Not Only HODL! Try Farming On PancakeSwap, Here's How

How to staking on pancakeswap (Cryptoticker)

JAKARTA – If you are fed up with centralized crypto exchanges like Binance, Indodax, and others, maybe you should try playing on DEX or decentralized exchanges, one of which is PancakeSwap. Users can swap tokens for the BEP-20 network by opening PancakeSwap in the TrustWallet digital wallet DApps.

PancakeSwap is a decentralized exchange (DEX) based on the Binance Smart Chain launched by an anonymous developer. Actually, PancakeSwap is not much different from the DEX on the Ethereum network, Sushiswap.

However, PancakeSwap presents a number of interesting features where users can generate rewards either through farming, staking, or lottery. Users can swap BEP-20 tokens on this PancakeSwap.

If the user is familiar with Uniswap or SushiSwap, it will be easy to enter this BSC-based DEX. Because the appearance and features of PancakeSwap are fairly similar.

Launching Binance, PancakeSwap uses the automated market maker (AMM) model. This means that although you can trade digital assets on the platform, there is no order book to match your set price with someone else's. Instead, you trade with a liquidity pool.

In short, you can trade BEP-20 tokens or add liquidity and earn rewards. In addition, there are also many features that can generate rewards in a number of other ways.

PancakeSwap has its own governance token which is CAKE. Users can staking or farming to earn CAKE as a reward. But before that, TrustWallet digital wallet users must first make a BNB deposit to pay transaction fees including swap tokens from BNB to CAKE.

Farming on PancakeSwap

To farm on this DEX, users must first deposit LP tokens. The liquidity token pool consists of a number of tokens, namely: LP CAKE – BNB, LP BUSD – BNB, LP BETH – ETH, LP USDT – BUSD, LP USDC – BUSD, LP DAI – BUSD, LP LINK – BUSD, LP TWT – BNB .

To farm on PancakeSwap, users must first deposit LP tokens then lock one of the tokens above in the available pool to generate CAKE tokens as a reward.

So you deposit some funds to receive LP tokens and then use them to farm CAKE. After that, you can stake CAKE and generate other tokens through special staking pools.

How to do farming or staking in PancakeSwap:

1. Open Trust Wallet, select DApps
2. Type pancakeswap.finance then connect your wallet
3. Then select the Earn menu
4. Select Farms, a selection of LP tokens will appear for farming
5. Select a token enter the number of LP tokens to be locked
6. Click Approve Contract
7. After a popup appears, the system will notify you of the transaction fee to be charged
8. Click Ok.

After that, you just need to wait and press harvest menu to take the rewards generated from these farming activities. This is a simple way to generate additional crypto instead of just storing it on a centralized exchange.

In addition to farming, users can also enter the lottery to try to test their luck in the Win menu, then enter the Lottery submenu. To enter this lottery, users will be charged 10 CAKE. After that, you will get a combination of four-digit numbers in random order. If the number you get matches all four numbers in the same position, then the user can win a jackpot of around 50 percent of the entire lottery pool.

In addition, there is also a lottery with NFT rewards in the NFT menu. Before participating in the sweepstakes, users must first register for a chance to win NFT prizes which will be chosen at random. The NFT prizes can be stored in a digital wallet, and can also be resold.