Apeswap - Cashing out your profits

By Cxsteam | Defi_Journey | 14 May 2021


Photo by Sharon McCutcheon on Unsplash

Photo by Sharon McCutcheon on Unsplash

Making magic internet money is great, but how do you realize your profits and see that money back in your bank account? A reader kindly pointed out that I never discussed the steps for getting your money OUT of Apeswap so here’s a short tutorial with pictures to follow along!

I’ll assume you’ve read my previous articles and have a basic understanding of Apeswap’s layout. If you haven’t, check it out here.

 

Harvesting

If you’ve been farming away after following my previous article, you’ll probably have noticed that you’ve earned yourself some BANANAS. 

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Here I’ve blacked out my earnings just to be safe, but you should be looking at a screen similar to this one. If you’re interested in only withdrawing the profits that you’ve made over the last couple of days whilst leaving your capital intact, hit the Harvest button (1). 

A confirmation screen will popup, asking you to confirm the action. As of the 14th of May 2021, the BSC is heavily congested due to unprecedented growth so don’t worry if nothing seems to happen for a little while. Check back after a couple of minutes and these BANANAS should now be in your TrustWallet. 

You can now reinvest these BANANAS back into the farm by getting yourself more LP tokens, or play it safe and stake them into a pool. If you wanted to withdraw it as cash, you’d head on over to the Trade screen and sell off these BANANAS for BUSD — The reverse of what you did in the Trading step of my previous article where you bought some BANANA for BNB. You’d then have to send the BUSD back to a CEX like Binance to cash out to your bank account. 

 

Removing Liquidity

In the event that you’d like to withdraw your capital, you’ll have to go through the process of “breaking” your LP tokens. Note that by doing this, you are now making permanent any impermanent loss your funds might have experienced while in the LP. 

In the image above, hit the “minus” button and choose to withdraw all of your LP tokens. Head on over back to the Liquidity page (1) under the Trade tab on the left of the screen. 

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If you have LP tokens in your wallet, chances are they’ll automatically pop up in the window marked (2). If they don’t, just hit the import button (3), and choose the two tokens you provided liquidity with, eg: BNB and BANANA.

Clicking on the LP tokens you have in the window (2) and choosing to Remove it will bring up a screen that allows you to determine how much of your capital you’d like to withdraw. Select 100%, approve of the contract and Remove one last time. 

And you’re done! Your impermanent loss (if any) is now permanent and you’ll receive your crypto back in your wallet in a couple of minutes. The best part about all of that? The entire process should have been quick, painless and cost you maybe $3 in gas fees total. On the Ethereum network, things would have been very different, with gas fees being in the $100 — $1000 range. 

 

Ending Thoughts

Hopefully that was easy enough to follow. Do feel free to leave a comment if you have any questions and I’ll do my best to answer them. Or if you’re feeling particularly generous, leave me a tip me below at no cost to yourself. 

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Cxsteam
Cxsteam

Writer for the BSC Times and also a member of the Kryptomon team.


Defi_Journey
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