In a previous post, I had written an introduction about how I was yield farming on PancakeSwap. PancakeSwap is a swap platform but rather than running on the Ethereum network (like Uniswap) it runs on Binance's Smart Chain (BSC). It's, I believe, the first swap platform to run on Binance's Smart Chain.
In that post I had asked others if they would like to see just how I was yield farming and the responses to that was quite positive. That's why I'm writing this follow up post. This post goes through a step by step tutorial demonstrating just how you can yield farm on PancakeSwap.
Everything that you need to know or to get started is in the video. However I do want to address a couple of things.
The first is that yield farming is very risky. You can lose 100% of your money that you put in due to numerous kinds of risks. That's why they pay out such high rates (300%!), to compensate for that risk you're taking. No reward, no risk. ONLY PUT IN WHAT YOU'RE WILLING TO LOSE. For myself, I've only started to get in the green even after starting late last month. I'm right now in profit but who knows for how long.
The second is that the video is quite long (15 minutes) compared to my usual videos which are normally between 5 and 10 minutes. There are just so many steps involved with yield farming on PancakeSwap which is why the process can take some time to get setup.
The third is that these are the links that are used in the video:
Step 1: www.metamask.io
Step 2: https://docs.binance.org/smart-chain/wallet/metamask.html
Step 3: www.binance.com
(If you don't have a Binance account already, here's a link to help you save 10% on your trade fees: https://www.binance.com/en/register?ref=PWWHQ2RY)
Step 4, 5, 6: pancakeswap.finance
I believe that the video should have been able to get you started with yield farming on PancakeSwap. If it doesn't, feel free to leave a comment below and I'll see if I can help you out.
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