PancakeSwap has been in the DeFi space for a while now. They are the first of their kind on Binance Smart Chain and are a low-cost, efficient way to start wrapping your head around farming and staking.

First we need to go over a couple terms so you know what they mean. You can see on the left there are “Farms” and “Pools”. Farming refer to combining two assets like CAKE & BNB in a smart contract and receiving Liquidity Pool or LP tokens in order to provide liquidity to the protocol and receive tokens for doing so. In the case of PancakeSwap, the user earns CAKE for providing liquidity.

In this article we will cover staking and farming will be talked about in a future article. Of course, you’ll need the CAKE token to make all this happen so if you don’t know how to get CAKE you need to take a step back from this article to figure out how to do that first. We recommend using Binance exchange, or if you already have BSC tokens you can use PancakeSwap’s “Trade” page to swap to CAKE.

Staking refers to providing liquidity to the protocol using one token. In order to do this you need to click on “Pools” in the sidebar. PancakeSwap calls them Syrup Pools and this page is where all the single-asset staking happens.

In the top right you’ll see a button that says “Connect”. This is how you interact with the platform and once selected, you’ll have to connect your digital crypto wallet. We suggest using MetaMask and have covered how to set this up in an earlier article.

Connect your wallet and make sure Binance Smart Chain is the network you’re hooked into. Once connected, choose which Syrup Pool you want to provide liquidity to. You’ll see several options however for this tutorial we’ll use the “Auto CAKE” pool.

Auto CAKE compounds your rewards for you so you don’t have to. Manual CAKE does not and in order to benefit from compounding interest you have to click “Collect” in order to harvest your tokens and then compound them yourself by adding them back to the pool.

Enable whichever pool you’ve decided on — PancakeSwap also offers the opportunity to earn other tokens by adding your CAKE tokens to other pools.

You’ll need to confirm the actions once choosing “Enable” and the wallet plugin will popup. The “Enable” button will be replaced with the word “Stake”. Click this button and input the amount of CAKE you want to stake, choose “Confirm” and again you’ll be asked to confirm the actions.

Choosing the Auto CAKE pool won’t require your to collect your earning as it does this automatically for you. If you choose a different pool, you’ll need to collect your tokens manually.

Adding or removing tokens is easy. Simply click either “+” or “-” and follow the prompts. Please take note that there is a fee for unstaking in the first 72 hours when choosing the Auto CAKE pool.

Once you’ve completed all these steps you’ll start seeing the tokens rolling in. That’s it, you’re done. Now sit back and enjoy the passive income!

Remember there are always risks in DeFi and only use what you can afford to use — this means no lunch or rent money is to be used for crypto. Be smart and enjoy this exciting new space.

The seasoned advice and tips I received that everyone should get before trading cryptocurrencies. In this article, I’ll cover setting up a wallet and getting your hard-earned Canadian Dollars converted to cryptocurrency. Next week, I’ll get into the fun stuff like staking and farming!

Before May 2021, I hadn’t personally dived into crypto investments. I say “personally” because I have to know a fair amount about crypto, blockchain, and DeFi for my job at EastCode. I could talk the talk and could go punch for punch with the folks we were developing for, but I had never traded crypto. In May 2021, I took the plunge and had a very unfair introduction to the world of trading cryptocurrency.

It was unfair because my colleagues at EastCode walked me through the entire process step-by-step. I ended up with my own multi-chain wallet that wasn’t part of some centralized exchange, paid very little in transaction fees, and was able to start staking and yield farming within a day.

After talking to some of my friends who were trying to start into crypto and ended up on centralized, non-custodial mobiles (e.g. WealthSimple), I wanted to pass on the tools and knowledge imparted to me by people who have been involved in the space for years to give folks more options.

Standard fun legal disclaimer: This article is written for informational purposes only and does not constitute investment or financial advice. Invest at your own risk. Both EastCode and I are not responsible for the consequences of following any advice in this article.

MetaMask Logo
MetaMask — the king of online crypto wallets.

First question! Where the hell do I store my crypto?

The answer is short but sweet. For most chains, use a wallet called MetaMask for small amounts of crypto. It has a great extension for Chrome and the iOS app is pretty good too. Since we do a lot of work on Solana, I decided to grab a bit of $SOL through Solong Wallet also. For larger amounts, hardware wallets make sense. Our resident hardware wallet expert, Vaughn, is going to write an article about that in the future.

What to do:

What not to do:

Fantom Opera Blockchain Logo
Fantom Opera is a super cool blockchain. There are a lot of fun projects — it’s a great network to support.

Second question! I have a wallet now, how the hell do I buy Crypto?

Fair question. I met yet another unfair advantage on this one. My colleagues sold me stablecoins (cryptocurrency pegged to the value of the US Dollar) in exchange for some cash and e-transfers of my hard-earned Canadian Dollars.

The other options that I’d recommend in the great white north are Shakepay and PayTrie. Disclaimer: We haven’t personally tested PayTrie but the next time I need to load more than $100 CAD into my MetaMask wallet, I’ll be going through them because of their low fees and because I can go directly to Binance Smart Chain and avoid the high transaction fees on Ethereum.

Step by Step:

  1. Create an account on Shakepay or PayTrie. Verify your identity if need be.
  2. Send CAD to your account and convert it to the currency of your choice. For Shakepay, I recommend Ethereum. For PayTrie, I recommend BUSD for Binance Smart Chain.
  3. If you’re set on Ethereum, just send it straight to your MetaMask wallet and get started. I love Fantom Opera and dabble in Binance Smart Chain, so I use the centralized exchange, Binance, to exchange one token for another. You can also use a bridge that swaps between networks — whatever is better for your situation and we’ll write more on that in a future article. In my case, once my funds are in the Binance Exchange, I convert them to my currency of choice such as $FTM.
  4. With my currency of choice in hand ($FTM in this example), I send the funds to my MetaMask address and start having fun!

Okay big deal, now I have cryptocurrencies. Yeah, I get it… it’s not super interesting. Free airdrops (free currency), new projects, yield farming, and staking — that’s what gets me excited. I’ll be writing about all that good stuff in a future article! Stay tuned for Part 2!

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