With this guide, you will learn how to provide liquidity and Yield Farm on Binance Smart Chain using PancakeSwap exchange. To do so MetaMask should be installed (see here step-by-step guide) and Binance Smart Chain Network should be set up (installing Binance smart chain in MetaMask). There are a lot of pools where liquidity could be provided and the APY is varying. Here I will use Tezos (XTZ) as an example but you are free to choose another pair. Pancake swap has a great user interface and transaction fees are much cheaper than any other DEX on the Ethereum network. So let’s not wasting time and begin with the tutorial.
Providing Liquidity on PancakeSwap
First, open pancake swap and go to farms to explore the pairs. In this case, we will use Tezos (XTZ). Make sure that MetaMask is on Binance Smart Chain Network.
After that go to exchange to find the coins and tokens. You need to have a BNB coin.
3. Select the token and amount you want to buy. Bear in mind that you should leave the same amount in BNB for liquidity and some for paying the transaction fees.
4. When the desired coin is selected press confirm swap.
5. Confirm on MetaMask.
6. Next go to liquidity and press Add liquidity.
7. Select proportion BNB to XTZ you like to stake and click supply.
8. Confirm supply on MetaMask.
9. Now go to farms and click to approve the contract.
10. Proceed by pressing Stake LP.
11. Select max and confirm.
12. Confirm it in MetaMask Wallet.
Done, you have provided liquidity in Pancake Swap.
Staking Cake Token in PancakeSwap
Now when everything is done you could go to farms. Click staked only and you will see your pools.
After a while, you will earn some Cake tokens as a reward for staked pair. When you go to the home page of pancake swap you will be able to see how much you earned. To get even more cake tokens you can harvest your rewards. Just Harvest all and you are good to go.
Now you know how to yield farm on PancakeSwap.