Thursday 18 November 2021

Setting up Metamask and connecting to PancakeSwap | Staking and earning

*Please note that returns are not guaranteed and even your capital are not guaranteed as the prices of CAKE fluctuates and this is considered high risk so do your own due diligence and start small.

I have been hearing decentralised finance and how you can earn up to 3 digits % APY on it and was always intrigued but with no process sources that can really onboard me, I have mostly stayed with centralised finance like Hodlnaut and the exchanges (FTX,, Gemini) to earn about 3% - 12% APY. I was already pretty satisfied with the returns but of course, I knew there is higher yield though it might also be riskier.

Just the other weekend, I came across Chain Debrief's video on YouTube teaching how you can create a metamask wallet and accessing Pancakeswap and other platforms to yield farm and get up to 70% APY. The tutorial is really simple and easy to follow, do go take a look, I will also be doing a short tutorial on how I set up everything.

Getting introduced

The whole concept was really cool as they explained how banks were earning huge amount from the deposits of people like you and me but what we get back are sub 1 interest rates. The video from Chain Debrief is a step by step video where they will show you how you can create your metamask wallet and then add the Binance Smart Chain Network before connecting it to Pancakeswap. I have to say I think I am pretty late to the game as Clinton (one of the speaker from Chain Debrief) mentioned that the APY was previously 3 digits but have since dropped to 2 digit as more people stake and it becomes more stable.

Setting up the Metamask Wallet

If you have experience setting up a cold wallet (ledger or Trezor), this set up is pretty much the same with a password and seed phrases to be written and kept securely. I used the Firefox browser as that is my usual browser but google chrome works fine with it too. After that, you will need to add the BSC Mainnet which is as shown below or here.

Buying BNB to transfer to Metamask

I use FTX to buy BNB and then after buying it, I transfer is to my Metamask, when transferring, copy your Metamask address and use the BSC network to send it over. It should be in after a few minutes. You will then connect your wallet and swap BNB for CAKE to be able to stake it in the pool.

Using Pancakeswap

You can then go to Pancakeswap and at the top right hand corner, click connect to wallet. It is pretty intuitive and all you need to do is wait for it to connect. After which, you can click Earn at the top left corner and then proceed to pools. You will come to a page showing Syrup Pools and the first option, Auto Cake where you earn Cake by staking Cake. Do note that you will require BNB for transaction fees and because Pancakeswap is a automated market maker (AMM) on the Binance Smart Chain. You will need to swap your BNB for CAKE before enabling staking and there are gas fees throughout the whole process so do keep some BNB for the fees.

After staking, you will be able to see the returns and there is even ROI calculator where you can anticipate how your returns might look like, do remember that the APY fluctuates and is not fixed. But it is a really cool feature to have as you can see the numbers. *APY fluctuates and value shown below is not confirmed.

Cashing out your returns

You can then swap the CAKE tokens for BNB and send it back to your exchange. I will be using FTX exchange as after you have send your BNB via the Binance Smart Chain to FTX, you can then sell the BNB to USD and then exchange it to SGD before sending it over to your bank account.

If you were to send your BNB to Gemini and then get USD, do remember that there will be a charge of $10 for DBS if they were to receive a foreign currency like USD. So for me, I think if I were to cash out my returns, FTX would be the best choice.

My experience so far

I have shared my cryptocurrencies portfolio previously and most of holdings are in Bitcoin and Ethereum. I have utilised HODL for most of my cryptocurrencies and only recently have got into yield farming since my portfolio has reached a certain size. Of course, those who started earlier really got the juicy APY and I am just so intrigued by this whole system of DeFi. Returns are definitely not guaranteed but to be exposed to something that has substantial returns are crazy after years of chasing for the 1% interest rate from banks. This definitely comes with a larger risk as the CAKE token could drop drastically diminishing my profits, there is always the risk as we can also see that within 1 year it had a high of $44 and is currently at about $16. I am still very new into this and I only put in a small amount, although this means that my returns are low, I am still getting used to it and am comfortable with that amount. Do remember to do your own due diligence before getting in. Hope this video has been interesting for you.

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1 comment:

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