How Do I Get into the CAKE Game? Part 1: An Intro to BSC and Metamask
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How Do I Get into the CAKE Game? Part 1: An Intro to BSC and Metamask

By tim-time | The Crypto Nomad | 18 Feb 2021


If you are one of my friends or colleagues over the last several days you've probably heard me extoll the virtue of Cake. CAKE is having a moment, to say the least.  Upon speaking with some friends still living in the states I quickly realized that the hoops I jumped through to get into the cake ecosystem might be a little confusing to some.

If you are a Coinbase user or have never heard of BNB or BSC, this guide is meant to get you (and people like you) up to speed on cake:  how you get it, why you might want to farm it (or at least stake it), and maybe also what a liquidity pair is.. but let's not get ahead of ourselves!

I think once you understand web3/metamask a little and get into the BNB ecosystem it isn't too scary, so let's go ahead and break it down.


How to get CAKE

If young deezy wants to get fat cake stacks on syrup street then you gotta.. buy cake... Ahem. Where was I?

So let's discuss a few things.

0. Wtf are you talking about?

1. Browser Wallets

2. Bridges & BNB/BSC/Binance

3. Pancake Swap

4. Farming/Staking


Is this a cult? What are you talking about?

 

So Cake is a Binance Smart Chain(BSC) BEP-20 Token. Essentially the equivalent of an Ethereum token(ERC-20) like AAVE or COMP (for our purposes UNI or SUSHI is a more relevant comparison if you know those projects).

I say equivalent because BSC is a hard fork of the Ethereum network built by the Binance trading platform. As such there is some interoperability of Ethereum network components (the Ethereum Virtual Machine), also the code can be written in Solidity for both. BSC (to me) is currently preferable to Ethereum as the network prices are staggeringly low compared to ETH. 

Finally, CAKE is the token for an Automated Market Maker (AMM) Decentralized Exchange(DEX) Platform: Pancake Swap. I will go more in-depth about Pancake Swap and Yield Farming there in another article. This one is just an entry point for getting into the BSC/BNB ecosystem, possibly as an American or as an expat buying crypto from an exchange other than Binance. (I will also discuss Binance)


Browser Wallets

Ultimately you are going to need a browser wallet to used any DEX or Decentralized-App, so this is as good a time as any to learn about them. 

For the purposes of this demo (using a bridge), I will recommend using metamask.io or Binance Wallet. Ultimately I will focus on Metamask because I prefer it (although it is slightly more complicated to set up). You can also totally use Binance Wallet.

A Browser wallet is an add-on for your browser that allows you to interact with web3 websites. You can send money and enter into contracts in websites that allow it. I find it sort of mindblowing honestly but I might be sort of weird. 

Go ahead and download either wallet and just make a new wallet (or feel free to import if you have an ETH seed phrase). 

Now the important thing is we will at some point need to switch to the BSC network so I want to suggest you add it now.

network selectionadding bsc network

If you choose the Ethereum Mainnet from the top selection you can go all the way down to the very bottom and a custom RPC. On the right you can see the options you should choose for connecting to the BSC Mainnet. There are many guides for this online already, look here or over here. (Actually, you should check out Binance Academy articles they are great!) Ok so If you are on the BSC Mainnet now any BEP-20 token that comes to the address at the top of your wallet will 100% make it here. 

Three important related notes to that: 

1. If you send a BEP-20 token to the wallet and you haven't added the token yet.. It might invisibly arrive! The add token button is at the bottom of the main wallet page. Click it and then add the token's contract as you see below. (You will need to switch to custom token). You can find a list of all the BSC tokens here.

adding ada token contract

2. Your BEP-20/BSC wallet CANNOT accept BEP-2 tokens. That is a different chain, not forked from ETH. If you send BEP-2 Tokens to a BSC wallet you will lose the asset. You will likely also be warned first (BEP-2 addresses start with 'bnb').

3. BONUS! If you accidentally send an ETH token out from Binance using BEP-20 (because the fees are way lower man) but you send it to your ETH address on BSC.. You can still retrieve it. If you have a seed phrase for the ETH address you can use this method and put it in Metamask and switch to BSC Mainnet and your coins will be there. I have heard this has even worked for people who sent it to their Eth address on coinbase. 


Ok so now you have your metamask set up and ready to buy some cake (or at least access BSC). That's great news! Unfortunately, it's getting late so tomorrow I will come back and tell you about bridges and a bit more about BSC, and if I have enough time I will get into PancakeSwap as well. 

I hope you enjoyed this beginner's introduction to BSC and Metamask. 

Till Part 2!

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tim-time
tim-time

Software Developer and human living in Berlin, with my dog Oskar, getting excited about web3...


The Crypto Nomad
The Crypto Nomad

Trying to make sense of the new crypto landscape.

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