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We don’t have to explain why Decentralized Finance isn’t beginner-friendly. As a beginner you probably have no idea where to start.
With this guide, we will show you how to start yield farming on the Binance Smart Chain within 20 minutes.
Assuming you already have an account on Binance.com, the first step is to buy the currency from the Binance Smart Chain. This is the Binance coin (BNB). All transaction fees on the network must be paid with BNB.
After logging into your Binance.com account, go to “Markets”. Then click on “Spot Markets”. Then search for the BNB/FIAT pair that corresponds to the FIAT currency of your country.
After you have chosen the correct BNB/FIAT pair, enter the amount of BNB on the right side of the screen. You can choose whether you want to enter a limit order (buy x BNB at a certain price) or a market order (buy BNB directly at the current token price.
You have now purchased BNB through Binance.com. The next step is to send the BNB to a hot wallet.
A hot wallet that we recommend is MetaMask. MetaMask is extremely popular and is widely used by investors to communicate directly with various blockchain networks and to store cryptocurrencies. It is called a hot wallet because it is a downloadable browser extension rather than a hard wallet such as a Ledger.
Download MetaMask from the website metamask.io. Choose the browser extension that supports your current internet browser and click “Download”. In this example we are using the Chrome browser.
After you have installed MetaMask, click the MetaMask logo at the top right of your Chrome browser. Read and accept the terms and conditions. Enter a new password and click on “Create” to create your wallet.
You will now see 12 words. This is your recovery/seed phrase in case you have forgotten your password. Click on “Save Seed Words as File” and store it in a safe place. Make sure to write your seed phrase on a piece of paper and keep it safe. This is the only way to recover your wallet. MetaMask cannot do this for you. After doing so, click on “I’ve Copied It Somewhere Safe”.Awesome! You have now created a MetaMask hot wallet! Again, keep your password and seed phrase in a safe place.
Your MetaMask wallet is automatically connected to the Ethereum “Mainnet”, which is visible at the top of your MetaMask wallet window. Since we focus on the Binance Smart Chain in this guide, we need to add the BSC network to the MetaMask wallet so that it can connect to it.
Open your web browser and click the MetaMask extension at the top right.
Once in the MetaMask app, click on the logo of your account at the top right. Then click on ‘Settings’.
Then click on ‘Networks’ in the settings menu. A list of networks that your MetaMask wallet is connected to will now appear. Now click on the ‘Add Networks’ button in the bottom of the window.
In this window, you will enter the details of the network to be added. MetaMask asks you to enter: Network Name, New RPC URL, ChainID, Symbol and Block Explorer URL. To add the Binance Smart Chain network, enter the following information:
• Network Name: Smart Chain• New RPC URL: https://bsc-dataseed.binance.org/• Chain ID: 56• Symbol: BNB• Block Explorer URL: Binance (BNB) Blockchain Explorer
Please note that all transactions on the Binance Smart Chain are paid with Binance Coin (BNB).
Don’t forget to connect your MetaMask wallet to the Binance Smart Chain Network before deploying your assets into its DApps. You do this by clicking on the current network at the top of your MetaMask wallet, then clicking on Smart Chain.
Congratulations, you have just connected your MetaMask wallet to the Binance Smart Chain network!
We’re almost there! Now that you have created your MetaMask wallet and purchased your BNB on Binance.com, all you need to do is send your BNB to your MetaMask wallet.
In your Binance.com account, click “Wallet” and “Fiat and Spot”.
Once in your wallet, click “Withdraw” and select BNB.
Enter your MetaMask address below “New Address”.
Now copy your MetaMask address from your MetaMask wallet by clicking on your wallet address.
After you have entered your MetaMask address, choose the withdrawal network. Because we’re using the Binance Smart Chain in this guide, choose BEP-20. For your information, BEP-2 is for Binance Chain network tokens and ERC-20 is for Ethereum network tokens.
Fill in the amount of BNB you want to send and click “Withdraw”. Binance.com will now ask you to confirm your transaction by prompting to fill in some security fields.
Finally, check whether your BNB has arrived in your MetaMask wallet. This can take a few minutes, so be patient.
Great! You’ve successfully sent your BNB from your Binance.com wallet to your MetaMask wallet.
To be able to see the amount of Cake in your MetaMask wallet, you need to add the Cake token address.
First, Open your MetaMask wallet, scroll down, and click “Add Token”.
Enter the contract address of the Cake token in the “Contract Address Token” field. The contract address of the Cake token is 0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82.
You can find token addresses at bscscan.com. This is the bscscan link for the Cake token: PancakeSwap Token (Cake). The address can be found on the right side of the bsc window.
After you have added the address, MetaMask asks if you want to confirm it. Click on “Add Token”.
You have now added the Cake token address to your MetaMask wallet. Handy, because now you can easily see how many Cake tokens you have.
Before you’re able to farm Cake on Pancakeswap you must purchase Cake. This can be done, just like exchanging FIAT for BNB on Binance.com, by exchanging part of your BNB for Cake on Pancakeswap.
First, open the pancakeswap.finance website and connect your MetaMask wallet by pressing “Connect” at the top right of the website.
Click on “Trade” in the left menu and then on “Exchange”.
In the “From” section, enter the number of BNB you want to swap for Cake. Find the Cake token in the “Select a currency” option. Keep in mind to keep some BNB in your wallet: Transaction-fees are paid with BNB on the Binance Smart Chain.
Pancake swap will now show you the amount of Cake tokens that you will receive for the entered amount of BNB tokens.Click on “Swap” and approve the transaction with your MetaMask browser.
Awesome! You have now swapped your BNB to Cake.
Finally, choose whether you are going to stake your Cake or you want to yield-farm in a Liquidity Pool.
Go to “Pools” and choose the Cake pool you want to stake your Cake. “Auto Cake” compounds your Cake profits in the Cake pool. “Manual Cake” allows you to collect your profits in your MetaMask wallet.
Click on the pool of choice and enter the amount of Cake you want to stake. Approve the transaction via MetaMask.
Click “Trade” and then “Liquidity” in the left menu.
After the new page loads, hit the “+ Add Liquidity” button.
Choose the CAKE and BNB pair and add the tokens to the liquidity pool. Approve the transaction with MetaMask.
After providing liquidity, go to “Farms” and choose the BNB-CAKE Liquidity Pool.
Enter the amount of PLP BNB-CAKE tokens that you want to add to the Farm and approve the transaction via MetaMask. You can claim your Cake profits by clicking on “Harvest”.
In this guide we showed you how you can easily start yield-farming and staking on the Binance Smart Chain. If you are interested in a yield-farm that is on another DApp, check rugdoc.io to verify if the yield-farm is safe.
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