Sirwin
Sirwin
I'm crypto-poor so I went to Binance Smart Chain (BSC) to Farm

I'm crypto-poor so I went to Binance Smart Chain (BSC) to Farm

By rflserra | Get Passive Income | 4 Feb 2021


THIS IS NOT FINANTIAL ADVICE, NEVER FORGET TO DYOR.

I'm crypto-poor so I went to Binance Smart Chain (BSC) to Farm


That's exactly that, I don't have much crypto available so I can't afford to pay 10$, 20$, 100$ in fee, to invest that same amount in Ethereum chain.
So this is about my transition from Ethereum chain to Binance Smart Chain (BSC), where the fees are acceptable.

First step - BSC Wallet
I tried  to use the Binance Chain Extension wallet (similar to Metamask), but then it was too slow and had some annoying bugs.
Solution: Adding BSC to my Metamask, and it works amazing!

How to do it?
1. Open Metamask
2. Click on top "Ethereum Mainet"
3. Click "Custom RPC"
4. Insert this data:
img

5. Done



Second step - Charge it with BNB

I used my Binance exchange to send BNB to the wallet.
It's very simples, follow:
1. Click "Withdraw"
2. Choose BNB
3. Copy and paste the Metamask address on "Recipient BNB Adress" (It's the same as ETH Chain)
4. Choose the chain "Binance Smart Chain(BSC)" BEP20 token.

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5. Click "Submit"


Third step - Light the fire

1. Go to the "Uniswap" of the BSC, the great PancakeSwap.finance

2. Connect your wallet to Metamask (Don't forget to let the BSC selected on the top o f Metamask)

3. Go to Exchange to swap some BNB for CAKE, that is the best suggestion to start exploring this platform.

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4. Then go to Pools and "Approve" those CAKEs, and stake(+) them as you like.


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5. This is the basics, then you can explore  giving Liquidity to Liquidity pools and go to the farms.
Just take attention to the Impermanent Loss!


Extra step - Turning pro

To add tokens to Metamask use the BSCscan

I use the yieldwatch to access all my crypto working for me, it great!

I switch from Pancake swap to the BSC aggregators app.beefy.finance and autofarm.network to stake my CAKE, because it compounds automatically, and you earn even more APY because you receive others crypto like AUTO.

I also tried and suggest Kebab Swap, Venus Protocol, Jetfuel and BDOllar.

Use DeFi Yield to check which audits the projects have.

Use Defistation, and https://bscscan.com/yieldfarms to check all projects on BSC.


Hope the post is clear and help you starting using the BSC!


 

 

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What is GET PASSIVE INCOME? It's a little project where I share and talk a little about the different alternative ways I use to make some extra money, either is earning, investing or saving it, aiming to the Financial Independence, or FI (or FIRE - Financial Independence Retire Early). Be FREE to join me on this experience of prosperity and comment if you have any questions Follow on Instagram: https://www.instagram.com/get.passive.income

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