How To Trade Navcoin On PancakeSwap
PancakeSwap is a decentralized exchange (DEX) native to the BNB Chain.
DEXs work by cutting out any middleman services and employing an automated market maker (AMM), thus removing the need for order books like one would find on centralized exchanges. Instead of an order matching system, traders trade against liquidity pools. These are pools of funds deposited by investors into smart contracts. This way buyers and sellers do not have to wait to be matched, they can simply deposit tokens into the pool and withdraw desired ones.
Since PancakeSwap focuses on the Binance Smart Chain (BSC), its native token is BEP20. To get started, you need to make sure to have a wallet compatible with BEP20. We will work with MetaMask for the purpose of this tutorial but other wallets such as Trust Wallet or Binance Wallet are suited as well.
MetaMask configuration for BSC
Via Settings, click the Networks option and select Add Network. Fill in the form with the following information and finish by connecting to BSC.
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Trading on PancakeSwap
Once connected to the BSC network, go to https://pancakeswap.finance/. Click Connect Wallet in the top right corner of the screen and select MetaMask.
Go to Trade on the top left and then Swap.
First make sure to add wrapped Navcoin as a token by selecting the dropdown menu and searching $WNAV and importing or directly entering the address: 0xBFEf6cCFC830D3BaCA4F6766a0d4AaA242Ca9F3D.
Next, choose the token you want to swap it to. Select the desired amount and click Swap. A pop-up will appear with the transaction details which you will need to confirm. Make sure everything is correct. Done!
A swap will transact at current market prices. If you want to decide at which price your order goes through, go to Trade (top left) and select Limit. Limit orders allow you to get your swaps at desired prices by leaving instructions to fill buy or sell orders at specific prices. The trade will only be executed if the price on PancakeSwap reaches your limit price.
Follow the same steps as above only this time manually input the value you want your order to sell at in the Price bar.
Please note that each transaction requires a gas fee which is roughly 0.25% of the trading amount and denominated in $BNB.
Converting $WNAV via the Navcoin Bridge
The easiest way to convert your $WNAV into $NAV or $XNAV is by using our bridge https://bridge.nav.community/.
Connect your MetaMask to the bridge and choose Withdraw in the top left corner menu.
Type in the destination $NAV or $XNAV address and amount and confirm. Depending on the network traffic, it may take around 1–2 hours for the transaction to complete. Do not worry as this duration is purely for security reasons and your funds will reach their destination.
Are you interested in diving further into PancakeSwap? Farming your $NAV could earn you very attractive annual interest — check out this guide!
