Cryptocurrencies are never boring, but things have gotten really hot recently. I mean, when even parents start asking us to buy them some of this “Dogecoin” and ex-boyfriends come asking for the next 10 Moonshot tokens, is that for the best?
Until now, even though a lot of adult tokens like Pube Finance or $ ASS were launched, it wasn’t like that and I couldn’t help but be a bit intrigued. Until now, I have stayed away from the entire Binance Smart Chain ecosystem because I think it is not decentralized with its very few validators (I mean 21 validators, that’s less than players on a soccer field during a match). It is like going to the Dutch theme park in Japan and thinking that it is the same experience as in the Netherlands. *No offense.
Anyway, since Ethereum Gas fees are still high and everyone seems to be having fun, I decided to give it a try. After all, it’s on the blockchain, so what can go wrong?
The first step, he needed to find a random token that he considers at least cute enough to potentially lose some money. After browsing through some crypto telegram channels, I came across Catecoin. Yes, I know that everyone likes dogs, but I like cats.
It was cute enough, it had already grown into a large community in a short period of time, and the number of possessors was above a few thousand. He was quite impressed with how active their community channel was, so the decision was easy: buy $ Cate to see how it works.
As with anything you want to buy on PancakeSwap, which by the way is a decentralized exchange on Binance Smart Chain, you must have an asset that is BSC compliant. Also, you need to get the one your Yolo token is being traded against. In my case BUSD and BNB.
Nothing simpler than that. I went to FTX to buy BNB with my USDT.
You would think that things should be easy now; you transfer the BNB to Pancakeswap and buy your token.
If only the above were true. The next step was to exchange the BNB I received for BNB but on Binance Smart Chain. When Binance initially launched BNB, it was running on the Binance Chain. They then released Binance Smart Chain to support smart contracts and made them interoperable. Great, two chains for two different things, but in this case, it also meant that I had to withdraw BNB to my trusted wallet to change it to BNB but on Binance Smart Chain. Fortunately, there is an option to do it easily in the wallet.
I dedicated myself to getting that CateCoin and set out to do everything I could to get it. 🐱 So when the pancakeswap dApp in the trusted wallet didn’t want to load properly, I decided to do it all on my desktop. Anyway, it’s easier to check all those strings of numbers and decimals on one monitor.
Next stop: Meta Mask.
Okay, but first, did you know that the Binance Network is not added to Metamask by default? That is something we must add ourselves first. And for anyone unfamiliar with Meta Mask, it is a crypto wallet that can be installed in your browser as a plug-in, making it very easy to use.
After some searching, I found the correct links to add the Binance Smart Chain network to the networks in my Meta Mask. Do you want to know how I did it? Take a look here. It is not an exact science. That said, I have no idea about rocket science either. I hope catecoin shoots up.
However, he was still a few steps away from having it. As Meta Mask was now ready to receive, I sent my BNB from Trust Wallet to Meta Mask and then went to pancakeswap. Approaching the goal. At the time, I had considered aborting the mission, but looking at that cute cat character gave me enough motivation to keep going. And, of course, the learning aspect. We’re all in it for the technology, aren’t we?
Connecting MetaMask to PancakeSwap ✔️
Entering Amount, I want to buy ✔️
Pressing Change now ✔️
What happens: error message.
BSC Memecoins doesn’t really make it easy for people to buy. The error message seems to be common when you haven’t set the slip tolerance high enough. As cryptocurrencies in general and yolo tokens in particular are very volatile, you need to specify how much price movement you are willing to tolerate. Often just 1% of the slip is not enough. To get to my kitty tokens, I had to tolerate a 12% slippage, but I finally had my CateCoin. 🎉