Pancake Swap Yield Farming Introduction (300%?!?!)

Pancake Swap Yield Farming Introduction (300%?!?!)


Over the summer there was a lot of interest in yield farming. That interest seems to have waned though. Do I think that De-Fi is a fad? No I don't. Do I think that it'll make a come back? Yes, probably. I personally don't think that yield farming will go away. I believe this because you're after all, providing a service and should thus be compensated for that service for the kinds of risk you're taking on. I do however, think that the yields will go to a more "reasonable" level over time. 

I think that liquidity providers should be financially incentivized and rewarded to help out others who want to borrow or trade those funds. De-Fi is giving people back the power with their money by allowing them to profit rather than the middleman. Platforms will replace the traditional banking sector where depositors get paid nothing in return for leaving their capital with the banks. At the same time, the banks will lend out ten times the deposit amount and pocket all of that money for themselves. De-Fi will level the playing field and ensure that those who should be compensated really are getting their fair share.

However one of the problems with yield farming, over the summer, was that the ETH transaction fees were just so expensive; It would be like $20 in fees just for a single transaction. I think that this can put a lot of people off, especially with those who don't have large sums of capital. Having said that, this is one of the reasons why Binance released their own chain. The Ethereum network was just getting clogged and the network fees were pretty hefty. 

Not too long ago, Binance released their smart chain (BEP20) which is different from their BEP2 chain. BEP20 allows for smart contracts and can thus do more. As their BEP20 network allows for smart contracts, this means that you can yield farm. A platform called PancakeSwap, that uses Binance's smart chain (BSC), allows users to both swap and yield farm.

As it's a new platform, the process can be cumbersome. This is why I've made an introductory video outlining where and how you can yield farm along with the risks associated with it catered more towards advanced users. In the future, if there's demand, however I will create a tutorial video showing exactly how to yield farm.

For more advanced users, this 6 minute video should be able to give you an insight on how to yield farm with PancakeSwap.

I hope that the video gives you a better understanding about yield farming using Binance's smart chain.

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cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.


cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.

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