On June 13th, 2021, Ampleforth successfully became the first multi-chain rebasing asset in history. The team released an $AMPL bridge that allows you to bridge your asset from the Ethereum network to the Binance Smart Chain.
Check out this tutorial on how to easily bridge your $AMPL onto the #BSC.
Now that you have $AMPL on the Binance Smart Chain, it’s time to learn how to provide liquidity on Pancake Swap and earn rewards. To do this, we will first provide liquidity to a liquidity pool and then use the Liquidity Provider (LP) tokens to stake in the farm to earn $CAKE rewards.
Providing Liquidity on Pancake Swap
To provide the liquidity, you need to have both the #BSC version of $AMPL (check tutorial linked in the intro) and $BUSD - The Binance USD stablecoin. You can acquire $BUSD either on the Binance Exchange or use Pancake Swap to swap between $BNB and $BUSD. Additionally, you need to have an equal fiat amount of $BUSD and $AMPL (#BSC) to enter the liquidity pool at a 50/50 ratio.
Once you have acquired the $BUSD, we need to provide liquidity in the pool to receive the LP tokens.
The easiest way to find the liquidity pool to deposit into is to head over to the Farms page on Pancake Swap and connect your MetaMask wallet on the Smart Chain;
Once connected, you can use the “Search” field to find the required $AMPL pool or locate it in the list. The required pool is called AMPL-BSC-MP-BUSD;
After locating the pool, click it to open the details. Here there is a link to get the required LP tokens for this farm easily. Click “Get AMPL-BSC-MP-BUSD LP” to head over to the deposit page for the liquidity pool;
This should take you to the “Add Liquidity” page for the AMPL-BSC-MP-BUSD pool. Alternatively, you can use this link to head directly there. It should look like this;
We need to enter how much $BUSD and $AMPL we would like to deposit into the pool. As you can see, I have 200 $BUSD and 403 $AMPL in my wallet. This is not an equal amount. Instead, I can simply hit “MAX” on the smaller amount, and the other field will populate as such;
The interface has automatically inputted 200 $BUSD and an equal amount of $AMPL - in this case, 183 $AMPL.
The first thing we need to do is approve Pancake Swap to use our $BUSD. Go ahead and hit “Approve BUSD”;
This will bring up a MetaMask window asking for permission to allow Sushiswap to spend your $BUSD. Go ahead and click “Confirm”;
Once that has been completed, you might also be asked to do the same thing for $AMPL. Again, hit “Confirm”;
Once that transaction has been confirmed, we will now supply our liquidity into the pool. Go ahead and click “supply”;
This will bring up a confirmation window on Pancake Swap, showing you how many BUSD/AMPL Pool tokens you will receive. It will also provide information on how much $BUSD and $AMPL are being deposited, alongside your % share of the overall pool.
Go ahead and click “Confirm Supply”;
This should bring up a MetaMask window asking you to confirm the transaction with a small fee;
Once the transaction has been confirmed, you should see the following window stating that the transaction has been processed. Here, we can click “Add Cake-LP to Metamask” to allow the LP token to be viewed in our MetaMask wallet;
A MetaMask window will appear. Simply click “Add Token”;
You should then be able to see the LP tokens received in your wallet;
We have successfully added $BUSD and $AMPL into the liquidity pool on Pancake Swap. As a result, we will be earning 0.17% of all trades on this pair - proportionally to our share in the pool. We will earn a small fee each time somebody makes a trade between the two assets we deposited.
However, there are more rewards to be made if we deposit our LP tokens into the Farm on Pancake Swap.
Depositing Our LP Into The AMPL-BSC-MP-BUSD Farm On Pancake Swap.
Head back over to the Farm page on Pancake Swap and pull up the AMPL-BSC-MP-BUSD Farm again. Remember, you can find it manually or use the search field;
This is a Staking Farm from Pancake Swap in which we can deposit our LP tokens and earn $CAKE rewards.
The first thing we need to do is enable to farm. Simply click “Enable”;
This will bring up a MetaMask window asking for permission to allow Pancake Swap to spend your Cake-LP tokens. Go ahead and click “Confirm”;
Once the transaction has been confirmed, the “Enable Farm” button will change to “Stake LP”. Let’s go ahead and click “Stake LP”;
This will bring up a dashboard asking us how much LP Tokens we would like to stake. Simply hit “MAX” to stake them all and then hit “Confirm”;
This will bring up another MetaMask window, asking to confirm your deposit. Go ahead and click “Confirm”;
Once that transaction has been processed you will now be staking your LP tokens to earn $CAKE rewards.
You can see your earnings in the Details section on the farming page. To claim your $CAKE rewards after they have started to come in, simply hit “Harvest”. You can also see the value of your AMPL-BUSD LP staked here;
That’s all there is to it. You are now earning rewards in $CAKE after staking your AMPL-BUSD LP tokens.