Adding Oracle Syrup: BAND Liquidity on PancakeSwap

Adding Oracle Syrup: BAND Liquidity on PancakeSwap

By PVMihalache | Mind Puzzle | 9 Jan 2021


I hate to have my crypto slacking in wallets, and this is one of the reasons I am constantly looking for new opportunities to earn some residual income. I had some Band Protocol (BAND) from Coinbase Earn which I wasn't sure where to send, on Atomic Wallet for staking or on PancakeSwap. I wanted to take the easy option and send them on Atomic but for a strange reason, Coinbase didn't recognized the BAND wallet as a valid one. 

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data to existing smart contracts. As oracles are used more and more in the crypto ecosystem, this one is a keeper. This is the story of the Oracle Syrup, as the BAND started the journey from the Coinbase wallet to Binance. I had to pay 0.313 BAND as network fee, the equivalent of £1.40, which I find it a bit exagerated. This means that BAND has to farm 3 CAKE tokens to make profit.83332a9590244c4e416ea93c21262053b03ec6d858eec61d21e6fcb75afcee4b.jpeg

From Binance, the BAND was sent as to PancakeSwap, paying 0.012 BAND as transaction fee. It has to be sent as BEP (BSC) to reach the Binance Smart-Chain Wallet, as the other options will send it to the Ethereum version of the wallet.8e7c95857aa76112ef7081f5f700e42387f774cea03726ecede451d40dfdee0a.jpeg

The token had to be added manually, by finding the contact address on BscScan and copy/paste in the custom token section. When this step was completed, I could see the BAND in my Metamask. c581f3bddc62d87d3aef5387ca6cb01f706c4db26320a95e78fdaf528f6a7d59.png

Adding maximum BAND with Binance Coin (BNB) pairing is the most profitable mix, and the $0.04 fee on Binance Smart Chain is absolutely lovely!01139bac50e08ffb9281c50098ad2804ef9af34160b36c889d0d7d60ebc15836.png

After PancakeSwap is allowed to spend BAND, the supply must be confirmed. I wish Binance will sort out this conversion rate but even without it, is not hard to understand that 0.004669 BNB is basically nothing compared to ETH gas fees.b9cab6e7b60b6b79ab2b66b16e3c05dfee2cf8a88f68d78ca203f90cc581a498.png

The liquidity is now ready, earning Binance Coin (BNB) and BAND. As my pool share is 0.00%, the reward will be minimal, that's why I will move this pairing into a CAKE farm. This way I can top up my CAKE stash and put BAND to do some real work.c6ae2e2e0b83a14c2c0e632fccf49e4659814be654d0d65c74bd20b41f480f97.png

The BAND-BNB Core Pool still offers x2 reward, currently at 59.3% APY. As I said above, still better than keeping a lazy crypto.2a65e6c42417ce564f7962694745667c3fb34d7e255dd79ee6d6923bd8296552.png

Adding the pair as Liquidity was cheap, paying $0.05 to allow PancakeSwap to spend my LP, after I paid $0.04 to create the BAND-BNB pair.0dfbba628389bbcfb9eca901a4a3f804f6cff8cddcbb55c569b9e6caa0b5a5c1.png

Once confirmed, it started to bake some CAKE. I plan to hold it as a pair until BAND will start to get more and more valuable, when I will withdraw it. Hopefully by then the generated CAKE will cover the loss. I will analyze it after one month.3ca773ce4d58f0067d6522c86936bbf2d91c9a305f650fde78e5b4b4e4a348e7.png

Also check "What the Hell is Yield Farming?" by Jerome Bernard, where he shares his Pancake Swap experience and some great tips and advices!

 

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PVMihalache
PVMihalache

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