Beginners guide to yield farming on Pancakeswap | by The Nova Markets | Coinmonks | Aug, 2022 - Rvpg media

Beginners guide to yield farming on Pancakeswap | by The Nova Markets | Coinmonks | Aug, 2022

Cryptocurrencies are soaring in value and some people are looking to take advantage of that by investing in yield farming. Yield farming is a new way of getting involved in the cryptocurrency market. It involves lending or staking cryptocurrency in exchange for interest and other rewards. Yield farmers measure their returns in terms of annual percentage yields (APY). It can be a bit risky but if you are able to get consistent returns it can be a great way to make money.

Pancakeswap is a decentralized exchange on Binance Smart Chain. Pancakeswap was created in response to the growing demand for a decentralized exchange on the Binance chain. The platform offers quick and easy access to a variety of tokens and features low transaction fees. Yield farming on Pancakeswap simply involves investing and earning ‘CAKE’ as your reward on the platform. CAKE is a BEP-20 token that was released on Binance Smart Chain and used in the PancakeSwap ecosystem. CAKE was created to stimulate liquidity provision to the Pancakeswap platform so that token holders can also stake it to earn rewards.

In order to farm on Pancakeswap, you have to bear in mind that you need to have your liquidity pool token to get into the farm and each farm has its own unique liquidity pool token. To begin yield farming on Pancakeswap, follow these steps;

  • Go to the farm page here
    .
  • Click the ‘connect wallet’ icon at the top-right hand corner. Proceed to connect your Binance Smart Chain Wallet.
  • Select the farm you want to use.
  • Proceed to the exchange page; click “Pool” and then “Add Liquidity”.
  • Select the tokens to add.
  • Check the details, click “Confirm Supply” and then confirm the transaction in your wallet.
  • You now have liquidity tokens. Next, go back to the farm page here.
  • Click “Select” on the farm you want to use.
  • Click the “+” button to stake your liquidity tokens.
  • Enter the number of liquidity tokens you want to stake and click “Confirm”.

Farming on Pancakeswap can reward you with CAKE tokens to use in a variety of ways, including getting additional LP tokens or funding a syrup pool. However, there are crypto investment firms that take away the burden of assessing a farm and calculating their APY. One such firm is Reliq Holdings.

With its array of reviews and insight into market trends, Reliq Holdings has long been considered a top pick for cryptocurrency investment. This firm’s expert team and their recommendations have been viewed positively by both clients and investors alike. If you’re looking to get into DeFi yield farming, Reliq Holdings is a good starting point.

In conclusion, yield farming is a fun and lucrative way to engage with the burgeoning cryptocurrency sector. It is an opportunity to be part of a growing industry that is set to transform the future of finance. If you are interested in learning more about this exciting field, visit a yield farming platform or join a group of like-minded individuals.

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