and the token holders. One of those functions is the ability to interact with Pancake Swap for buying, selling and providing liquidity with the $CAN token. This guide is designed to show you how.
What you will need:
The team recommend using Trust wallet so that you can:
As Pancake Swap is the number one decentralised exchange (DEX) on BSC you need BEP20 tokens to interact with it.The CanYa team have provided this guide to help you swap your BEP2 $CAN/$BNB for BEP20 $CAN/$BNB if you haven’t done so already:
An understanding of how a DEX & liquidity pools work
If you haven’t used a DEX or operated with liquidity pools before some of the concepts may seem foreign. However, it doesn’t take long to grasp the key concepts so you can safely and effectively enjoy the benefits offered. Pancake swap has some good guides which can be found here:
Now that you have your Trust Wallet set up with BEP20 $CAN head on over to Pancake Swap and connect your wallet on your smart phone.
Firstly, click “Connect Wallet” in the top right corner
Select the “Wallet Connect” option
Open Trust Wallet on your smart phone > settings > Wallet Connect > New Connection > and scan QR
Click “connect” on the screen once you have scanned the QR code
Once this is done you should see your wallet address in the top right corner
Swapping (buying & selling)
The Pancake Swap interface is not too dissimilar from that of a standard centralised exchange. You simply select the pairs you would like to swap and then execute the swap. An important note to remember is the price is measured in the ratio of the pair selected not USD. This ratio is heavily dependent on the liquid depth of the pool. The more liquid a pool is the less a swap will affect the price. Pancake Swap will show you all of these details before you execute the trade including question mark icons that explain what each figure means.
In the below example we are going to swap $BNB for $CAN:
Select the token you would like to swap with (in this case we are trading BNB)
Select the token you would like to swap for. In this case we are using BEP20 $CAN which you find from the search bar. If it is the first time using Pancake Swap you will need to add BEP20 $CAN to your token list. To do this paste the contract address into the search bar:
Make sure you slowly read and understand what each figure means (and that you are happy with it) before executing the trade.
Minimum Received - the minimum amount of selected tokens you will receive after the swap
Price Impact - how much this trade will move the market (the more liquid the pool the smaller this number).
Liquidity Provider Fee - The fixed fee that goes to the platform liquidity pool providers (this is what is earned if you provide liquidity to the pool - more on this later).
Once happy, click “Swap”
Review the details then click “confirm swap”
Confirm the transaction on Trust Wallet smartphone app
Swap complete. Funds should now be in your wallet. You can also view the result on the block explorer
Another option available to our BEP20 $CAN holders is the ability to provide liquidity. This allows you to earn liquidity fees on your BEP20 tokens that would otherwise be sitting stagnant in your wallet.
It is important to thoroughly understand the risks and rewards of being a liquidity provider (LP) before you commit to it. Make sure you read through and understand the Pancake Swap Guides. If you have any questions you can reach out to the CanYa team in the telegram channel (link in the footer).
Click the “Liquidity” tab at the top center of the page
Choose the pool you would like to add liquidity to
A pool is a pairing of two BEP20 tokens
When you LP, Pancake Swap will automatically calculate the correct ratio of tokens based on the current data from the pool
See the Pancake Swap guides shared above for more information if you are still unsure
Make sure you are happy with the details then click “supply”
Just like swapping you will need to confirm the details and approve the smart contract call on Trust Wallet smartphone app
You can now view your liquidity details in the liquidity tab
This guide has shown you how to buy, sell & LP BEP20 $CAN on Pancake Swap.
If you need help, come visit us in the community Telegram channel.