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Crypto… Crypto everywhere
These days it feels like I get a reminder on the wonders of cryptocurrencies everywhere I look. With Elon Musk allowing Tesla purchases via Bitcoin, the NFT craze with Beeple’s $69 million cyrpto-art and Coinbase’s upcoming IPO, there seems to be a whole scary world of untapped potential outside the comfortable confines of my 0.2% AER with a regular highstreet bank.
Maybe it was the FOMO in me, or the dream of actually being able to turn what savings I had into a supplemental income, but a month ago I began to dive into the unknown world of DeFi (Decentralized Finance). And boy was there a lot to take in! I learnt about Ethereum and it’s current scaling problems, skyrocketing gas prices to an eye-watering $38-$70 per transaction, which is how I stumbled across the topic of this article — Pancakeswap.
Now let me mention upfront that I’m not recommending anyone follow in my footsteps or to take anything mentioned in this article as financial advice. As you’ve probably surmised by now, I’m a newcomer to cryptocurrencies and DeFi. But with Pancakeswap offering APR’s of just over 100%, coupled with the low transactional costs that come with the BSC (Binance Smart Chain), there was no doubt that I’d be testing the DeFi waters with Pancakeswap instead of with something on the Ethereum network.
