Mon Jun 26

Hola Amigos! Today we talk about Pancake Swap. We will cover the basics of earning some 🤑 through the platform.

Our Referral program is live. Please see the bottom of the letter for more details 😀 .

 🥞What is Pancake Swap?🥞

Introducing PancakeSwap, the wild child of decentralized exchanges! It's the place to be on the BNB Smart Chain with trading volumes soaring high. While Ethereum has been the superstar of DeFi, PancakeSwap decided to spice things up and offer an alternative to the congested highways and expensive tolls. Swap your BEP20 tokens, add liquidity, farm those juicy yields, stake your crypto, and even make predictions to earn rewards. PancakeSwap has it all, flipping the game of decentralized exchanges!

But how the heck does it work?

Unlike your traditional exchanges, PancakeSwap follows the automated market maker mechanism, so no need to haggle with other traders here. Instead, you'll be diving into the liquidity pool like a mermaid in search of treasure! 🧜‍♀️

Imagine you want to swap your precious coin A for the equally precious coin B. Just find a pool that's got both coins swimming together. Dip your units of A into the pool and voila! 🌊 You can scoop out the equivalent units of B with a big smile on your face.

By relying on these liquidity pools, PancakeSwap creates a global playground for traders. No borders, no boundaries! 🌍 And with the help of smart contracts, your transactions become seamless and secure. PancakeSwap has several useful features that make it an attractive platform for traders and liquidity providers.

Ready to dive into PancakeSwap? Here's what you need to do! 👇

1️⃣ Get a BNB Chain-compatible wallet like Token Pocket, MetaMask, Coinbase Wallet, Trust Wallet, or SafePal.

2️⃣ Connect your wallet to your PancakeSwap account to start trading.

3️⃣ Don't forget to fund your wallet with crypto before you begin.

Now you're all set to flip some pancakes and trade with a smile on PancakeSwap! 🥞

There are two main ways to make money in Pancake Swap- Liquidity Pools ( Farms) & Syrup Pools.

Liquidity Pools( Farms)

A feature of PancakeSwap that users enjoy is providing liquidity in token pools. You need to deposit both sets of tokens in the pair to become a liquidity provider in PancakeSwap. Becoming a liquidity provider will also help you in yield farming and earning CAKE tokens.

Ready to add some liquidity and dive into the farms on PancakeSwap? Here's how you can get started! 👇

1️⃣ Go to the "Trade - Liquidity" section.

2️⃣ Choose a token pair from the available farms. For example, CAKE-BNB LP represents the CAKE-BNB liquidity pool.

3️⃣ Select the two tokens you want to provide liquidity for, in a 50% - 50% ratio.

With these simple steps, you'll be on your way to adding liquidity and exploring the farms on PancakeSwap! 🥞🌾🚜

After the amounts are entered and click “Supply” (and Confirm Supply) you will have CAKE-BNP LP tokens.

These tokens can then be added to the farm:

1️⃣ Select "Farms" from the menu and choose the Liquidity Pool where you want to add your LP tokens.

2️⃣ If you haven't done it yet, you'll need to approve the contract for the selected pool. Please note that there's a small 0.2% fee for this step.

3️⃣ Add your tokens to the farm and get ready to see your CAKE tokens start earning!

Withdraw LP from the liquidity pool


Ready to withdraw your LP tokens from the PancakeSwap Farm? Follow these steps to get your cryptos back in your wallet! 🚜💰

1️⃣ Go to "Farm" in the menu and select the specific Liquidity Pool from which you want to withdraw your LP tokens.

2️⃣ Click on the "-" minus sign and choose the number of LP tokens you wish to withdraw.

3️⃣ After confirming your selection, you'll have your LP tokens back, but not the CAKE and BNB tokens.

4️⃣ Now, navigate to "Trade — Liquidity" and locate the LP tokens you just withdrew.

5️⃣ Select "Remove," enter the number of LP tokens you want to remove and confirm the transaction. Voila! Your CAKE and BNB tokens will be back in your wallet.

By following these simple steps, you can easily withdraw your LP tokens and reclaim your precious cryptocurrencies. Enjoy your earnings! 🌾💸

On the main page of PancakeSwap, get ready to see your CAKE rewards increase! 🍰💸

Syrup Pools

The easiest way to earn CAKE tokens is the syrup pools.

Sure! Here are the bullet points:

  • Select "Pools" to access an overview of all available pools.

  • Explore the wide variety of coins you can earn, and don't miss the high APR of the CAKE Pool!

  • Before you can proceed, you'll need to "Approve CAKE" and give PancakeSwap permission to spend your CAKE tokens. Keep in mind that there's a small fee of $0.17 for this approval.

  • Get ready to see your money increase as you start earning on PancakeSwap! Keep an eye on your CAKE harvest on the main page.


⛔️Important reminders⛔️

Sweet syrup pools can also come to an end! In that case, your staked cryptos might vanish like a magician's trick. You can locate the finished pools by selecting "Inactive" and bid them farewell. 💔 Feel free to unstake your crypto and explore new horizons! 🚀

If you want to add more CAKE, harvest first.

  1. Compound: 🔄

    • Earned some scrumptious CAKE tokens? Reinvest them in the CAKE pool by hitting the "Compound" button. 🍰💰

    • Use the handy calculator tool to determine the optimal timing for compounding. 📊💡

    • Check out the informative article for expert insights on maximizing your compounding strategy. 📚🔍

  2. Harvest: 🌾🏆

    • Ready to reap the rewards of your hard work? Click the "Harvest" button to withdraw your delicious CAKE tokens. 🌾🚀

    • Enjoy the sweet taste of success and watch your earnings grow! 🥳💸

  3. Unstake: ⛔🍰

    • Need to access your CAKE stash? No worries!

    • Simply press "Unstake CAKE" and choose the amount of CAKE you wish to withdraw. 🛡️💰

    • Freedom to use your CAKE as you please, whenever you please! 🙌✨

Smooth sailing with approvals and fees:

  1. Approve and Pay: ✅💰

    • Before proceeding, you'll need to approve the transaction and pay a small fee. Just a few clicks and you're good to go! 💸🔒

  2. Lightning-Fast CAKE Arrival: ⚡🍰

    • Hold onto your chef's hat! Once the approval is complete, your CAKE will swiftly appear in your wallet within seconds. 🎩🚀

    • No more waiting around like on the BTC and ETH networks. It's quick, convenient, and satisfying! ⌛💨

  3. Sending CAKE to Binance: 📤🍰🔁

    • Need to transfer your delicious CAKE back to Binance? Not a problem!

    • Simply initiate the transfer and enjoy the seamless journey of your CAKE returning to Binance's tasty platform. 🍰🚚🔙

Hey there! Just a friendly reminder: this article is not here to provide investment advice or recommendations. We're all about sharing information and knowledge, but when it comes to your investments and trading moves, it's important to remember that there's always risk involved. It's crucial for you, as the reader, to conduct your own research and analysis before making any decisions. So, grab your detective hat and dig deep into the information to make informed choices. Happy researching!