Hi everyone! For those who has noticed about my recent Achievement of 0.1 BCH in noise.cash also saw whether will I be doing CeFi or DeFi with my 0.1 BCH
The answer is, both: simply because
There seemed to be a huge problem with my SafePal app at the moment and I cannot move all my funds to anywhere without hanging the entire chain and with extremely expensive fees;
It is better to spread out both increment because in Celsius it is only around 4.51% APR while staking in DeFi PancakeSwap at the moment for $CAKE is 100% returns; where I can technically sell it back to BCH and save aside since $CAKE value is rapidly increasing because of its sudden popularity
But today, I would like to walkthrough with you, how this can be done; because we are dealing with totally different chains here; just like going from one country to another, the currency has to be changed to suit that country's economic needs.
Before I continue with the walkthrough, you need to do some crucial thing.
$CAKE token lives in BSC (Binance Smart Chain) only at the moment because it is a utility token for the PancakeSwap platform, therefore, to mine it, you must have our coins stake in its environment.
Currently you cannot only mine $CAKE with BCH, you must provide a bridge with the BSC native token $BNB, and to provide the bridge, you must change our BCH coin's attire into its usable token $BCH BEP20 token.
Don't worry, the value never changes, but there will be some fees to change its attire; and the fastest way is through Binance.com exchange.You will need a Binanace.com account to help you to do this!
Imagine you are going for a formal meeting, you can't just walk in with slippers. You have to at least get something decent to wear before attending and doing business there. So this is the same.
Unless you can find a friend to directly swap with you!
1. Preparing the $BCH BEP20 coin, plan before execute
Just like in the first article regarding PancakeSwap , as I have mentioned at the important point above, you will need a Binance.com account there.
Also, as I have mentioned before, to mine $CAKE with BCH, you need a bridge to pair it. So every dollar in BCH you want to pair, you will need to set aside the same amount for BNB.
Example: I want to use $10 USD worth of BCH to mine $CAKE, I need:
$10 USD worth of BCH
$0.55 (at least) for BCH fees
$10 USD worth of BNB
$0.35 (at most) for BNB fees for Bitcoin.com
additional exchange fees of around 20% of $10 in case you don't have BNB and you need to trade in Binance.com
In total you will need around $10 (BCH) + $0.55 (BCH fees) + $10 (BNB) + $0.35 (BNB fees) + around $2 for exchange fees (if you are lucky)
Totaling approximately $23 USD.
Unless you can find a local community who is willing to swap with you directly peer-to-peer, where you can save $2 of possible exchange fee.
But don't cheapskate and hustle off their network fees. They are already nice enough to trade with you directly.
2. I got the coins all in Binance.com wallet. What's next?
Now you need to send both BCH and BNB into your wallet that supports PancakeSwap and supports BEP20 tokens.
So far Trust Wallet has that feature with PancakeSwap dApp. Best recommended to use that. You can see my review with the Trust Wallet where I help PWD Smart Farmability to stake their $CAKE for more $CAKE.
NOTE:
Your Trust Wallet's token names are:
Smart Chain (for $BNB BEP20)
Cream Bitcoin Cash Token (for $BCH BEP20)
They both MUST have the same address in your Trust Wallet. Triple check it!
3. Creating the Bridge
Just like in my first 2 articles about PancakeSwap staking, you need to connect your PancakeSwap with your wallet.
If you are using SafePal app, connect with Metamask; if you are using Trust Wallet, connect with Trust Wallet.
Once you have connected it, you will need to head to the new territory, Liquidity.
Click on Add Liquidity. Because you do not have the "bridge" yet.
Because there are so many offered liquidity for swapping under the Binance Smart Chain, you may need to type at least partial of "BCH" to find the coin you want to liquidate (to loan PancakeSwap for swapping purposes)
I have 0.04446 BCH re-attired into $BCH ready for pairing.
Your paring should look like this. Don't worry about the BNB, it will auto adjust itself. All you need is to determine how much $BCH you want to pair for mining $CAKE.
For easy education purposes. I will click MAX for you to see. It is around $31 USD worth of BCH at the price I did that.
Once selecting it, you will see how much you are actually having the share of the pool, and you will know that there are plenty of people already staked way more and way ahead of you.
Click Supply to confirm it.
Like any other good sites, they will always give you a summary how much you are supplying to it pairing with the available $BNB you have, and for you to confirm one more time to ensure you are serious about this.
The same authorisation (just like my other 2 posts before) is where you will need to pay to get the miners to execute the command for you. By default, the Trust Wallet is set to 10 Gwei; however if you are using SafePal app like me, then you need to ensure that 10 Gwei is set before proceeding.
And the transaction is out!
How do you know you have the pairing successful?
It will show directly after you close the pop up. I takes a few seconds to show, but it will be there.
Now you are ready for the next step!
4. Time to get your Tokens to work for you!
Head over to the top left and click to expand the menu, then choose Farms.
There is A LOT OF FARMS in there, so you might take a bit of time to scroll to look for BCH-BNB pairing (LP) to stake for $CAKE.
Sometimes you might get disconnected along the way, fear not. You can just click unlock the wallet to reconnect your wallet to the platform.
Before you need to start farming, you need to tell the platform you are going to provide your LP pair for farming. Hence you will need to approve the contract that will bound your LP until you cancel it.
Once again, you will need to approve the 10 Gwei gas price. It changes from time to time so you just need to make sure it is at this time always at 10 Gwei until Binance mentioned again (if there's any increment / decrement of gas fee)
Once that is done, now you can Stake your pair!
By the way, the APR can fluctuate!
Your Pair doesn't generate you income if you let it sit there. So you must make sure the maximum amount is being staked into the farm and confirm it.
Even though it is 10 Gwei every time, but each contract costs differently. And you can see this network fee is more than the previous one, because it is a more complex procedure to be done.
Just like any service, it is priced differently. Hire a helping hand to repair your pipe prices differently than hire one to redo your entire house's roof! Correct?
Sometimes it will take more than 3 seconds to complete; and if your internet connection is bad, it could take longer.
You are all set!
Now you just need to set aside, forget about it for a day or two, and come back to check how much it has been harvested.
Remember, the smaller amount you are staking, the longer it will take to generate your first 0.001 $CAKE. So far anything below $50 USD worth of staking will take around 5 - 7 hours before you see the first mined token.
So relax, and resume your daily life.
If you really want to try to estimate how much it is mined per hour, like me, for the first time, to estimate your date
How about you?
Will you be giving this Decentralised Finance (DeFi) a try despite there are a lot of steps to follow?
If you want to embark it, but lost along the way, feel free to place your comment here or t.me/craftsofluv
I may not be always online but I will do my best to assist you with your journey as much as I can.
