BSC Tutorial: Participating In PancakeSwap Lottery

The lottery provides a fun and interactive event for all CAKE users to participate in. Those who don't find appeal in participating in a lottery are still winning as the deflationary mechanic drives value to their CAKE tokens.

By
BSCNews
on
February 23, 2021
Category:
Tutorials

Introduction

Pancakeswap is a DEX AMM exchange on the smart chain network launched by anonymous developers with strong likes for breakfast pastries and rabbits. This protocol boasts wonderful community governance while simultaneously giving users the ability to swap tokens and earn liquidity incentives.

For those who wish to learn more about DEX AMM's and PCS refer to the following:

Cryptonomics: Automated Market Makers

Cryptonomics: Decentralized Exchanges Explained

PancakeSwap DEFI AMM and Yield Farming Project: A Review

PancakeSwap and Lotteries

For those who are unfamiliar, lotteries are a fundraising process created through a crowd sale of tickets at a particular price to be entered into a raffle. The tickets contain a specific number, and if randomly chosen, the ticket holder wins the prize. The Pancakeswap lottery is no different from every other lottery. To participate in the lottery, you'll need to purchase tickets with cake. One cake gives you one ticket, and the number of tickets a user can buy is limitless. The draw lasts for six hours. The ticket gives you four different numbers from 1-14.

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Winner Winner Chicken Dinner!

Winning the PancakeSwap lottery jackpot means that a user needs to match all four numbers on their ticket with the winning numbers that are drawn randomly. Don't worry; you can still win if you don't match all your numbers. If you fit a least two numbers, you're guaranteed to win a reward

To win, users must match the winning numbers precisely as follows:

  • Match all four numbers to win or split 50% of the pot
  • Match three numbers to win or split 20% of the pot
  • Match two numbers to win or split 10% of the pot
  • The remaining 20% is burnt forever


Participating In PCS Lotteries

  1. Go to the PancakeSwap lottery page https://pancakeswap.finance/lottery.
lottery page.png


  1. Click on buy ticket.
  2. Select the number of tickets you want to buy. Remember, one cake gives you one ticket, then approve the transaction.


4. After approving the transaction, you confirm the transaction.

5. Wait for the lottery time. When the lottery is over, you can view your prize if you won on the lottery page 


Concluding Thoughts

The PCS lottery system is a unique deflationary system that involves the PancakeSwap community. Not only does this allow users to participate in a raffle, but it also drives value to all CAKE holders. This gamification has been a fantastic innovation for PancakeSwap, displaying one reason why this AMM has risen to the top of the Binance Smart Chain's. Overall, the lottery provides a fun and interactive event for all CAKE users to participate in. Those who don't find appeal in participating in a lottery are still winning as the deflationary mechanic drives value to their CAKE tokens.



For more information, or if you wish to stay up to date on the project, check out project and media pages:

Website

Docs

Telegram

Twitter




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