By now you should have heard that Harvest Finance is supporting Binance Smart Chain farms. They’re already very popular -- no surprises there as the APYs are crazy high now.
I myself heard a lot about Harvest Finance and BSC because there have been many posts posted here in the past few weeks. I don’t have much in crypto assets, but I thought, what the hell, I need to get deeper into DeFi and I don’t want to be chewed out by gas fees.
So I decided I’d make a small deposit to see if it was a smart idea. And boy was it.
The thing is there are a few hoops you have to jump through in order to get started with BSC.
I think that’s where most people are going to lose interest. So I’ve taken the opportunity to describe how I did it and maybe that will get you going as well.
Switching from Ethereum to BSC
First things first, you have to make sure you have access to the BSC network via MetaMask. I’m assuming you have MetaMask, which gives you the option of switching networks.
But first you have to add BSC as a network and to do that you’ll need to go to the settings. Click on your profile icon at the top right and select settings.
Select “Networks” and then “add network”.
Now you’re going to have to enter the relevant BSC network details to add it in. These are the details:
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Currency Symbol: BNB
Block Explorer URL: https://bscscan.com
The BSC network will now be available on your MetaMask account. Click on “Ethereum Mainnet” at the top and switch to “BSC Mainnet.”
But this only allows you to switch between the ETH and BSC networks -- you still need to bring assets on to the BSC network. That brings us to step #2.
Getting Assets onto BSC
To get your Ethereum assets onto BSC, you’ll have to use the Binance Bridge. Basically, this takes your ETH assets and brings it onto BSC which you can then use for whatever purpose.
Again, connect your Metamask wallet first by clicking on “Connect Wallet” at the bottom. Your ETH account will be connected to the dapp. You can see the wallet and network on the top right.
Select the assets you want to send to your BSC wallet. The destination address will be the same address MetaMask address (yourself).
After you confirm the transaction, your assets should be deposited into your BSC wallet. In order to see though, make sure you have selected BSC network on Metamask.
If you want to see a particular asset (in this case, ETH) on BSC, you will have to add a custom token on MetaMask. To do that, click “Add token” under the “Assets” tab. Enter these details (this is for ETH):
Contract address: 0x2170ed0880ac9a755fd29b2688956bd959f933f8
Token symbol: ETH
Decimals of Precision: 18
And that’s the whole process of bringing your ETH to BSC. Once you assets on BSC, you can then swap it for something else -- Pancake Swap is one option, but MetaMask’s swap functionality will also do just fine.
Now you have everything you need to get staking on Harvest Finance’s BSC farms. From here on out, it’s the same as Ethereum farms, but I’ll run you through it anyway.
Head to Harvest Finance. Right at the top, you’ll see a toggle between Ethereum farms and BSC farms. Click it to highlight BSC and you’ll be asked to connect your MetaMask wallet.
Now you can see the list of farms to choose from. And it’s clear that these are significantly better options than ETH farms. This is one major reason why I’m going to be staking more in BSC farms over the next few weeks.
Okay, so for the purposes of your trial, deposit a small sum in the Belt-BNB farm. The APY on this is a whopping 60%+!
But first, we have to head on over to Pancake Swap to supply liquidity to BELT-BNB by depositing both assets. You will have to approve several MetaMask confirmations during this process. For the liqudiity pool, you will be asked to approve then supply these assets.
Once you've done that, head back to the Harvest Finance farm page and select 'MAX' and you should see your liquidity tokens. Click 'deposit'. Make sure 'stake for rewards' is checked.
And that's it -- I've now staked in one of Harvest Finance's best performing BSC farms!
It's only the initial steps of migrating to BSC that's a little tedious, but with that out of the way, the process is rather straightforward. You can begin staking in these high APY farms right away for a marginal cost, and there's no reason why you shouldn't be doing it.