How to stake CAKE on pancakeswap and
The decentralized exchanges or DEXs They are becoming increasingly habitual among cryptocurrency investors, be it for their ease of use, levels of security, or hundreds of other reasons.
These facts have caused them to receive great support from the crypto community, and PancakeSwap is one of the most acclaimed.
Therefore, a large number of investors of CAKE (the native token of the decentralized exchange) often think about staking their tokens.
However, they question how to do it, which is why on this occasion we espectáculo how to stake CAKE in 2 different ways; from PancakeSwap and from Binance.
How to stake CAKE on PancakeSwap
Staking will not only benefit you as a CAKE holder due to the rewards they give to token holders, but it also benefits the security of the cryptocurrency network.
Besides, no need to lock tokens for a certain timeyou cánido withdraw your tokens along with the winnings at any time.
Without further ado, here we espectáculo you how to stake CAKE using PancakeSwap.
1. Entrar PancakeSwap
The main thing is to entrar the DEX.
This you cánido do by doing clic here or simply placing the following dirección de Internet in the search bar of your browser: https://pancakeswap.finance/.
2.
Synchronize with your wallet
Once inside PancakeSwap, the first step to stake CAKE is to synchronize the DEX with your wallet.
We focus on Metamask, which is one of the best cryptocurrency wallets and with a few fácil steps you will have the MetaMask extension installed.
In the same way, to synchronize you must press the button that appears in the upper right corner of the exchange; right where it says “Connect Wallet”.
After clicking on the mentioned box, various wallets that cánido be used will be displayed.
there you shall select the wallet in which you have your CAKE tokens.
Since, let’s remember, that if you want to stake CAKE in PancakeSwap you must have cryptos in a wallet.
We select the wallets and if you have the MetaMast browser extension installed It will ask you for permission to perform the synchronization; You must grant it and the connection will begin to be made.
If you do not have this MetaMask extension you perro download it by doing clic here.
3. Search and select a pool
When the synchronization of PancakeSwap and your wallet is finished, you will be closer to being able to stake CAKE.
Now, you just have to go to the top menu, and select the option of: Earn > Pools.
Now a list like the one shown in the image below will appear.
This image is simply a representation of all pools available for staking; we suggest entering those with the most staked tokens and automatically re-staking your assets; to start staking CAKE just press the area that says “Details” and then “Enable”.
However, you perro still freely choose the pool depending on what you are looking for.
4.
How to see the earnings you generate by staking Cake
If we clic on the button next to APY/APR we cánido see the profits that we would obtain according to the number of tokens that we put in the pool.
Here you cánido see it:
Remember: For any movement on the Pancakeswap page you will need to have BNB (the official currency of Binance) in your wallet.
It is what gas is used to carry out the movements and cover commissions.
Without BNB you will not be able to stake your CAKE tokens.
How to Stake CAKE on Binance
In addition to the official CAKE staking method, it is also possible to use the Binance exchange to make profits with some tokens.
For this, it is essential that you have an account in the exchange, otherwise, you will have to create an account on Binance.
1. Look for the earn area
Now that you have registered, you only have to have funds to be able to stake CAKE on Binance.
You must go to the top menu and select the option: Earn > Stake.
2. Select CAKE and equipo parameters
Once the previous step is done, a list of staking options will be displayed.
However, You must search and select the one that says “CAKE”.
In case you cannot locate it, just write the name of the crypto in the search bar of the platform and it will appear.
Now that you found the CAKE option you will be able to see the APY estimate, agregado you will have the option to select the time in which you want your cryptos to be staked.
You perro define this by selecting the number of days you want your funds to be blocked; right next to where the APY percentage is displayed.
As you perro see, in this case the periods range from 30 to 60 and 90 days.
When you have finished setting these parameters, all you have to do is press where it says: «Subscribe«.
3. Confirm and go
To conclude, you will be asked to confirm that you are sure of staking CAKE on Binance.
Also, it will display the estimated reward percentage or other details; Binance’s terms and conditions must also be accepted to complete the process.
Cánido you make a lot of money by staking CAKE?
The amount of money that perro be earned by doing CAKE staking it will depend on many factors; Starting with the percentage of APRs and APYs offered by the stake pool or Binance in the opposite case.
In addition, it is also suggested to take into account that the amount of tokens and time periods perro influence.
Since, a greater amount of locked tokens, in a longer period, will clearly generate a high amount of rewards.
Therefore, it is suggested to stake for long periods and with a notable number of cryptos.
How much CAKE is recommended to stake?
There are platforms to calculate the recommended number of tokens for staking, however, an exact amount cannot be defined.
Since this will depend on the capital that perro be blocked and the profits that the investor usuario wishes to obtain.
However, on Binance, for example, you perro stake with CAKE using only 1 token.
Certainly, this will not leave a high profit margin, for the same reason, we remind you again that to make staking and have noticeable profits it is suggested to use large amounts of tokens.
Personally, from 100 units onwards could leave destacable profits.
But as we mentioned earlier, this gain cánido be affected by lock-in terms, APR rate, and APY.
Is CAKE staking safe and reliable?
CAKE staking is simply locking your tokens in the cryptocurrency network, with the aim of making it more secure for the community in general; The inverter is also included here.
Therefore, it is valid to say that Staking CAKE or any other crypto is safe and reliable.
However, it is suggested that it always be done through a recognized platform or responsible pool; such as PancakeSwap or Binance.
We hope you liked our article How to stake CAKE on pancakeswap and
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