My Quest on MetaMask and PancakeSwap CryptoWorld (Part 2)

My Quest on MetaMask and PancakeSwap CryptoWorld (Part 2)

By Feax21 | Crypto Monkey | 22 Dec 2020


On the previous article My Quest on MetaMask and PancakeSwap CryptoWorld (Part 1), I discussed my initial interaction with Metamask, a dApp gateway and PancakeSwap, a LaunchPool dApp, and the first set of problems that i came across after deciding to try to make use of their services. And I feel grateful that [insidetrader] and [Mynima] gave me enough directions how to resolve my initial problems of staking my long sitting tokens of my Binance spot wallet into PancakeSwap through Metamask.

I though my quest was over and everything would have been easy anymore to move my tokens into staking. However, that wasn't possible to happen. But let's see first how I resolved the initial problems, creating at the same time a guide how to transfer the tokens from Binance spot wallet into Metamask which was actually my first problem.

As it is well explained, the first step is to create a Binance Smart Chain Network using the following settings. Instructions can be foundon on the Binance article about Metamask and on the article How to add multiple binance smart chain networks to metamask

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Obviously when a user creates a new BSC network in Metamask, the default available token is BNB. So I tried to add CTK, SXP and HARD protocol tokens but these weren't found in the list just like the majority of cryptotokens!

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There is a tutorial about adding custom tokens manually (How to add a new token to metamask wallet manually) but the user needs to know the "contract address" of the token and the article talks about checking CoinGecko to find it out. However, CoinGecko doesn't include that information about tokens such as HARD, SXP, CTK etc tokens but [insidetrader] and [Mynima] suggested to visit BscScan (https://bscscan.com/) which is a actually a dedicated Binance Smart Chain Explorer. And if the user searches for the BEP20 tokens such as HARD, it is possible to find the contract address as follows:

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Then all is needed is to copy-paste the contract address and paste it in the metamask ADD NEW TOKEN setting and in the Custom Token tab, should paste the contract address from bscscan.com and instantly the token is added into the BSC network.

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Here i want to mention that even if the token is deleted or hidden or masked from the BSC network, it can be added again without losing the existing funds. The funds are in the BSC network, but they aren't visible unless the contract address of the token is added or un-masked!

This information is important. This is the main idea of the Meta-Mask as one unique address can be used for various "masked" tokens" as long as the information of the token's corresponding contract address is added into the network!

And it became apparent because initially I rushed to solve problem 2 of my initial quest and i started withdrawing various BEP20 tokens such as UNIFI, CTK, etc without adding the corresponding contract address first in the BSC network in Metamask so my funds weren't visible and therefore in that case, every user might consider what Binance is warning about during the withdrawal process that unless the BEP20 network is used, the funds will be lost.

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Especially for the PSG, JUVE tokens that are being currently airdropped in Binance LaunchPool, it became apparent to me that BscScan includes 2 different but similar tokens. The PSG Fan Token and the PSG token provided by chillz.com.

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Initially I added the contract address of PSG Fan Token but although i received a message from Binance that the withdrawal has been executed successfully, I couldn't see them into the Metamask wallet although I had already transferred successfully HARD, UNIFI and CTK.

Then i tried and added the PSG Token provided by chillz.com and my funds finally had been un-masked into my wallet.

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In the above screenshot, the first token is the PSG Fan Token without funds but in the 2nd token, PSG Token provided by chillz.com, the funds are obvious. In fact I tried to transfer 0.02 PSG tokens but the withdrawal commission was quite high and consumed half of my funds.

Finally, I transferred some BNB tokens hoping to use ONLY for the gas fees consumed by PancakeSwap using the subscription profit of my BNB savings in the BNB Vault as I didn't want to consume my hard worked BNB capital. However, the BNB tokens will appear in the Metamask BSC network wallet as ETH but in fact they are BNB tokens. Even if the user tries to add the BNB token on the BSC Network using the corresponding contract address, it will appear as zero. And that was my 2nd great surprise because initially i couldn't find my BNB funds transferred just like it happened with the previous tokens successfully!  

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After a long struggle and persistence, the problems described in the Part 1 of my Metamask and Pancake quest were resolved.

FINISH? NOT YET !
And i though that I was ready to stake my tokens in PancakeSwap and start receiving my staking profit. Yet, I still have some issues to consider !!!

First of all, EVERY TIME the user is pressing a button in PancakeSwap, Metamask consumes gas fees. And i mean EVERY TIME!

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Initially, i got confused from the SYRUP Pool tab because I though that I could stake my tokens on their own and earn CAKE. In fact the opposite takes place and in the SYRUP Pool, the user stakes CAKE to produce tokens just like in the Binance LaunchPool. The description is obvious

Stake CAKE to earn new tokens. You can unstake at any time. Rewards are calculated per block.

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Then I discovered the Farming tab and I tried to approve some staking pairs but every time i was pressing the APPROVE button, PancakeSwap & MetaMask were consuming my BNB tokens as gas fees. Not a lot but my funds were already limited and if the user isn't certain which stake process to approve, the BNB tokens will be consumed in gas fees for nothing.

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Then I realised that the Farming Pool requires both tokens of the pair to be staked according to the screenshot by [PVMihalache] in Pancakeswap got hard get cake. But this isn't clear in the article. And in fact, it is obvious that similar amounts in USDT of the paired tokens have been staked!

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Honestly, all i wanted to do is to stake my BEP20 tokens not my BNB tokens and unfortunately, at the moment my BNB funds from the subscription earnings are limited and I am not convinced why I should invest my BNB tokens into PancakeSwap experiments and lose the subscription earnings of the BNB Vault just for earning some CAKE tokens which can be used to earn unknown and non popular BEP20 tokens such as HARD, UNIFI, ALPHA etc or BNB tokens that I already have staked in BNB Vault!

Because this is how PancakeSwap works. Therefore i have decided to move all the micro-amounts of various tokens that i keep on spot wallet into Binance Pool hoping that there will be some profit from it since Binance doesn't provide any flexible savings for them. In fact I am not sure exactly how Binance Pool works but i am eager to try to see if i can get some profit from it.

However, for the time being, it is clear that the Metamask - Pancake quest has failed. Not because i am not able to perform any farming but because it is getting too expensive for me and even worse i can't see any profit on it. 

In conclusion this is how the system works!
You take your BNB tokens, you stake them into Binance LaunchPool sacrifying your subscription interest, to earn some BEP20 tokens and then you take both the BNB tokens and the BEP20 tokens and you transfer them into Metamask paying commission. Then you stake them in pairs and you pay another commission in the PancakeSwap to earn CAKE tokens which can be then staked to earn the BNB tokens that you have initially invested which in return you need to transfer back into the Binance spot wallet paying again commissions for unstaking and transferring from Metamask. And when you will get the Return of Investment (ROI) when you could just keep your BNB tokens into the BNB Vault and earn a respectful 5% A.P.Y. interest plus the Binance LaunchPool benefits as a profit and just keep any micro-amounts of the BEP20 tokens you accumulated into your Binance spot wallet ?

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Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions

 

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