HOW TO GENERATE INCOME ON PANCAKESWAP
What is Pancakeswap
Am sure you might have heard of Sunshiswap and Uniswap, well to those new to Cryptocurrency it might sound Latin but Pancakeswap is just like one of those but with so much difference. Let's begin... Pancakeswap is decentralized exchange which can be used to swap token listed on the Binance Smartchain Network, an AMM (Automated Market Marker), meaning that there are no other books but you are matched by AMM driven by a smart contract to a liquidity pool.
There are no need for a middleman like we have in Centralized exchanges and it's quiet safe. Pancakeswap offer users all over the world a chance to be become a Liquidity Provider and earn tokens in return.
Cake token is its governance token and can be used for trading, voting, betting, farming, providing liquidity and many more. It also offers varieties of token for swapping, it's fast and very reliable.
What Pancakeswap Offers
Pancakeswap swap is peculiar in various way, it is no longer news that Binance Smart Chain offers one of the cheapest fees in the cryptocurrency ecosystem, trading on pancakeswap is as cheap as possible, usually between 0.1 - 0.5 USD (depending on the volume of transaction), am sure it's juicy enough not to miss?
1)Farming : Pancakeswap swap allows you to provided farm tokens by providing liquidity on to earn its goverance token. There is a long list of Liquidity Provider tokens that you can provide, some are:
Cake - BNB LP
USDT - BUSD LP
LINK - BUSD LP, ETC.
Once LP is provided with tokens lock, you start earning cake tokens in return, the earning stops when you unstake your LP tokens.
2)Staking token : Various Tokens can be staked in order to earn cake or other token. Your can stake Cake to earn Cake in the syrup pools and many more with very good and rewarding Annual Percentage Yeild(APY).
3)Lotteries :You could also win a Lottery by using your Cake, by subscribing to in the Lottery you could win a ticket, sounds intresting I guess?
4)NFTs : You could also win NFTs on Pancakeswap swap which can be traded for cake, you could be a cake millionaire.
Why i choose Pancakeswap
Among other features pancakeswap
a) Speed and time of transactions: it's very fast and transaction are processed almost immediately.
b) Fees : You can't bet there transactions fees, it's one of the cheapest in the cryptocurrency ecosystem and it operates on the Binance Smartchain Network.
c) Profitability : I can say personally that pancakeswap is more profitable than other swaps in the ecosystem. With numerous features you can earn more toke, provide Liquidity and many more.
d) It's Safe and No KYC : As a decentralized exchange, it does not require KYC (Know your Customers) like other Centralized exchanges do, but rather it links you directly with the cryptocurrency owner. It is safe and secured.
e) It's Audited: Pancakeswap is audited and can therefore be trusted.
How I make Generate money on Pancakeswap
I have been using Pancakeswap (PCS) for about a year now and it's quite profitable, how then do you stake token on PCS.
First you need to have the token to be staked in your trust and you can then connect to PCS through a web 3.0 browser on trust wallet. If you don't have a trust wallet, you might want to download it because that's what I use.
Visit Dapps on trust wallet and enter https://exchange.pancakeswap.finance on the browser to search.
After loading you select Pools.
Then select your preferred Pool, for me I prefer pools with high APY for more returns so I took advantage of the auto cake pools which has an about 134% APY.
Click the addition sign to add token to the pool
After confirming, pay charge for transaction
And finally it's staked
Follow my steps above to see how I staked my cake tokens, it's easy.
How profitable is my Staking?
Pancakeswap syrup pools have good returns. The higher the APY the higher the reward, though the APY isn't static as it changes with respect to prices of token and the total available stacked token in that pool.
I believe in the next 24 hours, I should have received a tangible amount of cake tokens but pool auto compounds my rewards, so the rewards are added directly to the staked cake,though I cannot withdraw my cake tokens until after 72 hours of staking, otherwise, I will be charged 0.1% of my total cake. I wouldn't want that, so I wait.
I can tell you from experience that PCS is very profitable especially if you have can be patient enough to wait. They could yield Alot of returns for you, be a part of this rewarding platform.
Posted Using LeoFinance Beta