In the previous part of this series, we explained how you can swap your BEP-20 tokens and add liquidity into the PancakeSwap pools. In this article, we will explore how you can stake your LP tokens and earn more rewards.
PancakeSwap allows the users to stake their LP tokens and earn more rewards. You can go to the Farm tab and check the list of all LP tokens that you can stake. You can also check the APR that you can earn on staking (farming) your LP from this tab.
We have some BNB-CAKE LP tokens in our wallet that we will use in PancakeSwap farming.
Expand the details tab. Users are required to enable farming first before providing their tokens for staking.
To enable, click on the Enable tab. A transaction is triggered that you need to confirm. Once confirmed, you can see that you are now able to stake your LP.
Click on the Stake LP button. A page will appear where you need to enter the amount of LP token that you wish to stake.
Confirm the process. You can now see your staked token details as shown in the below screenshot.
Users also receive rewards on the staked token that gets displayed in the CAKE Earned field. They can collect these rewards by clicking on the Harvest button. Note that harvesting tokens charges a small fee.
Unstake Liquidity Pool Token
At any time, users can unstake their LP tokens from the farm and withdraw all their staked amounts along with the rewards earned.
To unstake, click on the (-) icon as shown in the below screenshot. A page will pop up where you need to enter the amount of LP token that you wish to unstake.
Confirm the process, and your LP tokens will be reverted back to your wallet and can be seen in the liquidity field again.
Syrup pools are another simple way that let you earn more rewards. Through syrup pools, you can earn free tokens mainly by staking CAKE. There are pools where you can stake tokens other than CAKE.
Click on Pools and it will redirect you to this page where you can see a list of pools.
Here also, you have to enable the staking first before providing your tokens for staking.
To enable, click on the Enable tab. A transaction is triggered that you need to confirm. And once confirmed, you can see that you are now able to stake your token.
To stake, click on the Stake button. A page will appear where you need to enter the amount of CAKE token that you wish to stake.
Confirm the process. You can now see your staked CAKE token details as shown in the below screenshot.
Note that the platform charges a 0.1% unstaking fee, as well as a 2% performance fee if any users try to unstake their funds before three days. You can see a reverse timer start when you stake your tokens.
Prediction is a new product on the PancakeSwap platform. It is still in the beta phase. It’s a simple market prediction activity where users predict whether BNBUSDT price will rise or fall when the phase starts. Users receive rewards for making a correct prediction.
PancakeSwap allows you to create a personalized profile. Users can set up a unique name and select an NFT bunny as their profile pic. They join a team during their profile setup process. You can further participate in team events and earn CAKE and unique rewards, such as NFTs.
Once you have created a profile, you can join special PancakeSwap team events in the future. You can share your profile picture and achievements with your friends. However, this is not free, and the entire process costs you around 1.5 CAKE.
IFO (Initial Farm Offerings)
With IFO, users can get early access to the new tokens that hit the PancakeSwap platform. The IFO event happens for a limited time and only lasts for one hour.
You will find two types of the sale in an IFO, each with different constraints:
- Open for all users
- No fee to buy token
- Limited buy amount per user (USD 100 in CAKE-BNB LP tokens)
- Small fee charged to buy tokens
- No limit on the number of tokens a user can buy
To participate in an IFO, users are required to set up a PancakeSwap profile. As we have already mentioned, creating a profile would cost you 1.5 CAKE.
Below are the steps that users need to follow to take part in an IFO:
- Activate your profile from the Profile section.
- Get CAKE-BNB LP tokens by adding liquidity into the CAKE-BNB pool.
- As soon as the sale starts, commit your CAKE-BNB LP tokens to buy the IFO tokens.
- Once the sale is over, you can claim the IFO tokens that you have bought. All unspent funds will revert back to your wallet.
PancakeSwap is one of the biggest projects on the Binance Smart Chain. It allows the users to use the DeFi facilities at a faster speed by paying a very low transaction fee. The platform offers multiple features by which users can earn huge rewards. Users can add liquidity into the pool and earn from the trading fee. They can stake their tokens (mainly CAKE) into the syrup pools and earn rewards. Users can do yield farming. You can also take part in the prediction market and IFO and grab some more rewards. All these reasons altogether have made the platform popular among crypto users, and this is why it has occupied the position of one of the leading DEXes by trading volume within a very short period since its inception.
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