PancakeSwap Farming Guide
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Congratulations, if you’ve made it to this page, you’re ready for Binance Smart Chain DeFi on PancakeSwap. Now you can have your CAKE and eat it too! This guide will walk you through the steps to financial freedom through farming CAKE on PancakeSwap.
Step 1 (Android Users) — Download the Trust Wallet App from Google Play Store
Trust Wallet is Binance’s official partner. You can read more here about their partnership.
Once downloaded, follow the instructions in the app to set up your wallet. You can follow the Trust Wallet Set Up Guide here to set up your wallet. Make sure to save your recovery phrase! This will be needed if you ever need to import or recover your wallet (for example if you lose your phone).
If you already have a Binance account, skip to Step 3
For Apple users, please use this Binance guide for connecting MetMask to the Binance Smart Chain. You can then perform all of the steps detailed below but through the MetaMask Chrome extension and by visiting PancakeSwap on Chrome.
Step 2 — Get a Binance Account
Binance is arguably the most reputable crypto trading exchange on the market. If you don’t already have an account, you can sign up here.
Once signed up, you’ll need to buy the Binance token (BNB). This can either be done by transferring any supported crypto to the Binance platform or purchasing crypto with fiat money directly on Binance (Visa and MasterCard accepted).
Step 3 — Transfer your BNB to Trust Wallet
Once you’ve acquired BNB on Binance, you’ll need to withdraw it to your newly set up Trust Wallet. Click on “Smart Chain” as pictured below to get your deposit address.
On the following screen, click on “Copy” to copy the address to your clipboard. You’ll need to paste that address into Binance to withdraw the tokens.
Now head over to Binance to withdraw the BNB token to your Trust Wallet. Go to “Wallets” then click on “Withdraw”. Select the BNB token and perform the following.
Paste the address you previously copied from your Trust Wallet into the “Address” section. Then select the BEP (BSC) option as highlighted above (click on “I Understand” for the pop-up notice). Lastly select the amount of BNB you’d like to withdraw to Trust Wallet and click on “Withdrawal”.
You’ll be prompted to input the code sent to your email address followed by the authenticator code for withdrawing funds from Binance. For more details on how to withdraw from Binance, please read their official guide here.
Step 4 — Providing Liquidity on PancakeSwap
Once the funds from Binance have arrived to your Trust Wallet (should be no more than 2–3 minutes), you’re now ready for PancakeSwap.
Go to the DApps section of the Trust Wallet app and find the PancakeSwap logo as depicted below.
Once in PancakeSwap, click on the menu icon on the top left hand side of the DApp and select the “Exchange” option pictured below.
Once on the “Exchange” screen, stay on the “Swap” tab and configure the tokens as below. You’ll want to select in the top box (from) BNB and then select CAKE from the dropdown menu for the bottom box (to).
To maximize the liquidity tokens received you’ll want to swap approximately 49% of your BNB amount to CAKE. This will ensure you still have some BNB as gas for transactions.
On your first Swap you’ll need to approve the contract which will come with a minimal fee. Approve the transaction and then click on “Swap”. This will come with another minimal fee (~0.20 cents). The beauty of Binance Smart Chain is that you can perform transactions for a fraction of the cost of DeFi on Ethereum.
Once you have a near equal amount of BNB and CAKE, go to the “Liquidity” tab of the Exchange. This is where we will provide liquidity to the Swap pool in exchange for the CAKE-BNB LP tokens needed to farm. Click on “ Add Liquidity” and again select the BNB & CAKE pair.
Click on “Max” next to CAKE and lastly click on “Supply” and “Confirm Supply”. Approve the transaction in your wallet. Once confirmed, you will now own CAKE-BNB LP tokens.
For the final step of this guide, click on the menu item in the top left hand side of the DApp and this time click on “Farms”. This guide was built for farming the CAKE-BNB LP token, you can however follow these exact steps for any of the farms listed both on PancakeSwap or any other DApp built on Binance Smart Chain.
To begin the final step you’ll need to click on “Approve Contract” and then approve the transaction. Once approved, click on the “+” to add your CAKE-BNB LP. Click on “Max” and then confirm the transaction. Approve that transaction and you are done. You’ll now be earning CAKE based on the variable APY% of the pool.
This CAKE can be harvested at any time (for a small transaction fee). With that CAKE you can use it to stake in other pools, sell for other currencies or add more CAKE-BNB LP to compound your earnings.
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Thank you again and happy farming!