I will tell you step by step how to use pancakeswap to earn and farm cake and new projects tokens. Pancakeswap is a Decentralised AMM exchange in Binance Smart Chain like Uniswap which is getting popular day by day. So let’s start-
First of all buy binance coin BNB as its used as gas in binance chain and all major trade pair trades in bnb pair in pancakeswap. If you already holding some bnb that’s great else buy some from exchanges for e.g binance or other.
Download Trustwallet and make a multi coin wallet
Trustwallet wallet is Binance backed software private wallet which supports Binance smartchain and very user friendly to use.
Download the Wallet from link below
Now open the app and click on create new wallet.
Check on disclaimer and click continue. Do backup the key phrases shown next offline securely. It will help you to recover it if your phone gets lost or stolen or app gets deleted. Always keep your key securely ,you can use a paper or metal or good quality hard disk or memory card to store it offline. Metal would be best option as they last for decades without any wear and tear. Temporarily Paper is also good and cheap option if you can handle it carefully and use good quality paper.
Now your wallet is successfully created , by default trust wallet will show only three major coins BTC, ETH, BNB (BEP 2 Network and Smart Chain Network). You can add other tokens by clicking on top right side.
Now copy the address of Smart Chain it will start with 0x just like Ethereum. This is the address where you will send BNB.
Transferring BNB to Trustwallet from exchanges
I am taking binance as example ,it will be same for any other supported exchanges.
Go to binance withdrwal section and select BNB.
Enter the Trustwallet smart chain address we copied earlier.
Select BEPSC (Binance smart chain) network ,the second one , put the amount you want to send. You can send small amount first time if you want to be sure. Click withdraw and complete the authentication process.
Within a minute or two you will see the BNB in your trust wallet smart chain address.
If you already have cake tokens you can send it to trust wallet same like you send BNB, or else you can purchase the cake tokens inside Trustwallet using inbuilt Dex or visiting pancakeswap inside dapps section.
Never swap or trade all of you BNB , always keep some for network fees. Just like in Ethereum the transaction fee or gas is used through eth similarly in binance smart chain BNB is used as transaction fee or gas.
Go to Dapps section in Trustwallet ,the tab is located in bottom second from left. You will see many dapps listed ,find pancakeswap and click it.
If it’s not showing type site address of pancakeswap in dapp browser given below.
Click on connect if it’s not automatically get connected ,make sure the network sign showing in top right is of Binance smart chain , if not click on it and select Binance Sign. By default Ethereum network is selected in top.
Now your wallet is connected to Pancakeswap. You can click on top left to see menu options available in Pancakeswap. Click on Trade and buy Cake tokens if you havnt yet from inbuilt Dex earlier.
Staking and Farming
Click on pools in the main menu. You will se many live and expired pools. Click on any pool you want to earn tokens from.
Suppose you want to earn more Cake from your cake.
Select Cake pool and Click on Approve , confirm the transaction , very small fee of 0.05USD in BNB will be cut.
Now click on plus sign to deposit cake ,fill the amount of cake you want to stake and confirm , again you will get charged small fee in bnb.
Your cake now has been staked to earn more cakes, the pool will show you how many cakes you have earned in real time , to harvest or unstake click on the respective button. Follow same process for other coins available to earn in pool.
For farming cake rewards through liquidity provider tokens aka LP tokens go to farm option in Main menu.
See different farm options available and type of LP tokens required to stake. Right now suppose you have only cake and bnb , go to trade inside main menu and click liquidity in sub menu option.
Now click add liquidity.
Select amount of bnb and cake you want to provide liquidity ( always keep some spare bnb for transaction fees). Approve and Confirm the transactions , you have now provided the liquidity and you will get LP tokens in return which you will stake to earn cake.
Now go back to farms section again ,select bnb-cake lp farm option. Add the amount of LP tokens you want to stake , confirm the transaction.
Now you are earning or farming cake through cake-bnb lp tokens ,just like pools staking you can see real time earnings and can unstake your lp tokens anytime , your lp tokens won’t show in liquidity untill you unstake it, after unstaking it you can take back or remove your liquidity anytime you want. Liquidity providers also earn part of trading fees proportional to the liquidity they provide in the pool.
So that’s all hope it was easy to follow.
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