We Tried Out the PancakeSwap Prediction - See the Results

We tried PancakeSwap’s prediction, and here is how you can do it too.

By
Chung Yee
on
June 25, 2022
Category:
DeFi

Game of Chance

PancakeSwap offers price prediction for $BNB, the native token of the BNB Chain, on its platform for punters to try their luck. We tried this product, and here is the walk-through from a first-person’s perspective. To get started, head over to PancakeSwap site and then follow the steps below:

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Step One: 

  • Choose ‘Prediction’ under the tab ‘Win’ after connecting your wallet to the PancakeSwap site 
  • PancakeSwap supports a range of different crypto wallets. Fund the wallet with $BNB and connect your wallet to the site. 
  • Take extra caution to ensure that it is a genuine PancakeSwap site to avoid phishing websites. 
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Step Two: 

  • Every prediction round is a 5-minute phase. You can only make a prediction for the next 5-minute phase. 
  • The phase available for prediction will have a green bar with the words ‘Enter UP’ and a red bar with the words ‘Enter DOWN.’ 
  • A multiplier will indicate the return on your bet if the prediction is correct.  
  • Every bet is transacted on the BNB Chain and locked in a prize pool. 
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  • The multiplier will change algorithmically to allocate the reward for correct predictions fairly.
  • If the majority of the participants choose to bet on ‘UP,’ the multiplier will reduce. 
  • Take a pick and allocate the amount that you wish to punt for that phase.  
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  • PancakeSwap uses Chainlink oracle for transparency and fair-play
  • There are a few factors that may influence your decision. These factors are: 

- Multiplier 

- Risk/Reward ratio

- Prize Pool

- Countdown Timer

Step Three:  

  • Once the prediction is entered, the five-minutes countdown takes place
  • Wait for the result after the 5-minute countdown ends.

Step Four: 

  • Claim your winnings by clicking on the button ‘Collect Winnings’. 
  • We made a correct prediction and were rewarded with a multiplier of 2.15. 
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  • The winnings can only be claimed using the same wallet that interacted with the contract. 
  • Ensure that there is enough $BNB to pay for the gas fee. However, the gas fee on the BNB Chain is negligible. 
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  • A button that shows ‘CLAIMED’ will appear when the reward is collected. 
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  • Participants who made winning bets can still claim previous predictions by checking the history section and choosing the radio button for ‘uncollected.’ 
  • This is a game of chance, therefore, risk management is essential. A smaller allocation should follow a riskier bet that has a higher multiplier. 

Caution and Tips 

  • To avoid bets being rejected, you are advised to place your bets with at least a 30-seconds window to spare 
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  • You can improve your odds of making the right prediction by adopting the following game plan: 

- First, if the previous phases have moved in the same direction, a reversal will likely occur. A reversal is often indicated by a smaller increase/decrease compared to the previous phases.  

- Secondly, if the general sentiment of the market is bullish and the momentum is trending upwards, do not bet against the market. 

- If the multiplier is high, risky picks can be compensated. 

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How We Decide:

  • In order to increase the odds of winning, three consecutive ‘UP’ followed by an intense ‘DOWN’ indicates a reversal and a change in price momentum. 
  • Our choice to choose ‘DOWN’ is motivated by momentum. 
  • However, it is worth noting that it becomes increasingly harder to predict the price action within a shorter time frame accurately.  
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What is PancakeSwap:

PancakeSwap is a Decentralized Exchange (DEX) built on the BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others. 

In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. PancakeSwap is the leading DEX on the BNB Chain with the highest trading volumes in the market. 

Where to find PancakeSwap: 

Website | Twitter | Medium | GitHub

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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