In this lesson you will learn:
- Learn how a decentralized exchange (DEX) works;
- Understand the most popular DEX;
- Create the most popular decentralized wallet, Metamask, following the manual.
Complete the assignments:
1. Download and install Metamask following the instructions in the lesson.
2. Add the Binance Smart Chain (BSC) network to your wallet with parameters:
- Network name: Smart Chain
- NEW RPC URL: https://bsc-dataseed.binance.org/
- Network ID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
3. Connect MetaMask to PancakeSwap.
4. Watch the video tutorial on how to add a new token to your MetaMask wallet in the next step.
Supplementary materials:
let’s check your knowledge
1. To start trading on a decentralized exchange, it is enough:
- To provide your personal data
- Register
- Create and connect a crypto wallet
2. Exchanges in the BSC network support the:
- TRC-20 standard
- BEP-20 standard
- ERC-20 standard
3. Smart contracts containing locked crypto assets that were provided by platform users are called:
- Liquidity pools
- Lotteries
- Exchanges
4. Uniswap is a decentralized exchange running on the:
- Ethereum network
- Bitcoin network
- Binance Smart Chain network
5. The the commission amount on decentralized exchanges directly depends on:
- Exchange tariffs
- Number of exchange users
- Blockchain network load