Many people like trying out new things, and the crypto market is no exception. People have been swapping one crypto to another due to many reasons. Conversion of sol to cake has particularly been of interest to many people. For some reason, people seem to be excited about the direct swap from sol to cake. In line with that, we have researched these two and came up with this article that will help you learn more about the two and how to convert them safely.
What you need to know about SOL
SOL is a crypto that is under the umbrella of the Solana network. It was founded in 2017 by developer Anatoly Yovenko though it bloomed in 2020, and its value rose in the late summer. Solana is one of the many avenues for decentralized finance applications and other smart contracts. It is a fast-rising network that is almost matching bog blockchains like ethereum. Mostly because it operates not only as a coin, it works like ethereum by developing support among various communities who have built functions like smart contracts and NFTs on the platforms.
What makes SOL ideal is that its transactions are extremely cheap. The miners who validate exchanges on Solana charge much less than those for ethereum because SOL tech allows many transactions per second compared to ethereum.
What is CAKE?
It is a pancakeswap token that launched on Binance smart chain. It is a BEP20 token whose main function is to incentivize the liquidity provision to the pancakeSwap platform. With CAKE, users can stake (holding their crypto in digital wallets) their tokens to earn rewards by depositing liquidity provider tokens and adding them up. To make money in this venture, coin holders can purchase BEP-2 CAKE tokens directly on exchanges and store them, resulting in profits as prices rise.
Moreover, coin holders can also pledge their CAKE to offer liquidity for crypto to crypto trading on the pancakeSwap DEX, making themselves some market makers for possible higher profits.
Where to Exchange sol to cake in 2022
Conversion of Sol to cake is just the tip of the iceberg. Many things have to be considered before choosing the right converter. Alligat0r cryptocurrency exchange aggregator has some useful information that will equip you with the knowledge you’ll need before the conversion. It is also the most secure site to convert your crypto for the following reasons.
- It scans for the most profitable exchange rates by using its smart rate technology to give you the best conversion rates in the market.
- They have no limitations to the number of cryptos you can exchange. Therefore, one can sell and buy any number of cryptos they want.
- They do not require a subscription to use the app. It also doesn’t ask for personal information about users when using the site.
- The conversion process is simple and fast.
- They offer a verification step before executing the transfer.
When one wants to convert Sol to cake using Alligat0r, the following are the steps:
- Choose the currency pair to be swapped in the exchange tab, which is SOL to CAKE.
- You will then be required to enter the number of coins to be swapped
- Then you will select whether you want a fixed or floating rate. The Alligat0r algorithm will search for the best conversion rates for you.
- You will then indicate the receiving wallet address to advance.
- You will be shown how many coins you’ll have after the exchange.
- Then send sol from your wallet to the destination wallet, and Alligator will do the conversion.