Steem Crypto Academy || Season 3, Week 3 || Trust wallet,Metamask,Uniswap & PancakeSwap... || Submitted to @yousafharoonkhan

Alaikum-Salaam @yousafharoonkhan. Happy new week and thank you for the lectures.

According to the lecture for the week, we are considering trust wallets, pancakeswap, etc which are basically what we use every day in the crypto market.

Task 1: What is Liquidity in PancakeSwap Explain with examples? And add Liquidity in PancakeSwap and explain all the steps with screenshot.

When we talk about liquidity, we speak about the ability of a coin to be easily converted to other coins, meaning when liquidity is provided, the provider is rewarded with another coin or token in return. All cryptocurrencies must be provided with liquidity in other to ensure a stable market, however, anyone can be a liquidity provider and it's quite easy to do so. When a token has a high liquidity, prices are stable and everyone would be interested in investing their money into it, but when the liquidity of a token is low, prices keeps fluctuating and this in turn scares investors from putting their money in such a token.

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Having understood what liquidity is, we look at pancakeswap, now in pancakeswap and in adding liquidity to the platform, users are allowed to lend their cryptocurrency to others to trade, without this the Automated Market Marker(AMM) won't be possible on pancakeswap. When you provide liquidity on pancakeswap, you are referred to as A Liquidity Provider, upon providing liquidity this providers also are rewarded with Liquidity Provider Tokens (LP) tokens, in terms of pancakeswap, your are rewarded with cake tokens.

Providing liquidity on PancakeSwap is quite easy:

• First step is choosing a Bsc wallet such as trust wallet and then connect your wallet with the pancakeswap exchange. Before doing this ensure you have the tokens already in your trustwallets, and enough gas fees for possible transactions.
• Connect you trust wallet with your pancakeswap dapp

• Click on the three short horizontal lines on the top left hand corner
• Select exchange and then Liquidity
• select tokens to add and select 50 to 50% liquidity
• Approve and confirm transactions

Task 2: How to connect Binance exchange account with Binance smart chain or trust wallet. Explain all the steps through screenshot. And transfer any coin from Binance exchange to Binance smart chain

In connecting Binance exchange and with Bsc we need to follow the following simple steps:

• First you would need to login in our binance exchange extention
• select the three dots at the right and connect using wallet direct

• Login into your binance exchange using your user name and password
• After that enter your verification codes.

• You should be connected after following this steps

Task 3: What is the difference between Trust Wallet and Metamask and which of them is better and why?

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These are well known wallets used for storing cryptocurrency assets. Metamask is built on the Ethereum network while trustwallet is built on the Binance smart chain. They are both wonderful wallets with great features. They both have good customers support.
Both of this wallets can be downloaded and installed on Android, IPad, iPhone, etc, with Metamask having a goggle extension. Easy to use features and very user-friendly. Metamask can be described as both a browser and a wallet but trust wallet is just a very secure wallets where you can store your cryptocurrency assets. Trustwallet can accept more than just Etherum tokens, as such they have varities of token. Metamask masks it easier to connect with hardware wallets like trevo, etc.

According to rating, Metamask have been considered to be better than trustwallet, personally I believe both are wonderful wallet and one cannot totally say that Metamask is better than trustwallets as they are widely accepted by users.

Task 4: What is meant by Pancakeswap and Uniswap?

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These are both decentralized exchanges where you can buy tokens. Decentralized means there is no middleman involved in their transactions, when using these exchanges, you are directly connecting with the token owner. Pancakeswap is powered by the Binance smart chain (BSC) while Uniswap is on built on the Ethereum network. Pancakeswap uses what is called the Automated Market Marker also know as AMM to fill in orders, this helps to aviod the use of order books, it however allow users to provide liquidity in the liquidity pool, by doing so new LP tokens are awarded in return.

Uniswap as earlier stated is an Etherum - based decentralized exchange (DEX) which also uses AMM just as in pancakeswap and therefore have no need for an order other book. Still available on Uniswap is the ability to provide liquidity to the pool in which LP tokens are awarded to providers. Furthermore, Uniswap makes provisions for lending on its platform, meaning you can borrow tokens as look as you provide collateral for this event. Another intresting aspect is the number of tokens present in the Uniswap which is above 1500 when compared with pancakeswap of about 200 or more.
Another difference is the transaction fees, because of these, pancakeswap is gaining more popularity as transaction fees are considerably lower than that of the Uniswap counterpart. Fews on Uniswap are high due the fact that it operates on the Ethereum network and Etherum gas fees are quite high at the moment.

• Features of Pancakeswap and Uniswap
  Some features we can see in these decentralized exchange are AMM (Automated Market Marker) which makes trading easily, this takes care of the need for an order book. Another is the Uniswap Lending feature which help users to trade and provide liquidity. Very importantly is the liquidity providing features, where anyone can provide liquidity to the platform.

Pancakeswap or Uniswap
These two exchanges are the top leading decentralized exchanges, it may not be too easy to point out which is better than the order as they both have strengths and weakness. Let's consider some of them:

• Security: When we look as security, Uniswap has a high level of security when compared to Pancakeswap. Recently the Bsc network has being facing serious expliot which puts the pancakeswap at some level of security risk.

• Number of listed tokens: Uniswap can be said to have more tokens that the pancakeswap exchange. Uniswap has over 1500 tokens and pancakeswap only about 200.

• Liquidity: Etherum tokens are discovered to have more liquidity when compared to Bsc tokens. Liquidity helps to keep the price of a token more stable and gives more value to such a token.

• Transaction cost: it is no longer new that transactions on Uniswap (Etherum networks) are quite high, Bsc transaction prices are more considerable.

With this comparisons, we could say they are both wonderful decentralized exchanges but I can say Uniswap is better and I stand to be corrected.

Task 5: How to connect PancakeSwap with Metamask.

• To connect your Pancakeswap with your metamask, first download trust wallet
• Connect Pancakeswap through Dapps

• Search for Pancakeswap in your dapps and connect
• Once you do that, you can then connect to metamask

Thank you most respected Professor.