Pancakeswap is a BNB Chain based decentralized exchange. It is the most popular and most used DEX platform on the BNB Chain. Launched in 2020, Pancakeswap has grown to be the favorite go-to for decentralized, open, and permissionless crypto trading.
Trading on Pancakeswap is facilitated via an Automated Market Maker model. Therefore, instead of limit orders and order matching systems in regular exchanges, Pancakeswap works by drawing and balancing liquidity from liquidity pools.
Pancakeswap is a vast decentralized trading ecosystem with several DeFi and earning opportunities. One of the most exciting ways to earn on Pancakeswap is by playing and winning the Pancakeswap lottery.
The Pancakeswap Lottery allows Pancakeswap users to buy tickets, participate in lucky draws and win jackpots. However, before you can win the Pancakeswap jackpot, you must buy tickets with CAKE.
If you’re hearing about Pancakeswap Lottery for the first time, this article will take you through how to participate and win life-changing jackpots in Pancakeswap. However, let’s take a quick look at the program.
The Pancakeswap Lottery is a decentralized lottery system where users can buy tickets and participate in lucky draws to earn CAKE tokens passively.
The Lottery system is open to everyone. All you need to do is fund your wallet with CAKE tokens and exchange it for lottery tickets. Each of these tickets comprises a random six-digit combination of numbers ranging from 1 to 9.
If you’re new to the lottery system – they are usually a type of fundraising process where there is a crowd sale of tickets. These tickets contain specific numbers that, when chosen randomly in the draw, the holder wins a jackpot which can be any prize.
Unlike many traditional lottery systems, Pancakeswap Lottery provides a fair and equal chance at winning by integrating innovative features. The VRF Chainlink integrated into the Pancakeswap Lottery makes the generated numbers more random.
The prize pool is usually displayed before, during, and after the draw. Any user that holds a ticket with numbers matching the winning ticket gets 40% of the prize pool.
Meanwhile, if all of your combinations do not match the winning ticket, there is still hope that you might win some reward from the pool. Here’s a breakdown of prize pool winnings:
- If your ticket matches all the numbers in the winning ticket, you will get 40% of the prize pool reward. Multiple winning tickets will share 50% of the total prize pool.
- If your ticket matches 5 numbers from the winning ticket, you will win or share 20% of the total prize pool.
- If your ticket matches 4 numbers from the winning ticket, you will get or share 10% of the total prize pool.
- The last 20% of the total prize pool is burnt permanently to reduce CAKE supply.
Participating in the Pancakeswap Lottery is easy. Interested users must buy at least one ticket that costs approximately $5 (in CAKE). You can buy a limitless amount of tickets; the more you buy, the greater your chances of winning.
Once you’ve gotten your tickets, you are now eligible to participate in the lucky draw that lasts up to 12 hours.
Steps to Participate in Pancakeswap Lottery
To get started with Pancakeswap Lottery, all you have to do is visit the Pancakeswap Lottery website and buy as many tickets as you want. As mentioned earlier, you can buy an unlimited number of tickets. However, you can only buy 100 tickets in a transaction.
Meanwhile, the more tickets you buy, the more discounts you get. Once you purchase tickets, you will automatically be included in the upcoming lottery. At the end of the draw, prizes will be shared among the winners.
It is important to note that not all rounds of lottery draws are equal. Therefore, if no one wins a round, the prize pool is added to the next draw’s prize pool. This way, the prize accumulates until someone wins it.
Also, the longer a round is open to interested participants, the greater the prize pool. Therefore, before buying a ticket, check the remaining time at the top of the Lottery Page.
Here’s how to participate in the Pancakeswap Lottery:
- Go to Pancakeswap Lottery
- Connect Crypto Wallet
- Buy tickets
- Check your winning tickets
1. Go to Pancakeswap Lottery
As mentioned earlier, you need CAKE tokens to buy Pancakeswap Lottery tickets. One ticket costs $5 in CAKE. When buying a ticket, you can either randomize the ticket numbers or choose them yourself.
To buy Pancakeswap Lottery tickets, go to https://pancakeswap.finance/ on your web browser. On the homepage, scroll down to the tab that says WIN MILLIONS IN PRIZES.
In the Lottery tab, click on BUY TICKETS to start participating in Pancakeswap Lottery.
2. Connect Crypto Wallet
Once on the lottery page, click on CONNECT WALLET from the top right corner of the lottery page to connect your crypto wallet.
Choose your preferred wallet from the available options and sign the connection in the prompt that pops up in your crypto wallet.
You can also use the available WalletConnect options if you use any WalletConnect-supported wallet.
3. Buy tickets
To start buying tickets, click on BUY TICKETS again. On the window that pops up, input the number of tickets you want to buy.
This can be between 1-100. The equivalent value of the ticket will be calculated in CAKE.
Once you’re satisfied, click on CONFIRM. Sign the transaction and confirm token approval in your wallets to complete the purchase.
Do not forget that the more tickets you buy, the more discounts you will get.
You do not need to edit the selections if you prefer Randomized Ticket Numbers.
However, if you want to manually input your ticket numbers, click on VIEW/EDIT NUMBERS. A new window where you can change your number and its positions will pop up.
Tap on RANDOMIZE if you want to change your ticket numbers. You can also reset the numbers if you change your mind by tapping the GO BACK button.
You can have the same numbers on two different tickets. However, you will be warned because if the number wins a prize, it will be shared between both tickets.
You can save your selections by clicking on the CONFIRM button.
4. Check your winning tickets
A lottery draw is done once a day between 12 AM UTC and 12 PM UTC.
You can view your tickets in the NEXT DRAW tab before the draw begins. You can also buy more tickets before the draw starts.
After the draw and the numbers on the winning ticket are unveiled, tickets with matching numbers will be determined.
Meanwhile, as mentioned earlier, even if your ticket correctly matches at least one number in the correct order, you will win some CAKE rewards.
You can check your tickets if you’ve won any prize in the FINISHED ROUNDS tab. The amount of CAKE you’ll win depends on the numbers of correctly matching numbers and the numbers of your tickets too.
Pancakeswap Lottery is a good way to earn an extra passive income within Pancakeswap. It is a unique deflationary system created to boost CAKE’S value.
Therefore, it provides an effective earning stream and a way to drive value to all CAKE holders and Pancakeswap users.
Overall, the Lottery system is a fun and casual way to engage in one of Pancakeswap’s innovative DeFi products.