PancakeSwap migrated to a new staking contract on the 20th of April. Just like me, if you missed the news, then its time for you to move your stake now to continue to earn rewards.
I can't find my stake!
Let me start by putting your mind at ease - your funds are SAFU. I had some CAKE in an auto-re-staking pool for a while, but forgot to check on the earnings. When I went in to look at the stats, I briefly panicked when I couldn't find my staked CAKE. There was no auto CAKE staking pool nor any tokens in the wallet. After a few calming breaths and some poking around, I found out soon enough about the migration.
Here's where you can find your stake if you get lost: Link to Migration
All about MasterChef v2
The new version will bring growth and benefit into the ecosystem as the new contract is upgradable, allowing the team to add other products unlike MasterChef v1. The contract change happened on the 20th of April. If you had any tokens in the old farms or pools, you are better off moving them to v2. Keeping your bags in the old version is pointless as it wouldn't yield you any rewards and make it vulnerable to possible loss or exploits.
Migration is pretty straightforward and done in two steps. The on-screen prompts are good enough to navigate the process.
Step 1: Click on the 'unstake all' to reclaim your CAKE tokens. As per usual, this step will require gas so remember to have some BNB in your wallet.
Step 2: Find a suitable pool/farm and add your LP tokens back to the stake to earn tokens.
Unstake All to claim your CAKE and earnings
Here are a few things that are new and improved in MasterChef V2:
- Manual CAKE staking won't be available anymore, and the new staking contract is built on the auto CAKE pool. I don't suppose the manual re-staking will be particularly missed by anyone, as it seemed too much of a bother to try and remember to compound regularly.
- The old staking is replaced instead by flexible and fixed-term staking. The Flexi stake is a convenient replacement for anyone who favored manual re-staking. Tokens aren't locked in this option, thus giving one the freedom to pull out the tokens anytime. Others who used to prefer auto-staking can choose a fixed term stake, where tokens are locked for a set duration. Fixed stake is a wonderful option for long-term HODLers.
- Both Flexi and fixed-term offer auto staking benefits, which means that rewards get compounded, so that the longer duration, the higher the returns.
- The two pools are common, so you can choose only one or the other pool and not both of them.
- While you can add CAKE to your stake in both options, only the Flexi stake can be withdrawn or harvested anytime. Fixed-term stake, per their name, can be withdrawn once the lock duration is over.
- As in V1, fees to withdraw Flexi-stake is .1% if it's before 72 hours. No fees are charged if withdrawn after this period. This period, however, resets if there is any additional token staked.
- Move between flexi to fixed term without any additional fee. Only network charges apply.
- After the locked stake is completed, your tokens enter an ‘after burning’ state, where a portion of the earned rewards is burned at a linearly decreasing rate so that the APR is 0% after 90 days. However, this is avoided by either locking your stake again or moving into a flexi-stake within 7 days of the CAKE unlocking.
- The performance fee is 2% on every harvest yield, deducted automatically.
- The unstaking and performance fee is burned every week, reducing the total circulating supply over time.
- Fixed-term APY is variable and is dependent on factors like total cake staked, average lock duration of the pool, and the duration of the individual stake.
Flexi and Fixed-term staking – instructions:
The staking itself isn't very different from how it was earlier. Firstly, you will need to decide which one you want. The fixed-term yield is pretty good currently as people are still migrating their farms. The APY at the time of writing is 194% for locked staking. I don't plan to move any tokens soon, so I am happy with a locked stake. The instructions are the same for both, except where you choose the duration of the locked stake.
- Connect your wallet and ensure you have sufficient BNB for gas.
- Choose the CAKE pool and click 'Enable' to permit the contract to interact with your wallet.
- Once the transaction is signed, the next choice will be between Flexi/locked button.
- In the instance of a locked stake, choose the amount and the duration and sign the transaction.
- You can decide to extend your locked duration at any point should you choose to boost your earnings. The maximum lock period is for 52 weeks.
Stake in v2 to earn rewards
As with any staking rewards, the earnings are the highest at the beginning, and they go down over time as more tokens are locked. If you were farming in the old contract, don't wait to migrate. If you don't have any stake yet, I recommend you to give PancakeSwap some consideration.
That's it for now. I hope this guide makes migrating easy for you and answers any questions you might have. If you have any queries, drop in a comment below, and I would be happy to share my experience.
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