Yield Farming Using PanCakeSwap(Binance Smart Chain Dex)
What is BSC Chain?
BSC is basically Binance Smart Chain. Binance Chain is a community-driven development project with many developers and contributors from all over the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain. Since its launch in April 2019, it has made significant progress in building a fast and secure decentralized digital asset exchange.
What is PanCake Swap?
It is a food-based Defi Farming in crypto space. PancakeSwap is a decentralized exchange for swapping BEP20 tokens. Familiar with SushiSwap? Then you’ll have no issue grasping PancakeSwap. Both are incredibly similar in design.
What is Cake Token and How we can Earn it through Staking and Farming?
Cake is a token based on BSC Chain, where you can easily buy through pancake.
Now lets come to the interesting How to Earn?
Let’s divide this into 2 part,
How to Earn cake by Farming?
We can farm using Trust Wallet, Metamask, Mathwallet, in these tutorials, we will be using a trust wallet.
How to Add BSC and get an address on Trustwallet?
1. Go to Trust wallet
2. Click on Filter on the top right and search Smart Chain BNB
3. Toggle the button to On.
4. Open Smart Chain BNB and copy the receiving address.
Note: Remember you address will start with 0x
Let’s buy some BNB now
1. Go to Binance
2. Buy some Bnb using any pair.
3. Click on withdraw BnB.
4. Select network as BEP…SC
4. Enter your address which you got above.
Once you get your BNB on Smart chain lets go to the next step on How to Farm.
How to Farm Cake?
For Farming you need to provide Liquidity and to Provide Liquidity you need Cake and BNB in equal proportion
Let’s Buy some Cake now
1. Open Trust wallet Discover tab (second tab)
2. Enter this URL https://pancakeswap.finance
Note: Make sure you are on BNB Chain (see screenshot below)
3. Click on Menu > Exchange.
4. Select token as Cake as shown in the below screenshot.
Below is the Video on How to Buy Cake using BNB
After you have bought the cake, Let’s provide liquidity now.
5. Go to Pool > Add Liquidity.
6. Select Token as Cake and Enter the number of cake you need to provide Liquidity / Farm.
Remember: You need an equal amount of BNB and Cake tokens. Example: If you have 15 cake then you need 0.2 BNB
After confirming all transaction you will get LP token that is FLIP
Now let’s Start farming using our LP token(FLIP)
1. Go to Menu > Farm
2. Select Cake-BNB FLIP
3. Click on Stake Option on FLIP.
4. Click on (+) symbol and Max and confirm the Stake.
That’s it now you will start getting Cake ever second, You can click on Harvest and it will directly go to your Wallet.
How to Stake Cake and Get Syrup?
1. Go to Menu > Staking
2. Click on (+) Icon and enter the Amount of cake you want to Stake.
3. Confirm Transaction and you will see Syrup.
Remember: Don’t sell your Syrup, if you do you will not be able to Unstake Cake
Below is the Video on How to Farm Cake
How to Stake Syrup and Earn TWT?
1. Go to Menu > Syrup Pool
2. Click on (+) icon on TWT Pool.
3. Approve Transaction and Boom, you will start getting TWT.
PanCakeSwap is a decentralized exchange on the Binance smart chain as the craze of Defi and yield farming is increasing. Pancakeswap has come up with good yield farming options where users can provide liquidity in terms of BnB and perform yield farming to gain some extra token.
Different tokens have different APY % where users have options to invest in.
You may consider Pancakeswap if you are willing to farm on Binance Smart Chain.
Note: Yield Farming Contains risk and may lead to certain losses due to price fluctuation. Please invest wisely The Smart Contract of pancakeswap is under audition.