Farming $CAKE & $1INCH at Harvest Finance via Binance Smart Chain [Beginner Friendly]

Farming $CAKE & $1INCH at Harvest Finance via Binance Smart Chain [Beginner Friendly]

By D3F1 | DeFi Box | 28 Apr 2021


Harvest Finance recently integrated the Binance Smart Chain to its farming strategies, providing us with a great way to utilize our BSC assets and farm for cheaper fees.

This tutorial will cover how you can easily farm your $CAKE and $1INCH at Harvest Finance via Binance Smart Chain.

Before we begin, there are few things you might need to go over if you are new to the Binance Smart Chain;

Once you have all of them sorted and have either $CAKE or BEP-20 $1INCH, you can go ahead with this tutorial.

Head over to Harvest Finance and connect your wallet using the Binance Smart Chain. You must have the “Smart Chain” network selected in your MetaMask;

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Farming $CAKE On Harvest Finance

The $CAKE farming is located in the “Pancake” category;

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Yield Farming using $CAKE is really easy and it doesn't require providing liquidity to any pool. You simply just need $CAKE and no other asset to start farm. Just enter how much $CAKE you would like to deposit into the strategy or hit “Max.” Once that is entered, simply hit “Deposit.”

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A MetaMask window will appear asking for permission to spend your $CAKE. Check the fee and hit “Confirm”;

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Once that transaction has been mined another MetaMask window will appear, asking you to confirm the deposit to the Harvest Finance platform. Again, hit “Confirm”;

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After that transaction has been confirmed, a third MetaMask notification will pop up, asking for permission to spend your $bfCAKE. This permission is needed as it is part of the strategy for Harvest Finance. Once again, click “Confirm”;

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Once that has been confirmed, the fourth and final MetaMask window will appear, asking for permission to “Stake” your assets for you to automatically earn a yield. Hit "Confirm" to finish adding $CAKE to Harvest Finance;

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Once that transaction has been confirmed, everything is complete. You are now earning $bFARM as a reward through yield farming $CAKE on Harvest Finance via the Binance Smart Chain.

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Farming $1INCH On Harvest Finance

Farming BEP-20 $1INCH is slightly more complicated as it involves providing liquidity to the $1INCH-$BNB pool on 1Inch. Don’t worry. The process is still straightforward and, by the end of this tutorial, you will know exactly how to do it.

To conduct this part of the tutorial, you will need an equal amount of $BNB and BEP-20 $1INCH.

There are two 1INCH staking options on Harvest Finance, 1INCH-BNB, and 1INCH-RENBTC, both located in the 1INCH section. For this tutorial, we will be staking 1INCH-BNB, but the process is identical if you prefer to stake 1INCH-RENBTC;

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First, we need to head over to 1Inch exchange and connect our wallet;

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On the Connect Wallet page, you first need to accept the ToS and Privacy Policy. Then select the Binance Network and MetaMask as the wallet;

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This will bring up a MetaMask window for you to select your wallet. Simply select which wallet you would like to use and hit “Connect”;

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Once connected, you can head to the BNB/1INCH swap page to buy some BEP-20 $1INCH. This is the only place to buy BEP-20 $1INCH, and it is not available on Pancake Swap. There, simply enter how much $BNB you would like to swap into $1INCH and hit “Swap Token”;

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A pop-up will appear asking you to confirm the swap. Simply hit “Confirm Swap”;

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A MetaMask window will then appear, asking you to sign the transaction. Here, hit “Confirm” again;

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Once that transaction has been confirmed, you will now be holding BEP-20 $1INCH. Now, we need to add liquidity to the $1INCH-$BNB liquidity pool. Simply head over to the pools page on 1Inch and locate the $1INCH-$BNB pool - it is usually the top choice;

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Here, we need to hit “Provide Liquidity”;

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This will bring up the “Provide Liquidity” page for the specific pool. The first thing we need to do is hit the “Unlock” button to allow 1Inch to have permission to use our wallet;

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You will next be provided an option to unlock a specific amount of $1INCH or “Infinite Unlock” to prevent having to do it again in the future. Let’s hit “Infinite Unlock” to make things easier;

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A MetaMask window will appear, asking permission for 1Inch Exchange to spend the $1INCH tokens. Simply hit “Confirm”;

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Once that transaction has been confirmed, we are now ready to provide the liquidity. Note, the pool is set up for a 50/50 split, meaning that you would need to provide an equal proportion of $BNB and $1INCH. You can either enter the USD Value of liquidity you would like to provide or simply hit “Max” to provide the maximum available in your wallet. 

After entering how much USD Value liquidity you want to provide, hit “Provide Liquidity”;

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Again, a MetaMask notification will appear, asking you to confirm the transaction. Hit “Confirm”;

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Once that transaction has been confirmed, you will now be in possession of the liquidity provider tokens. You should see them in your MetaMask assets. Don’t worry if it says 0.0000000000 - that’s how the tokens are distributed;

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Now, we need to head back to the Harvest Finance page and locate the $1INCH-$BNB Farming strategy inside the 1INCH section;

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There, we can simply hit “MAX” to enter the maximum amount of $1INCH-$BNB LP tokens we own and then click “Deposit”;

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Again, a series of MetaMask windows will appear, asking you to confirm a few things. They are the same permission requests as in the first section of this tutorial for $CAKE farming but in relation to $1INCH-$BNB.

I won’t show you them all here, but you need to confirm each one previously conducted for $CAKE farming. 

The first is to allow Harvest Finance to spend the 1LP-BNB-1INCH tokens (don't worry if it says 1LP-ETH-1INCH instead - that’s just a MetaMask error). The second is for the actual deposit of the tokens. The third is to grant permission for Harvest Finance to spend bf1LP-BNB-1INCH for staking. Finally, the fourth MetaMask notification is to stake the f1INCH-BNB LP tokens to earn $bFARM.

That’s all you need to do. You are now providing liquidity to the $1INCH-$BNB liquidity pool and using the LP tokens for farming on the 1INCH-BNB Harvest Finance strategy to earn $bFARM.

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