My Experience Staking Crypto Currency in Pancakeswap

Hi Everyone, I would like to share my experience staking some crypto coin in a DEFI based on Binance Smart Chain called Pancakeswap.

Pancakeswap has a native token called Cake (currently 1 Cake is USD 0.4) which you buy on the website. You can also earn cake by staking Cake or other crypto coins. You can swap the Cake you earn to bitcoin, eth, or other popular cryptos, or stake them back to earn more Cake. In this occasion, I use BNB or Binance Coin to stake. And last, for accessing Pancakeswap, I use trust wallet.

To access pancakeswap from Trust wallet, we go to the browser tab. Then go to the pancakeswap.finance. Pancakeswap is also available in the browser menu under "new dapps".

There is a tab called Pool or Syrup pool This is where we could stake our crypto. From the picture, you can see that I earned 2,498 cake for about a day staking of 10 BNB.

I decided to harvest the Cake token, and restake it on the cake pool to earn more cake. For that I have to pay USD 0.06 network fee to harvest it. And to restake, I have to pay USD 0.14.

And finally, here is the result of my restaking the cake token. As you see from the pic, the APY of Cake pool is 271.67% and the APY of BNB pool (where I stake my BNB) is 76.13%.

Thanks for reading. Hope you find this useful. Please do your own research if you would like to try this DEFI.

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