How to: Invest crypto cake in PancakeSwap

Cake is one of a lot of alt-coins with a good future. If you look Cake project is pretty interesting, but beyond the project, if you are interested in a good (not secure) is buying cake and staking in pancake swap.

If you’re familiar with Binance and staking, maybe you’ll be familiar with pancake swap.

Pancake swap is a DeFi platform where you can trade, earn, a “win” section where you can win some coins and nft’s with cake and other cryptos like BNB (Binance crypto coin).

DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts.

In the trade option, you can exchange a lot of coins and in the liquidity option, you can inject liquidity in order to “farm” tokens.

Earn option is that we are interested to make staking of cryptos. To make staking in pancake swap you need (or this is my process):

• Bitso account (I’m from México, so I buy cryptos from this platform)
• Binance account (from Bitso send xrp (another crypto) to Binance)
• Metamask (our own wallet)

The Process

• From bitso, send Mexican pesos and then buy xrp, xrp doesn’t have fees to send to another platform.

Here in Bitso, you need to select “enviar” or “send”, for this you need:

• Select XRP network
• Address
• MEMO

For address and MEMO you can go to your Binance account -> Fiat and spot and search XRP and you can get this information:

After sending XRP from Bitso to Binance you need to wait around 5–7 minutes in order to see your xrp’s in Binance. Once you have your coins in Binance you need to change xrp to cake.

Click in convert to change our xrp’s to cake

Here you convert xrp to cake

Once you have your cake’s you need to send your cake coins to metamask wallet:

Choose withdraw to send your cake’s

Here you need to put your metamaks address and automatically metamask will detect the binance smart chain

In another post I will explain how to configure your metamask wallet.

The next step is to go to https://pancakeswap.finance/pools and connect your metamask wallet to this platform

Connect metamask wallet

My wallet is connected to pancakeswap

Choose your pool, in this case I selected “Auto Cake”

If you don’t have cake you can buy it.

After that, you can add your cakes to the pool and start staking your crypto coins.

My cakes in the pool

After that your cakes now are part of the pool of pancakeswap, your coins are in the pool, not in your wallet, if you want to remove from the pool you can click on the “minus” sign (-) and remove the cakes that you don’t want in the pool and automatically will be returned to the pool.

That’s it, with this you can win APY around 60%. Of course this is not an investment recommendation. For me, it’s an experiment that I try to follow this year and see if I can win some of the money with this experiment.

See you in the next story.