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Step by Step Guide for ApeSwap Newbies

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Written by   79
6 months ago

Hi everyone! I think my previous posts have been a little too scattered to the point I realised that it is good to start from ground zero from a totally new wallet, and the lowest capitals you need for you to start up for your brand new adventure into the scary Binance Smart Chain land until you graduate to play with the big boys in ETH, SOL, ADA (coming soon) DeFi space.


I choose ApeSwap.Finance is because you can actually use the lowest capital to start off; and with the current not so high price, I believe less than $10 should be able for you to start it right up.


Section 1: Getting a Wallet

The Trust wallet is quite a friendly multi-chain support wallet that you can have, especially for BCH newbies, the Bitcoin.com wallet will not be able to help you to venture to this.

I wrote about this in the "Staking $CAKE from PancakeSwap using Trust Wallet" before; but if you are TLDR (Too Long Don't Read), then here are some basic things you need to know.

  1. Download Trust Wallet App. It is free. You can always create a wallet there immediately; but remember you MUST BACKUP YOUR SEED PHRASE ON AN OFFLINE NOTE (on physical paper or windows notepad) that is not backed up on the cloud. Better still if you can memorise it forever and ever.

  2. Prepare capitals of BNB token in Binance Smart Chain format (BEP20)

Step 1 is super easy, because you are just downloading it either from Android / iPhone app; however the tricky part is step 2, preparing the Capital.

Where can I get the Capital? I only have BCH!

That is where Binance.com steps in, especially when actually do need around $12 USD worth of BCH to start in order to exchange it on the Binance.com / Binance.us

HOWEVER, there's a trick you can do if your BCH is less than $10.

  1. Open a Binance.com account (if you haven't). If you resides outside USA, you will need to go into Binance.us

  2. Deposit around $9 USD worth of BCH into your Binance account.
    - Go to Wallet -> Fiat and Spot
    - Type BCH in your Search Coin

  3. Select Deposit on the BCH section.
    Remember it is BCH (Bitcoin Cash) ONLY!

  4. Send using the address shown. Make sure it is BCH
    Warning:
    The Binance.com only accepts legacy address. So you will need to use Cash Address Converter from Bitcoin.com if you are sending from Read.Cash or wallets ONLY supporting cash address. Nexo.io is a great compounding centralised service that allows you to compound your earned BCH from Read / Noise where you can freely send 3 times a month from Nexo to any other wallet (including Binance) on a legacy address for selling off / adventuring into the BSC world.

    Don't forget your choice must always be BCH in Binance.com

Please do remember. legacy address sending does take a little more time to arrive. So please do not panic if you are not seeing it after 10 minutes later

  1. Go back to Wallet -> Fiat and Spot

  2. Choose to "consolidate" small amounts (less than $10 USD) worth of crypto into BNB.
    Please do remember that you can only do this once every 6 hours.

  3. Pick the BCH amount to consolidate into BNB
    It will show you the approximate BNB you will receive after the lost or conversion fee.

    Once you have chose that, look for "Convert". It will double check with you for your confirmation

  4. Once that is done, you are ready to move the BNB to the Trust Wallet.


Section 2: Moving your Capital from Binance.com to your Wallet

  1. In your Trust Wallet, if you do not see the "Smart Chain" (BNB in BEP20 chain), you will need to add this in from the upper setting.

    Binance BNB native coin is white in colour, while the BNB in Binance Smart Chain has a black background to the logo.

    So you will need the black coloured background token.

  2. Click on the Smart Chain icon , and then pick the "Receive icon" just to make sure you are getting the right address

Note that your BSC BNB address actually will be used for all your BEP20 tokens , just like how ETH's ERC20 token's address of one address. So with that address that you have, you will use that address for all the BSC Yield Farmings, and DEX there.

  1. Head back to Binance.com / Binance.us to now withdraw your consolidated BNB to your BSC address back at Wallet -> Fiat and Spot
    - Choose Withdraw and you MUST choose BEP20 before you paste your address there.

    Keep in mind that there will always be transfer fees, and for Binance even though this is their chain, BNB will still be charged, just a lot lesser.

    So you must plan ahead your expenses before you take every move.

  2. Confirm that you are sending off in BSC chain instead of other chains!


    With the 0.02502 (around $10 USD) that you already have at the moment (at the time BNB is hovering at $400 per BNB at 7 June 2021, 7:48pm GMT +8), you can choose to move all of them out because every step you use to create a farm for $BANANA token to yield more $BANANA for you later, you will need BNB as gas (service) fee to do every move you make.

    Don't forget you still have to pay 0.0005 BNB as withdrawal fee.

  3. Choose confirm to withdraw, and you are good to go in Section 2.


  4. Confirm the withdraw

  5. Click on the Continue

  6. Authentication is very important to ensure your withdrawals are secured

  7. Once that is done, you are ready for the next phase!

Section 3: Time to Do Business with the Apes!

3.1 Plan you Budget

Now that you already have your $BNBs in your wallet, you will now to make sure you need to get your native service token in ApeSwap.Finance , $BANANA, to make more money for you. With an approximately near $10 USD worth of your BNB, you have to choose how many times would you like to stake up and harvest your first $BANANA back into $BCH, your capital.

But of course, you need to plan it at worse case prices, for instant, if $BANANA is sold at $2; and that is where you start so that you have a little extra and not need to spend extra for more.

So here is what I came up with, with the most expensive needed in the range of $300 - $400 USD for BNB:

Which is around 1.01 $BANANA to start with.


3.2 Start your Swap

  1. You will need to enter the ApeSwap.Finance Site, and the most direct way to go there is to start from DApps section at the bottom of your Trust Wallet main page.

  1. Once you are in the page, go to the top of the page and start typing in the site's URL. Make sure it is apeswap.finance and no other to ensure you are not going to any weird SCAM sites.

  1. Once the page is loading, make sure that the site is connected to this icon, BSC icon (remember the black background?). And if it looks like something else, click on that wrong icon and change to this Binance Smart Chain link.

  1. The Ape Swap site will ask for your permission to connect your wallet on your Trust Wallet so that you will be able to use it to communicate to the site.

  1. Once it is connected, go to the left side of the menu

  1. You may be asked to connect again. Sometimes for security reason, especially exchanging automatically, it is disconnected by default and you will just need to reconnect again.

  1. Remember 3.1 Budget Planning? You must always reserve enough $BNB for your future expenses so that you do not need to exchange more BCH for 0.02 $BNB to transfer to your wallet, so based on the last price I was screen-capturing, around $2.83 USD, there's enough to reserve for around 1.01 $BANANA for it to make money for you.

  1. When it leads to the page to make sure your expenses is purchasing with the fee, make sure that you will always have the 5 GWEI setting so that you will not accidentally spent a little too much for your gas fee. If you are not certain, go to the top right to double check and see if it is written "5" is set there.

    Usually Trust Wallet will set it as the lowest.

    Once you are satisfied, press Approve. And you are good to go to the next phase


3.3 Stake your Capital to make more $$$

  1. You will need to go to the menu on the left again

  1. Of all the items, look for Pools.
    This is the only one you need at the moment.

  1. It shows you how much APR (a year) you can make at the moment.
    But remember, the more $BANANA is staked, the less the % might become.


    Make sure you approve the contract to use your wallet to stake it.

  1. As I have mentioned before, every single step requires gas fees. So you must approve the service fee payment (gas fee), but make sure you are paid in 5 GWEI.

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  1. Now press on the (+) button to stake all the $BANANA you swap just now. Choose MAX because you don't really need anything else until you get your Capital back later.

  2. It will once again ask for your approval. By default Trust Wallet will always set to the lowest, but do remember to double check it in case of anything.
    Press Approve.

It does take around 30 seconds to a minute for the contract to set due to congestion, but you can always refresh the page with the top right menu so that you can see your staked $BANANA


And there you go! You can just set it aside and check on it maybe once a few days just to be sure the site is working well and the price isn't dropping to stone.

Question: Is this risky? What will happen to my unused $BNB?

The good thing about dApps is that though your capital is on the centralised gas fee controlled chain, but as long as the chain is still alive, your capital are still in your wallet and it is not going anywhere unless you loose your Seed Phrase.

Question: Why the 4x Compound?

You actually can compound it anytime you want; but to have an optimal experience, you may want to compound once every 1 BANANA if you want to increase you compounding strength more, but if the $BANANA price goes up you can even reduce the number of compounding times to maybe 3 times and you will save a lot more on the gas (service) fee.

Question: How do I do compounding?

This yield is not automated, so you will need to:

  1. choose "Ape Harder"

  2. pay the gas fees

Question: How do I get all the $BANANA out if I choose to stop it?

Just click on the "Unstake BANANA" and you will get all your capital along with your available mined $BANANA back into your wallet.


That's all from here, and if you have any questions, please feel free to comment in this post, or ask me on the Noise Cash post where I will be showing this article there as well.

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Written by   79
6 months ago
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Comments

Ok, I may be able to do this Have saved it to come back and read it step by step Ahhh, sometimes I feel like catching up with you for coffee and get you to just show me in person how to do do this... but yes, for now... I have some homework to do You did most of it, so thank you ;D

$ 0.01
6 months ago

Ah well, we can't do that yet lol... over coffee, the only thing I can do now is just show you what I am doing lol. Please feel free to message me when you are not certain or stuck at somewhere ya!

$ 0.00
6 months ago

Thank you @littlenewthings

Right now, I am trying to shake off this spammer, low-quality label here on read.cash Do you have any idea how I can do this?

$ 0.01
5 months ago

I actually have no idea!

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5 months ago