I hate to have my crypto slacking in wallets, and this is one of the reasons I am constantly looking for new opportunities to earn some residual income. I had some Band Protocol (BAND) from Coinbase Earn which I wasn't sure where to send, on Atomic Wallet for staking or on PancakeSwap. I wanted to take the easy option and send them on Atomic but for a strange reason, Coinbase didn't recognized the BAND wallet as a valid one.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data to existing smart contracts. As oracles are used more and more in the crypto ecosystem, this one is a keeper. This is the story of the Oracle Syrup, as the BAND started the journey from the Coinbase wallet to Binance. I had to pay 0.313 BAND as network fee, the equivalent of £1.40, which I find it a bit exagerated. This means that BAND has to farm 3 CAKE tokens to make profit.
From Binance, the BAND was sent as to PancakeSwap, paying 0.012 BAND as transaction fee. It has to be sent as BEP (BSC) to reach the Binance Smart-Chain Wallet, as the other options will send it to the Ethereum version of the wallet.
The token had to be added manually, by finding the contact address on BscScan and copy/paste in the custom token section. When this step was completed, I could see the BAND in my Metamask.
Adding maximum BAND with Binance Coin (BNB) pairing is the most profitable mix, and the $0.04 fee on Binance Smart Chain is absolutely lovely!
After PancakeSwap is allowed to spend BAND, the supply must be confirmed. I wish Binance will sort out this conversion rate but even without it, is not hard to understand that 0.004669 BNB is basically nothing compared to ETH gas fees.
The liquidity is now ready, earning Binance Coin (BNB) and BAND. As my pool share is 0.00%, the reward will be minimal, that's why I will move this pairing into a CAKE farm. This way I can top up my CAKE stash and put BAND to do some real work.
The BAND-BNB Core Pool still offers x2 reward, currently at 59.3% APY. As I said above, still better than keeping a lazy crypto.
Adding the pair as Liquidity was cheap, paying $0.05 to allow PancakeSwap to spend my LP, after I paid $0.04 to create the BAND-BNB pair.
Once confirmed, it started to bake some CAKE. I plan to hold it as a pair until BAND will start to get more and more valuable, when I will withdraw it. Hopefully by then the generated CAKE will cover the loss. I will analyze it after one month.
Also check "What the Hell is Yield Farming?" by Jerome Bernard, where he shares his Pancake Swap experience and some great tips and advices!
Residual Income:
Join the CakeDeFi revolution and get $30 worth of DeFiChain (DFI)
Check MAIAR, Elrond Gold (eGLD) new wallet, for $10 cashback
Get 100 TNC tokens (no strings attached) on Aladdin Exchange
Amazon author page: PV Mihalache
Quality Faucets: Free-Litecoin , FreeBitcoin & Stakecube
Tier 4 referral system: Horizen (ZEN) & ZCash from PipeFlare & GlobalHive
FreeCryptos Gang: DASH, TRX, ETH, ADA, BNB, LINK, NEO, BTC & LTC
I earn crypto for reading and writing on Publish0x and ReadCash, watching videos on Lbry.tv and surfing online on Brave Browser and Presearch. I use Swapzone for the lowest fee swaps
I don't have any BAND yet