Binance Smart Chain (BSC) is emerging as a network with impressive speed and extremely low transaction fees. In the wave of applications landing on BSC, not to mention the first Yield Farming application on this platform is PancakeSwap. So what is interesting about this platform and what points should be noted when using this application, let’s find out with Coinlive through the article below.
Overview What is PancakeSwap?
PancakeSwap is essentially a decentralized exchange (DEX) that allows users to exchange BEP20 standard tokens (the latest token standard from Binance Smart Chain), stake tokens to receive rewards, and participate in Voting governs decisions on the system based on the amount of Syrup tokens they hold.
This is a system operating in the form of an Automated Market Maker (AMM – roughly translated: “Automated market creation system). This means your trades will not be matched with others using order books. Instead, users will trade with each other by locking their tokens into a liquidity pool.
According to data regarding Yield Farming platforms from CoinMarketCap as of November 2nd, PancakeSwap is currently ranked 7th in terms of total locked value (TVL) on the platform:
In addition, according to statistics from the website DappRadar, PancakeSwap is currently the leading application in terms of volume as well as the number of users on the Binance Smart Chain network.
Coinlive has also made a video to guide the operations on PancakeSwap, you can follow below.
How to create a wallet to join PancakeSwap
On the web platform
Basically, the default MetaMask wallet network connection is preferred for Ethereum.
However, users can use the MetaMask wallet platform, adjust the connection from Ethereum to the Binance Smart Chain network, and be able to participate in transactions on PancakeSwap. Specifically, I would like to demonstrate through the following steps:
Step 1: Set up MetaMask wallet settings. This step, Coinlive has detailed instructions in the article at this link.
Step 2: Once you have your MetaMask wallet, click on the network section at the top of your browser. Click on “Custom RPC”.
Step 3: After clicking Custom RPC, the screen will return information boxes to fill in such as Network Name, New RPC URL, …
Step 4: Please fill in the boxes with the same information as in the image above. Specifically:
- Network name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
Step 5: Press “Save” you can already connect to Binance Smart Chain. From there, you can click deposit BNB to continue to participate in transactions on PancakeSwap.
Note: When transferring BNB to your wallet, you must ensure that you are trading with the BEP20 standard – the new token standard of Binance Smart Chain.
On mobile platform
Another way to access PancakeSwap is on the mobile platform with the TrustWallet wallet. Personally, I think if you want to join PancakeSwap, you should use TrustWallet for 2 reasons:
- TrustWallet has a higher compatibility with Binance, the setup is neat, the interface and supporting Dapps are clearly displayed and easy to use.
- CAKE is currently only supported on the only CEX exchange, which is Binance, and the transfer speed from Trust Wallet to Binance is faster with the Binance Smart Chain network, supporting the movement of coins back and forth if you want to sell with high liquidity.
Here are instructions for using the TrustWallet App to join PancakeSwap.
Step 1: Download Trust Wallet and set up the settings in the wallet, for this problem, Coinlive also has a tutorial here.
Step 2: Add BEP20 standard BNB coin to wallet. 
Click on the settings button in the upper right corner of the image above. Then search for BNB coins to add to display on the wallet’s homepage.
Note: You must use BEP20 standard BNB. With the name displayed on Trust Wallet is “Smart Chain (BNB)” as shown in the image below.
Next, you just need to load BNB into your wallet to continue participating in transactions on PancakeSwap.
You click on the icon of 4 squares below the tab bar.
Trust Wallet will show supported Dapps. If you choose to go to PancakeSwap, you can connect to this DEX.
What is Token PancakeSwap (CAKE)?
CAKE is the internal token of the DEX PancakeSwap exchange. This is a token developed by an anonymous group of programmers and uses the BEP20 standard of Binance Smart Chain to operate.
Some parameters about CAKE . token
- Token Code: CAKE
- Token standard: BEP-20
How can I get CAKE?
Swap
On the PancakeSwap exchange, you can directly swap BNB, BAND, BCH, ALPHA, etc. to CAKE to conduct staking or mining on the platform.
Trade on Binance
For those of you who play CAKE and just want to invest in the price movement of this token instead of wanting to increase the number of tokens quickly, you can trade on Binance.
Currently, Binance is supporting CAKE/BUSD and CAKE/BNB . trading pairs
Staking
On the menu item of PancakeSwap, click on the Staking item. Here when staking (ie locking the existing amount of CAKE) you will be rewarded in the form of CAKE.
Yield Farming
Similar to staking, but for mining, you need to stake 2 types of tokens to create a token pool.
After having a token pool, you can lock these token pools into the pools from which to receive CAKE. About this Yield Farming activity, I will talk more about it later.
Yield Farming
Yield Farming is a recent emerging wave on DeFi platforms, simply because it allows investors to quickly benefit from high returns, as well as the potential for growth is still huge in the near future. .
Now Coinlive will guide you step by step to be able to participate in Farming on PancakeSwap.
First, go to the “Menu” section, click “Farm”.
There is a small note and a plus point for PancakeSwap when the system integrates a variety of languages. For more convenience, you can click on the language symbol in the right corner. Then select “Vietnamese” to make it easier to use when joining the platform.
Here, you can see the mining pools. Each mining pool will contain 2 tokens. The example below I will take is CAKE and BNB.
After identifying the 2 mining token pools that you want to join, you will have to create token pools by “Add Liquidity”. You click on “Trade” then “Exchange” on the Menu bar. Next click on the “Pool” tab to be able to start “Add Liquidity”.
Select 2 tokens as the initial target, in my example BNB and CAKE, then click Add.
Next, when you have Pool Token (in my example it will have the code CAKE-BNB FLIP), you return to the mining pool interface, Stake the Pool Tokens you just created into the pool.
Note: The APY index (Annual Percentage Yield roughly translated as Profit Interest Rate per year) is the part of the interest rate that you can receive when you farm in pools. This APY will be high or low depending on the risk and volatility of the tokens staked in the pool.
Below is a breakdown of APY levels for notable yield farming pools on PancakeSwap – data taken on 11/2.
| Farm Pool | APY (%) |
| CAKE – BNB | 506.1 |
| TWT-BNB | 249.1 |
| ADA-WBNB | 230.4 |
| ALPHA-BNB | 221.7 |
| XRP-BNB | 171.7 |
| YFII-BNB | 145.3 |
| BUSD-WBNB | 57.48 |
In addition, on PancakeSwap there are still many farm pools with many other notable cryptocurrencies such as EOS, ETH, BTC, etc. You can go to PancakeSwap’s farm pool interface to freely choose a pool that suits your strategy. its investment.
And on the display frame, there will be a “Harvest” section, which means the amount of CAKE you are rewarded for your Farming activities.
Note: You should wait for a decent amount of CAKE and then harvest it because that way we will benefit more from the transaction fee.
Staking
Some change notice
Due to some technical errors encountered with the SYRUP token, the PancakeSwap platform has just announced that it will move all SYRUP staking pools to staking with CAKE. Funds staked in the form of SYRUP cannot be withdrawn. Instead, the platform will still record this balance of you, and still proceed to pay the reward based on the above amount of SYRUP in the future.
Join Staking Pool
In addition to participating in farming to receive interest, you can also stake CAKE in pools to receive rewards with a variety of tokens. The steps to join the pool are as follows:
Step 1: In the section “Menu”, you click “Pools”.
Step 2: Next, you scroll down to select pool. As of 11/15, the available pools are:
- CAKE Pool
- HARD Pool
- TWT Pool
- NYA Pool
- bROOBEE Pool
Once you have selected the pool, you will be redirected to the interface as shown below. In this example I will choose CAKE pool.
Step 3: In this interface, you can also track the amount of CAKE you receive thanks to Staking activity. Click on the (+) sign to stake CAKE in the pool.
Step 4: Click the amount of CAKE you want to stake and press “Confirm”.
So you can start receiving rewards returned from Staking activities. Next we will come to another interesting activity on PancakeSwap which is Lottery.
Lottery
In addition, you can use CAKE to buy lottery tickets and have the opportunity to receive prizes up to about 500 CAKE for each payout. Every 2 hours, the platform will conduct a lottery to find the luckiest people.
The cost per ticket will be around 10 CAKE. For each ticket purchased, you will receive 4 numbers. 
There will be 3 prize categories: winning 2 numbers, 3 numbers and 4 numbers. You can track your lottery results right in the Lottery tab.
Where to follow the latest news about PancakeSwap?
You can directly follow the latest updates on the PancakeSwap platform through official channels such as:
- Twitter: https://twitter.com/pancakeswap
- Medium: https://medium.com/@pancakeswap
- Announcement Channel: http://t.me/PancakeSwapAnn
- English Chat: http://t.me/pancakeswap
- Vietnamese Community: https://t.me/PancakeSwapVN
Should I join PancakeSwap or not? Is PancakeSwap a scam?
Personally, at the moment, Yield Farming is no longer as hot as it was in August, September. So for those of you who want to find a xxx deal and don’t want to keep capital for a long time, PancakeSwap is not the right choice.
In addition, since this period the APY on CAKE’s mining pools has decreased significantly, so again this is a reason that many brothers need to consider…