Most of the CryptoCurrency Exchanges are offering the chance to earn the Passive Income by holding and staking crypto. It is very simple to do and it can help you to earn a very good return. And today, In this article we will learn “How to Stake your CAKE Token in PancakeSwap with the use of Metamask wallet.
In today, article we will learn-
– What is Crypto Staking?
– How do you stake CAKE on PancakeSwap?
Step 1: Set up your wallet
Step 2: Access PancakeSwap network
Step 3: Find the liquidity pool you want
So please read this article carefully and share with your Crypto lover Friends.
– What is Crypto Staking?
Crypto Staking is a process that uses our Crypto Assets to support Block chain Network and to confirm Transactions. It is the way that most cryptocurrencies verify their transactions and give some rewards to holders.
How do you stake CAKE on PancakeSwap?
Today, we are using a Metamask wallet to stake our CAKE tokens, So we should have a Metamask Wallet. If you guys have one, good! Or you can simply open Your. Second, we should have some CAKE token in our wallet, so we can stake them. If you don’t have any CAKE Token. You can purchase from Crpto.com . Moreover, you can also get a $25 dollar sign up bonus and one month trading account without any extra fee. So, open a account by clicking here.
After purchasing CAKE tokens, you can add them to your Metamask Wallet. And make sure you transfer tokens from Crypto.com account to your Metamask by BEP20 (Binance Smart Chain) address.So we are able to trade and use them on PancakeSwap.
Important – Make sure you guys should have some BNB Token in your wallet to carry the GAS fee. If you don’t have any you can add something similar to CAKE.
Step 2: Access PancakeSwap network –
Our next step is Connect your wallet to the PancakeSwap DApp. To do so, we have to click on “Browse” in the left sidebar.
And search for PancakeSwap. And we will reach their original site. After this we have to connect our Metamesk wallet to use our CAKE token on PancakeSwap. We can simply connect by conforming in the top right corner.
Step 3: Find the liquidity pool you want –
Find the liquidity pool you want After connecting our wallet, we can find the best pool to stake our CAKE Token. For example- We can earn approximately 62.80% APY in IFO and Auto CAKE pool. And 49.55% in Manual CAKE pool.
If you want to reinvest the tokens you receive in your Rewards. Simply click the “Auto”/”Manual” button, in the bottom left. Set it to “Auto” if you wish to automate the process of harvesting and staking the tokens. This process is called compounding.In addition we can also get $CAKE when you provide liquidity, staking, and from the lottery.
These pools are changing constantly. You can stake as much you want and you can also add CAKE in your stake pool after some time.Well, this is the process of staking the CAKE Token in PancakeSwap. And if you guys have any questions you can simply ask us, down below.
Moreover, if you want to know how much we can earn or how much we should invest, you check these articles.Please never forget to share this article.
