Yes guys! You saw it right!
I posted before at Noise regarding concentrating on PancakeSwap first before looking into $Bananas, since I have seen the opportunity to Stake $BANANA for the rising $BNB token for its usefulness for gas fees, with a little bit that I still have left in the Binance.com (before it suddenly freezes withdrawals again for upgrades despite #SAFU assurance), just like @CryptoSorted mentioned, any coin that sits in Exchange doing nothing is better to find somewhere it can work for you.
But how much will only around $24 USD worth of crypto will get me through?
Not to mention I have to do several exchanges to make this happen.
By the way, I didn't use BCH this round, I have decided to take some of my STEEM out of the chain and give this a try instead. Therefore no BCH was touched for this exercise.
(Happy BCH1Club cheering I hear?)
Next. The whole Binance.com situation if I used STEEM before sending to Ape Swap would be.
Withdraw 50 STEEM to Binance.com
Swap to ETH (no one wants to sell their BTC!)
Swap to $BUSD (Binance stable coin)
And look! If you decided to withdraw your $BUSD which is already in BEP20 token, so I am saving on withdrawal fees here!
So it is confirmed, 100% fee FREE for $BUSD withdrawals.
As usual, security is very important here because you don't want your funds easily taken out if someone hacks into your account. You need to
Click on the Send Code
Type in the emailed Verification code
Use your Authenticator's 6 digits F2A code to get this through
And... it is done! We can now head over to ApeSwap!
So just like pancakeswap, you will need to connect to your wallet and let the session kept going on.
Any wallet that supports the Binance Smart Chain will be available. However, there seemed to be a problem with SafePal being constantly connected with the site via WalletConnect, probably the reason is that maybe, just maybe that the wallet hasn't 100% recognised it, since ApeSwap is not available there.
So I have to resort to MetaMask.
And also because I am on a totally new wallet, I had to send some BNB over, which actually cost a little more, like 0.02 BNB at least + 0.002 BNB for transfer fees. But these are crucial expenses for all the contract executing for the interest yield to start.
Swaping for the $BANANAs!
As you can see, unlike PancakeSwap, $BANANA is currently yet listed in the Binance.com exchange so in order to obtain this token for staking, a direct swap at the site is the only way to go.
What you need to do, is to go to the Menu on the left, click on the Trade to expand the sub menu and choose Exchange.
Once you are there, with the BNB and the BUSD you have transferred over to your wallet that can connect with metamask, here you will be able to swap for $BANANA tokens.
Since I am testing all these for farming $BNB, I will need to change all my $BSUD stable token into banana. Click max to find what they can offer.
Once that is seen, click on Approve BUSD in order to activate the swapping contract initiative.
As usual, you will need to approve with network fees, but 15 cents was the lowest at the time for 10 Gwei during this exchange about to take place.
Once the contract moves, you will see the swap is now ready, click on Swap button to confirm.
They will always double check with your decision, and if you are a little slow, you may need to accept the updated price or else it might not go through.
Now once the pricing is set, quickly click on Confirm Swap.
Metamask will ensure you that the gas fee is at 10 GWEI at the moment, part of the promotion from CZ rallying investors to the Binance Smart Chain.
Staking Time! Head to the Pools!
Pools are the most profitable investments for small time investors because you do not need to "pair" to FARM the tokens available there, so for those who are testing it out first, this is definitely the best place to test with minimum risk.
Just like pancakeswap, an approval to execute the contract is necessary, and this will come with the unavoidable expenses deducted from the $BNB that was sent in.
20 cents for service fee isn't too hard to swallow, if you want to compare this to the ETH chain.
Now it is ready for adding the $BANANAs in for staking.
Of course, in this exercise, all the stash I have, I have staked to get more $BNB.
Click on Max, and Confirm, to get things ready.
Just make sure all your network fees are in 10 Gwei setting as long as this promotion continues.
And that's it! The mining begins!
Two Hours Later...
I left the page on as I was attending to chores, dinner, and completing this sharing, and I am quite impressed that the rate is pretty good. It increased to 500.37% for mining BNB.
At the rate it is offering, this is actually quite a good deal, having the total spent was around $36 USD, compared to PancakeSwap.
However I do hope that this will not be a rug pull, and it will gain more attractions of small time investors to rally together. If you really want to give this a try, don't invest more than you can afford, and if this pull through and its price will climb as strong as $CAKE itself, then this becomes something worth for paying bills in the future!
There you have it!
What do you think?
ApeSwap is by far one of the youngest DeFi recommended to check out, and its platform native utility token $BANANA is already hovering at around $2 - $2.60.
Will you take the opportunity since its value is still low to invest to give this a try before it could possibly go wonkers in the price and shoot up like the $CAKE token for PancakeSwap?
I personally think getting the mine for $BNB offer in is a very smart move on their side. Because $BNB is the native token for all the network fees conducted, this gives people incentive to stake their own token for more network fees usage in the future. People could keep coming for the sake of mining BNB.
Thank you for this. I think it would be nice if you also have a vid tutorial for this.. Hehehehe.