When you buy coins on an exchange versus swap them on-chain using a wallet, where are the assets held?
Here’s how I understand it: Anyone can create a liquidity pool on a DEX, so the barrier to listing new tokens is low, and fake tokens with the same name are also more common. To identify a token, check its contract address.
PancakeSwap is one of the main DEXs on BNB Smart Chain, and $CAKE is this DEX’s native token.
My current habit: Before swapping on a DEX, I confirm the token’s contract address and pay attention to the slippage setting and approval amount—not just the name.
$BNB is both a major token in the Binance ecosystem and the native coin used to pay gas fees on BNB Smart Chain. Currently: 723.92.
Here’s how I understand it: Anyone can create a liquidity pool on a DEX, so the barrier to listing new tokens is low, and fake tokens with the same name are also more common. To identify a token, check its contract address.
PancakeSwap is one of the main DEXs on BNB Smart Chain, and $CAKE is this DEX’s native token.
My current habit: Before swapping on a DEX, I confirm the token’s contract address and pay attention to the slippage setting and approval amount—not just the name.
$BNB is both a major token in the Binance ecosystem and the native coin used to pay gas fees on BNB Smart Chain. Currently: 723.92.