Elongate is a new favorite in the Finance Smart Chain world. Transactions on Finance Smart Chain are significantly cheaper than transaction fees on Ethereum, making the platform much more accessible to retail investors. With this low barrier to entry, many new cryptocurrencies have emerged on the market. With this popularity in the market, Elongate is the hottest topic from the tweet of Tesla CEO Elon Musk. This article gives information on how to buy Elongate cryptocurrency to an absolute beginner.
These coins are skyrocketing in value, even without any true products or competitive advantages over other cryptos already on the market.
What is Elongate?
Elongate is a BEP-20 token on Finance Smart Chain. This is similar to an ERC-20 token on Ethereum, but instead of using Ethereum’s network, Elongate uses the Finance Smart Chain. Ethereum’s network is plagued with high gas fees, making it hard for investors with small amounts of capital to use its network.
Since Finance Smart Chain uses a unique proof-of-stake model to secure its blockchain. The network can process transactions at a fraction of the cost it would take on Ethereum. However, this efficiency comes at a price. Finance Smart Chain is much more centralized than Ethereum, as Finance controls many of the validators on the network.
Elongate has similar token economics
Elongate has similar tokenomics (token economics) to other Finance Smart Chain tokens like Safe Moon. Both Safe Moon and Elongate have ridiculously high maximum supplies: Safe Moon has a maximum supply of 640 trillion tokens, while Elongate has a maximum circulating supply of around 600 trillion, accounting for the 400 trillion tokens that have already been burned.
This high supply directly affects the price of Elongate, causing the price to stay well below a cent while having a multi-million dollar market cap. The supply is technically deflationary, as tokens are burned when investors sell out of their position. A portion of the funds taken as a fee is put into a charity pool, and the proceeds from these tokens are donated to a charity of the community’s choice.
How to Buy Elongate
- Open an online account with Finance.
To buy Elongate or any other BEP-20 token, you’ll need to make a Finance account. If you’re from the U.S., then it may take a few days for your Finance account to be approved. If your IP address isn’t from the U.S., you can use binance.com to create an account within a few minutes.
Once you’ve registered for a Finance account, you’ll need to buy BNB tokens. Make sure to buy as much BNB as you’d like to invest in Elongate, as Pancakeswap uses BNB tokens to purchase BEP-20 tokens like Elongate.
- Download Trust Wallet or Meta mask.
A software wallet is necessary to begin trading on Pancakeswap. The best 2 cryptocurrency wallets to use with Pancakeswap are Trust Wallet and Meta mask. Trust Wallet can be downloaded on iOS and Android, while Meta mask can be purchased on the Google Chrome store.
What’s great about Meta mask is that it’s a Google Chrome extension. This makes it easy to connect your wallet to any website that supports Meta mask, such as Pancakeswap and Uniswap.
To configure your wallet to be interoperable with Finance Smart Chain, you’ll need to click the icon at the top of your wallet labeled “Ethereum Main net”.
Once you click this icon, you must navigate to “Custom RPC” and enter the following parameters:
Once you have entered this information, you will be connected to Finance Smart Chain. You can now send your BNB tokens to your Meta mask wallet, and you’ll be ready to start trading on Pancake swap’s exchange.
Make your purchase.
Luckily, buying tokens on Pancakeswap is much more simple than configuring your cryptocurrency wallet to interact with Finance Smart Chain. To buy an asset, simply search for the token you want to buy. In this case, Elongate.
The automated market maker (AMM) on Pancakeswap will quote you a price for Elongate based on the number of tokens you want to buy. Unless you’re buying hundreds of thousands of dollars worth of crypto, you shouldn’t experience very high slippage rates.
However, be sure to check the slippage before confirming your transaction. Slippage is the difference in the value of the 2 investments, and you can set a max slippage percentage directly on Pancakeswap.