Background

Defi is the hot topic these days and there are lots of posts written about it. So I am not repeating here. Also, given the high fees of the Ethereum network, more and more people has moved from Ethereum chain to Binance Smart Chain (BSC) to do Defi.

I have been trying to do this and notice there is no existing guide on how to do this for us in USA. (as we don't allow to use binance.com and only binance.us)

To use BSC, the first thing you need to have is to get some BNB tokens. I got mine from 

Binance.us account

If you don't have one, you can use my refer link to sign up for one: 

https://accounts.binance.us/en/register?ref=53658070

I have been using Coinbase Pro for my crypto trading in the past and I am pleasantly surprised Binance.us has much lower fee vs. Coinbase.

Once you signed up , you need to fund your account. I did mine using ACH. You need to complete KYC ..etc. Once you deposited your fund, you can start to buy some BNBs. Please avoid using the Buy Crypto menu. It has such a bad price for me. I tried to setup a recurring buy of $20 as a test. It completed with a $284 price when the trade spot price was $230. So, use the trade interface to buy some. 

The other annoying thing is they restrict how many BNBs you can withdraw to your wallet. I have not yet figure out what the limit is. I guess we have to wait for some time. ( The website said 10 days hold. However, I was able to withdraw a few after one day. ) Please leave a comment if you know how this works.

Setup  Binance Chain Wallet

https://docs.binance.org/smart-chain/wallet/binance.html

The above link from binance is pretty easy to follow. I installed the Chrome extension and just follow regular step to setup wallet.

Setup  MetaMask Wallet for BSC

Lot of Defi site only support Metamask. 

Most people already have metamask wallet. If not, just download it from https://metamask.io/

I suggest to go to the source, not from any googled link as this is where all your money would be stored. You don't want to get any hacked stuff.

The default install doesn't support BSC. Please follow the below link.

https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain

It is basically configure a new network in the wallet.

Withdraw from Binance.us

From the Wallet Menu, select Balance. It would show you all the Fiat and Crypto you have in your account. 

Got to BNB under Crypto, at the right hand side, there should be an action to withdraw, click on that you should get the below 

Click on Address Management to setup your address. 

The address you should put is your "Binance Chain Network" address from your Binance Chain Wallet. The address should start with bnb.

Once you submit, it took a few min to complete. This step is to withdraw your BNB into the BC (binance chain), not the BSC (binance smart chain). Unfortunately for people in US, binance.us has not yet support BSC withdraw. Hope this will change in the future.

Cross chain transfer to BSC using the Binance Wallet.

In your binance wallet, switch the network to Binance Smart Chain Network, click on receive, and copy your address. It should start with 0x45 or something similar.

Switch back to Binance Chain Network, press Send and paste in the address field the one you just copied. 

The wallet would recognize this is a Cross Chain Transfer. You need to pay the fee and after a short wait, you should see your Binance Smart Chain network got your BNB.

Transfer from Binance Wallet to MetaMask

This step supposedly is not needed. However, I could not get pancakeswap to work with Binance Wallet. So, has to do this extra step and pay another small fee.

UPDATE: We can do cross chain transfer using Binance Wallet's Binance Chain Network to send to the Binance Smart Chain address of MetaMask. Reduce one step and saved some fees. (you can tell it is cross chain transfer once you input the receive address)

Exchange AUTO from BNB in PancakeSwap

Got to pancakeswap.finance Trade-> Exchange, change about half of your BNB into AUTO, this is the token for autofarm. (use other token if you are doing our Defi project)

Add Liquidity between BNB and AUTO

In pancakeswap, Liquidity, add Liquidity between BNB and AUTO, you should get LP token

Autofarm

Got to https://autofarm.network/, select the one you want to farm, for me , it is WBNB-AUTO LP, which currently have 351% APY. Click on Deposit and you are good to go.

As you can see, there are lots of steps involved and hopefully this can help you to get started.

Note:

There are lots of risk in Defi and never put any money in if you cannot afford to lose all of them. Do your own research and stay safe!

This is not a financial advise, just some notes I took down while trying it myself.