You’re going to need the Dapp browser for this. If you’re on iOS, here’s how to use the Dapp browser on your phone.
What is PancakeSwap?
PancakeSwap is a new Automated Market Maker (AMM) aiming to be the #1 liquidity provider on Binance Smart Chain. You gain CAKE tokens by providing liquidity to the platform, staking and also get a chance to win some CAKE tokens through a lottery.
Learn more here: PancakeSwap — The Flippening.
The CAKE Token
Contract Address: https://bscscan.com/token/0x7d813C828b0d1083Bb08b38841C45304A920060b
Chain: Binance Smart Chain (BEP-20)
Reward per block — 40 CAKE
Daily emission (Based on 30k blocks per day) — 1,200,000 CAKE per day
- Farmers — 75% of the rewards per block (30 CAKE)
- SYRUP holders — 25% of the rewards per block (10 CAKE)
- Farmers daily — 900,000 CAKE (based on 30k blocks per day)
- SYRUP holders daily — 300,000 CAKE (based on 30k blocks per day)
To get started, you need to have the some tokens that you will be supplying to the platform. We will try to get some CAKE tokens thru their Exchange. Make sure you have the latest version of Trust Wallet installed on your mobile device.
How to Exchange Tokens
Access your DApp browser and then tap on PancakeSwap on the New DApps section. Alternatively, you can go to their website: https://exchange.pancakeswap.finance.
If the DApp browser is not connecting to the site, make sure that the network you are connected to is the Binance Smart Chain. You can follow this guide: Access Binance Smart Chain DApps with Trust Wallet
Select CAKE tokens and input the amount of tokens you are willing to spend or how much you’d like to receive. Once you’re ready, tap on Swap.
Confirm your transaction, and wait for the network to process it. When it’s done, you’ll have some CAKE tokens!
How to Farm CAKE Tokens
There are several ways to farm CAKE Tokens on Pancake Swap. You can either Provide Liquidity, stake your FLIP tokens or stake CAKE tokens.
Provide Liquidity and Earn CAKE
Tap on Pool to start supplying tokens to the PancakeSwap platform. To continue, tap on Add Liquidity.
Choose CAKE, and then input the amount that you are depositing. Then scroll down and tap on Approve CAKE. Confirm the transaction in order to proceed.
Tap on Supply and then Confirm. Then, the app will ask you again to confirm. Press Send to deposit your tokens to the platform.
You will see a confirmation once the tokens have been supplied. You will gain Liquidity Provider (LP) tokens which gives you a share of the fees that the Pancake Swap exchange earns. These LP tokens are also called FLIP tokens.
Staking LP Tokens
To maximize the rewards, you can stake your FLIP tokens. Tap on PancakeSwap on the upper left to go to the Home Menu. Next, tap on Menu to show the list of options available. Select Farm to access the PancakeSwap “Kitchen” and select the corresponding LP tokens you have supplied.
Choose the CAKE-BNB FLIP Farm. Approve it first in order to proceed.
Press on the + sign to input the amount of LP tokens you want to Stake. Confirm the transaction. You will immediately earn CAKE tokens.
Staking CAKE Tokens
If you do not want to supply your CAKE tokens to the platform, you can just Stake them. This will give you SYRUP tokens that can be used for voting in the governance system of PancakeSwap. You will also get to chance to participate in the Lottery that will be available soon.
Go back to the Home Menu, tap on the Menu button again. This time, tap on “Staking”.
Scroll down to Approve staking of the CAKE tokens.
Press the + sign to input the number of CAKE tokens you want to stake and Confirm it.
Your CAKE tokens will be staked and you get an equivalent amount of SYRUP tokens. The best part, you will earn some CAKE tokens. Harvest your CAKE at anytime and stake it again to gain more tokens.