PancakeSwap is a new Automated Market Maker (AMM) aiming to be the #1 liquidity provider on Binance Smart Chain. You gain CAKE tokens by providing liquidity to the platform, staking and also get a chance to win some CAKE tokens through a lottery.
Contract Address: https://bscscan.com/token/0x7d813C828b0d1083Bb08b38841C45304A920060b
Chain: Binance Smart Chain (BEP-20)
Reward per block — 25 CAKE
Daily emission (Based on 30k blocks per day) — 7,500,000 CAKE per day
To get started, you need to have the some tokens that you will be supplying to the platform. We will try to get some CAKE tokens thru their Exchange. Make sure you have the latest version of Trust Wallet installed on your mobile device.
Access your DApp browser and then tap on PancakeSwap on the DeFi section. Alternatively, you can go to their website: https://exchange.pancakeswap.finance. PancakeSwap has a lot of tokens that you can swap to. Just make sure you have some BNB on your Smart Chain address for the network fees.
Note: If the DApp browser is not connecting to the site, make sure that the network you are connected to is the Binance Smart Chain. You can follow this guide: Access Binance Smart Chain DApps with Trust Wallet.
Select CAKE tokens and input the amount of tokens you are willing to spend or how much you’d like to receive. Once you’re ready, tap on Swap.
Confirm your transaction, and wait for the network to process it. When it’s done, you’ll have some CAKE tokens!
There are several ways to farm CAKE Tokens on Pancake Swap. You can either Provide Liquidity, stake your FLIP tokens or stake CAKE tokens.
Tap on Liquidity to start supplying tokens to the PancakeSwap platform. To continue, tap on Add Liquidity. Choose the tokens that you want to deposit and Approve it first. Input the amount of tokens, the platform will automatically calculate the amount that you need to provide.
Tap on Supply and then Confirm. Then, the app will ask you again to confirm. Press Send to deposit your tokens to the platform.
You will see a confirmation once the tokens have been supplied. You will gain Liquidity Provider (LP) tokens which gives you a share of the fees that the Pancake Swap exchange earns. These LP tokens are also called FLIP tokens.
To maximize the rewards, you can stake your FLIP tokens. Tap on the 3 lines on the upper left to go to the Home Menu. Next, tap on Farms to access the PancakeSwap “Kitchen” and select the corresponding LP tokens you have supplied. Choose the CAKE-BNB LP Farm.
Approve it first in order to proceed. Tap on Stake LP to input the amount of LP tokens you want to Stake. Confirm the transaction. You will immediately earn CAKE tokens.
If you do not want to supply your CAKE tokens to the platform, you can just Stake them. Staking CAKE tokens on the individual Staking pools will generate additional tokens. In this guide, we will Stake CAKE to earn more CAKE.
Go back to the Home Menu, tap on “Pools”.
Note: SYRUP has been discontinued due to an issue discovered in the token contract. All existing and future SYRUP Pools will be migrated to CAKE-based pools.
Approve staking of the CAKE tokens first. Press the + sign to input the number of CAKE tokens you want to stake and Confirm it.
Your CAKE tokens will be staked and you will earn additional CAKE tokens. Harvest your CAKE at anytime and stake it again to gain more tokens.