The urge for developing the Pancakeswap like platform is very normal among serious crypto entrepreneurs. If you are one among them, finding ways to build a DeFi Exchange like Pancakeswap? Then, this is the right place you are getting into. Here in this blog, we covered possible ways to get started with a Pancakeswap like website without heavy investment.
Why build a Pancakeswap-like website?
There are two main reasons to consider.
- Revenue - Pancakeswap exists today as the prominent DeFi player with a solid user base and $3.3Billion in funds management. At the minimum guarantee, you can get a market share with an incremental revenue basis when you kick-start DeFi exchange. The revenue scope is clear and welcoming for DeFi platforms as investors are pouring in this sector.
- Scalable - Interestingly, Pancakeswap was derived as the alternative solution for Uniswap, which is the Ethereum native DeFi platform. But the difference is blockchain networks that each depend on. Pancakeswap used native Binance smart chain and scaled its operation efficiently by reducing gas fees considerably. Hence, as a Entrepreneur, operating procedure is feasible too.
How to create a DeFi Exchange like Pancakeswap? Guide to get started
Step 1 - Create a Frontend layout
The first step is to choose the frontend software library you are knowledgeable about. Landing page is the first thing users see when they land on the platform. Create an easy-to-use interface that is understandable for everyone.
Add the widget tour to guide the users in using your platform at all levels. Use advanced programming languages like Next.Js, React, Node Js to build a seamless user interface.
Step 2 - Write the Smart Contract for decentralized exchange
The next step is writing a non-vulnerable smart contract code for performing seamless exchange operations. The DEX should be capable of atomic swap, automated market making capability, liquidity pool and order book processing. Pancakeswap can be cloned on BSC also adding cross-chain interoperable standards like Ethereum.
Step 3 - Crypto Wallet Integration
As a Decentralized exchange maker, you should manage the user funds through cold wallets module and compatible with third party wallets. The buyer/seller tokens are validated and transacted with the help of smart contracts which is then stored in individual user wallets.
Integrate the decentralized wallets with atomic swapping trading engines that process the exchange orders and manage the funds inside cold wallets.
Step 4 - Link the frontend with smart contract
The next step is connecting the frontend and backend logic to the local server. The backend function logic is triggered by the smart contract validation. The frontend framework is programmed as per your design preference. Test out the features whether it works well on the client side(front end). The navigation interface should be
Step 5 - Deployment on Blockchain Mainnet
When all these architecture components are in place, deploy the code to the blockchain network mainnet. The blockchain mainnet is the medium where the smart contract codes are exchanging the data with interconnected distributed ledger.
Here, the storage systems are replaced by peer to peer connected networks or decentralized computers.
Also read - How to fork Pancakeswap on Binance Smart chain?
Features to consider when building DeFi Like website
1. Trading analytics
Pancakeswap like Defi should have the Trading Analytics that results in daily updated statistics of the current market prices of Binance token in a daily or weekly performance.
2. Initial farm offering
The initial Firm offering is a unique protocol that helps the users to buy the new token before the market launch using the LP tokens with the support of the liquidity pool.
3. Token Swapping
Your DeFi DEX supports swapping features to assist the user in swapping BEP 20 tokens to get the utility token CAKE. This helps the users to Swap tokens easily without any restrictions.
4. Swapping/CAKE token
Swapping of BEP20 tokens to earn a native Cake token takes place which is known as the process of exchanging one token for another with no limitations for swapping tokens.
5. Wallet Connection
It should support wallet connectivity which is an implementation of wallets over the Binance Smart Chain. After yielding BEP20 tokens, the wallet can be connected to the exchange platform.
6. Lottery Schemes
The lottery features allow users to purchase a lottery for acquiring rewards. To participate in the lottery scheme, the user should have at least 1 ticket consisting of 10 CAKE tokens.
7. Reward System
Reward system is meant for rewarding the users who have been staking in liquidity pools Users can acquire rewards for further processing on the platform.
8. NFT Provision
NFT marketplace to stake the digital collectibles and trade them. The users fond of NFTs can use this platform in generating revenues.
9. Automated Market Making
Automated Market Making (AMM) is an eminent feature that enables the user to trade digital assets with DEX via liquidity pools instead of a traditional market.
10. Syrup Pools
Syrup pools are the significant feature for staking user assets. By the platform's Syrup pools, users can stake their BEP-20 tokens to get a yield, the reward can be a CAKE Token or other reward tokens.
11. Transaction History
This is an important feature added in our clone script that helps in tracking the transaction history with eased-up transactions. It boosts instant trade tracking and transaction monitoring that occur on the platform.
12. Integrated Security Protocol
We have an integrated security protocol implemented that helps to handle and protect the administration with scalability according to the requirements and enhanced security.
13. Low Trading Fees
Pancakeswap is well known for its characteristic of low trading transaction charges that attracts traders across the world towards your exchange and perform trading.
14. Yield Farming
Yield Farming is a premium feature that helps users to stake their assets and farm LP tokens with the collected rewards locked on the liquidity pools to earn the CAKE token as a reward.'
Readymade solutions for Non-tech Entrepreneurs
When you are not aware about software development or new to this, you may find this technical development very tedious. To ease this problem, there are alternative and ready-made software solutions available readily.
We have developed Pancakeswap clone script that imitates all the existing functionalities of Pancakeswap without hitches. Learn more about the script features below.
Pancakeswap Clone Script
Pancakeswap is the 100% replica of the Binance smart chain Defi exchange platform which is tested multiple times with a complete source code enabling the most prominent implementation of vital features like Automated Market Making, Farming, Swapping, Staking, and Lending.
Our PancakeSwap clone script is a readymade DeFi DEX platform that aims to enable users to trade BEP 20 Token and Binance Coin along with smart contracts and eliminates the dependency on central control over their private keys.
Need help for developing DeFi Exchange Like Pancakeswap?
Are you struggling to develop Pancakeswap like Website? We got you covered. Hivelance, DeFi development company can help you to clone the Pancakeswap like exchange in minimum viable days.
We have readymade solutions in-hand that can be altered or re-engineered based on client requirements. We can guarantee you the scalable solutions which you don’t get from anyone in the market. Even after project launch, we give technical assistance at any time with affordable solutions. We are the successful technical partners for many DeFi projects out there.