Pancake Swap has a bridge!!! — Updated
(NONE OF WHAT I WRITE IN MY ARTICLES IS TO BE TAKEN AS INVESTMENT ADVICE. I am not an advisor for this nor am I suggesting any financial action on your part. DYOR)
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PancakeSwap now has a bridge function!!!
What is a bridge?
Here’s a cool video that explains it all in less than 3 minutes…
Basically, it means that you can transfer/ convert your crypto in 1 type of blockchain to the crypto in another type of blockchain. this gives you the ability to “play” with your crypto in different blockchains & not be stuck in only one.
This means that you have more choices as to how you can invest your crypto!
But be careful. You must take into account the gas fees to transfer the token over & the amount of time it takes to move them. In a lot of cases, it will take some time to move them, usually 30–60 minutes but sometimes longer.
If you think that you will have a time sensitive opportunity then you might want to plan ahead & start moving your coins a bit early.
It may also be a good idea to have some crypto in different blockchains that you usually use. This will save time, unless you need to move some more over.
Basically, you choose your starting coins in your starting blockchain & the amount of those coins you want to move. Then you choose the new blockchain & coins. The bridge will then tell you approximately how much of the new coins you will get by transferring the old coins.
In the example above, I would be trading 5 USDC, on the Polygon network, for BUSD, on the Binance network…
As you can see, it would be about the same value, since they are both stable coins pegged to the US dollar. Be aware that gas fees are being paid from both blockchains.
One thing to note about Pancakeswap’s bridge is that it is very selective as to which blockchains & which coins it can swap.
So how does that effect me?
Well, I had some coins that I moved around, early on, & didn’t know anything about the different blockchains. In essence I screwed up. (I still do that from time to time…)
I did however come to like the Binance Smart Chain network & start using it a lot. Meanwhile, those coins on the other blockchians (ETH & Polygon) just sat there doing nothing but buggy me. It was very annoying.
I had seen other blockchain bridges before but never had enough, nor wanted to spend enough, to cover the gas fees to transfer them…until now…
Once, I saw that PancakeSwap had their own bridge, & it didn’t seem that there was a minimum required for transfer, I was a happy camper!
I then tried to test this bridge using those coins. I figured that if they got lost then I didn’t lose much because it was only about $30 USDC & I wasn’t using them anyway. I then discovered that I needed some gas money for the transfer. Coinbase to the rescue!
(You can read more about Coinbase here: https://readmedium.com/coinbase-b5c4622a069b )
I had a small amount of coins in Coinbase that I had gotten through the Coinbase trainings. This was free money to play with. I then converted those tokens to MATIC, on the polygon blockchain, while inside Coinbase. (This is the same blockchain my $30 of USDC coins were on..) Then I sent these Matic tokens to the same Metamask wallet that my USDC.
This then gave me some gas money for the transfer.
I then swapped my USDC on the polygon network to BNB on the BSC network. It took around 30 minutes for the swap. Also, at one time the tokens seemed like they weren’t in either blockchain, & just hanging out in limbo. (I thought to myself: It’s a good thing that I’m testing this with only a small amount of crypto…)
Just when I thought it wasn’t going to work, the BNB showed up!
HORRAAYYY!!! IT WORKED!!!
This then filled my brain with other possible uses for this bridge…
One of those opportunities is Grizzly.fi.
(Checkout my article on Grizzly.fi here: https://readmedium.com/grizzly-fi-25a5edf0120f)
I see Grizzly as an anonymous type of investment similar to my CakeDefi investment.
(Checkout my CakeDefi investment here: https://readmedium.com/cake-defi-b63d0f716b49)
Since Grizzly has been doing well for me so far, I wanted to put more into it. I then put my $30 of BNB, that was converted from the USDC into the Grizzly Honeypot, earning around 323% APY.
It worked again!
I then wanted to increase my investment again. So I did decided that I’d invest another $100 into the project. I then bought $100 of MATIC (on Coinbase), moved it to the Metamask wallet I used before, used the pancakeswap bridge to convert it to 99.97 USDC (on the BSC blockchain), converted it to 0.35 BNB (couldn’t convert directly to BNB from MATIC), moved 0.35 BNB to the Grizzly wallet, & Converted it to 0.99 GHNY tokens. I then invested all those GNHY tokens into the Honeypot, earning around 323% APY.
This brought my Honeypot balance up from 0.3387 GHNY to 1.3308 GHNY & increasing my earnings around 4 times.
Now, I use Coinbase to transfer to Fiat into crypto, transfer it to Metamask, use the Pancakeswap bridge to move it to BSC, & then invest it into whatever project I want. It’s like putting all the different kinds of Legos together to make a masterpiece.
Knowing this might one day pay off BIG!!!
Thanks for reading about my learning experiences. Let me know what you think & any other suggestions you might have.
Follow me. I’ll follow you. Let’s see what happens…
Updates:
- I am now using USDC & ETH from Coinbase in the pancake swap bridge.
- This is because it converts faster than MATIC.
If you would like to see what investments I’m currently active in then go read my referral link article.
