In this post we'll be talking about PancakeSwap.
PancakeSwap is a decentralized finance application running on Binance Smart Chain.
You can use it Farm LP tokens or simply stake your Crypto and receive CAKE in return.
It's a very simple way to start in DeFi, and the best part it's that uses the BSC (Binance Smart Chain) Network.
The BSC (Binance Smart Chain) Network has one of the lowest, if not the lowest gas fees right now.
In PancakeSwap you can exchange your tokens easily.
You just have to input the value of the coin you have on your wallet, and choose which token you want to exchange for.
Once you have both coins on your wallet, you can add Liquidity to them, which will create a LP token of the pair of coins you choose to do so.
After you added Liquidity, you now have a LP token, which you can use on the Farm on PancakeSwap or another DeFi service.
If you stake a CAKE-BNB LP on the Farm on PancakeSwap, you will receive CAKE as a reward.
The CAKE you got as a reward can be used to stake CAKE in the Pool to earn more CAKE.
Or you could also just make an Exchange as mentioned before, and stake your CAKE on the Pool directly.
The best part about the Pool, it's that you can Compound what you earn, that means that you can reinvest the CAKE you won on the Pool, and doing that, you can earn more CAKE.
Thank you for learning more about PancakeSwap with me today, I left a few links that can help you track your progress on the site.
Links:
https://cryptocurrency-defi.blogspot.com/2021/03/pancakeswap-defi-in-bsc-network-binance.html
