When you enter PancakeSwap for the first time, you will realize that they are a bit different from the regular cryptocurrency platforms starting from its rabbit theme to its “pancakey” name.
PancakeSwap is one of the leading crypto platforms for investment strategies, including yield farming, prediction, and lottery winning.
Although it looks nice, first-timers may be confused about how to get certain cryptocurrencies on the platform. This article focuses specifically on how to buy SOURCE on PancakeSwap.
What is PancakeSwap?
PancakeSwap is a decentralized finance platform built on the Binance Smart Chain. The platform enables anyone with a supported wallet to exchange, farm, and pool their tokens.
Users of PancakeSwap can build their crypto portfolio by staking and farming coins through liquidity pools. It also has some features like lottery and prediction that enable you to win crypto.
If you are not new to this website, you know we are advocates of liquidity mining and yield farming, and we do it ourselves. Little wonder, we chose to explore this platform.
At first sight, it looks nice and seems easy to understand, but it wasn’t too easy for me, hence this guide. With a bit of trial and error, I was able to get it. With this guide, you can avoid that extra time.
What is SOURCE?
SOURCE is a cryptocurrency. The ReSource Finance network powers this coin. ReSource Finance is a platform that enables businesses to obtain uncollateralized credit and grow their business. Think of it as a marketplace and financial/credit institution built on CELO.
With the combination of good market value and demand and the work going on at ReSource Network, this coin shows a ton of potential.
You can farm this coin on PancakeSwap and other platforms, including UbeSwap. We have a guide on how to yield farm SOURCE on Ubeswap.
How to Buy SOURCE on PancakeSwap
Step One – Connect your Wallet
Your first step is to get into PancakeSwap. You can access the website by clicking on this link.
When in PancakeSwap, connect your wallet. First, click on the “Connect Wallet” button. You will get a pop-up with a list of supported wallets. For the sake of this guide, we will continue with Metamask. If you don’t have Metamask set up already, visit this page.
When you click on Metamask on PancakeSwap, you should get a pop-up, which is the Metamask extension (Chrome). Enter your password to unlock your wallet.
You may receive a prompt to switch your network, depending on what you have set in Metamask. PancakeSwap works on the Binance Smart Chain and not the CELO mainnet. So, if you were connected on a platform that uses the latter, like Ubeswap, you need to switch to BSC on PancakeSwap. Click on switch network if this is your case.
Step Two – Obtain a Supported Token
To buy SOURCE on PancakeSwap, you must first get a supported token. That can be BNB or even ETH. You can get any of those on any popular exchanges like Binance. I suggest you get BNB. Once you have purchased the coin, transfer it to your Metamask account.
Step Three – Transfer BNB to Metamask
Click on your Metamask extension in Chrome. After connecting your Metamask to PancakeSwap for the first time, the BNB coin should be imported automatically.
Click on Account and check the Assets tab if it isn’t there. If your Metamask is opened as a small pop-up in Chrome, the Assets tab should be opened automatically. If BNB still isn’t there, you can import it. Under your assets in the Asset tab, click on “import tokens” and paste in the details as you can find it in Etherscan.
Then, copy your account address.
In your crypto exchange (where you purchased BNB), send the BNB to the address you copied. On Binance, that means you:
- Go to the withdrawal section
- Select BNB
- Paste the address you copied from Metamask and send
Step Four – Swap BNB for SOURCE in PancakeSwap
The last step is swapping BNB for SOURCE in your PancakeSwap. You can do this on Metamask as well, but it’s nice to do this on PancakeSwap, especially if you want to farm or pool your SOURCE for profit.
In your PancakeSawp, click on “Trade” to open this URL. Select BNB as the first token in the swap box and SOURCE as the second. Usually, CAKE would be in the second box by default. Click on that to open the pop-up where you can choose SOURCE.
Scroll through the coins or search for “SOURCE”. If you can’t find it as it is in the above screenshot, click on “Manage Tokens” and enter this BSC contract as seen below:
Ensure you are in the “Tokens” tab so you can paste the BSC contract. If you don’t see what the screenshot above depicts, close the PancakeSwap tab, clear your cache and cookies and try again. When it shows up as depicted above, click on the “Import” button, follow the prompts, and import SOURCE.
Now, you can exchange any amount of BNB for SOURCE by entering the amount or clicking on max.
You can review the slippage tolerance and transaction speed on BNB and the price on Metamask to control how much you spend for the transaction and speed.
And that’s it! You now have SOURCE in your account, and with that, you can earn using the liquidity pools or yield farms on UbeSwap or PancakeSwap that include the SOURCE token.
I will stop here with this guide. In the coming articles, we will review more ways to earn passive income with your cryptocurrency. Don’t forget to subscribe below so you don’t miss out on sweet updates.