Tutorial: How to Farm $CAKE on PancakeSwap + Bonus Giveaway!
Greetings LOAders! If you’ve been following our social media platforms, you would be aware that the League of Ancients team recently won the PancakeSwap community auction, enabling our community to stake LOA-BUSD to farm CAKE for 7 days, starting from 6PM UTC+8 on 17 February.
However, we’ve just received great news from PancakeSwap: if our liquidity pool manages to hit $1,000,000, we may be eligible to unlock this farming privilege for the long term!
At the time of writing, the liquidity pool is at $918,938*, which means we’ve almost hit our target in less than 24 hours. Great job LOAders!
*Note: The amount of liquidity will fluctuate depending on 2 factors — the amount of people adding/removing liquidity from the LP farm, as well as the price of $LOA.
However, if we want to continue farming CAKE in the long term, we’ll need our community to help us hit (and surpass!) the $1,000,000 target. We’ve heard your requests for a quick guide to help you better understand the concept of yield farming, as well as walk you through the process step by step, so here’s a quick rundown!
How does yield farming work?
Yield farming is also known as liquidity mining or liquidity farming, and involves locking cryptocurrency assets to get rewards. In general, yield farming works with Liquidity Providers (LP) users who contribute funds (LP tokens) to Liquidity Pools in permissionless liquidity protocols such as PancakeSwap.
Liquidity Pools are pairs of crypto-assets locked by smart contracts to form an aggregated store of assets pooled together by investors. One such pair is — you guessed it — LOA-BUSD!
Liquidity Providers (you!) can earn a tidy sum from the interest gained in cryptocurrencies. For PancakeSwap, this amount is 0.17% of all trades on your LOA-BUSD pair, proportional to your share of the pool.
To stake LOA-BUSD on the PancakeSwap farm, you’ll need LOA-BUSD LP tokens. To do so, you will have to provide liquidity for the trading pair. Here’s how to do it:
Providing Liquidity to get LP Tokens
Step 1: Head over to PancakeSwap by clicking here.
Step 2a: At the home page, click on “Connect Wallet” at the top right corner.
Step 2b: Next, connect your preferred wallet.
Step 3: After connecting your wallet, under the “Trade” tab, navigate to “Liquidity” and you will be prompted with a menu shown in the next step.
Step 4: Click on “+ Add Liquidity”.
Step 5a: Click on the upper “Select a currency” option.
Step 5b: Select BUSD and you’re done for the first currency!
Step 6a: Click on the lower “Select a currency” option.
Step 6b: Search and select LOA and you’re done for the second currency!
Step 7a: Congratulations! Both BUSD and LOA tokens have been added.
Step 7b: Navigate to LOA and enter the amount you desire, or click on “MAX” to use all of it.
Step 7c: Next, click on “Supply”.
Step 7d: Click on “Confirm Supply”.
Step 7e: Once prompted with your wallet notification, click on “Confirm”.
Step 7f: Your transaction has been submitted! A receipt will be sent to you shortly.
Step 7g: Once you have received the transaction receipt, scroll down for more details on the amount of LP tokens in your wallet.
Step 8a: Once you’ve received your LP tokens, you may now start staking them in the LOA-BUSD farm to earn CAKE! Under the “Earn” tab, click on “Farms”.
Step 8b: In the Farms page, locate the LOA-BUSD Farm. Click anywhere on the row showing your pair. It will expand to show more details.
Step 8c: Click the “Enable button” and confirm your action in your wallet.
Step 8d: Once prompted with your wallet notification, click on “Confirm”. A confirmation receipt will be sent to you shortly.
Step 9a: After receiving the notification, you may refresh the web page.
Step 9b: The “Enable” button has now changed to “Stake LP”. Click it and a new window will pop up.
Step 9c: Specify the amount of LP Tokens you would like to farm or click “Max” to use all of them.
Step 9d: Once the amount is entered, the “Confirm” button will light up. Click it and your wallet will prompt you to confirm your action.
Step 9e: After a while, the window will close, and you will see your new staked LP Token balance in the details.
Adding or removing LP Tokens from a Farm
Later on, you may decide to add or remove LP Tokens from the Farm. No worries as you can do this whenever you like.
- Return to the Yield Farms page. Click the “Staked only” toggle at the top of the page.
- You should be able to see your LOA-BUSD farm on the list.
- Click the row to view details. On the right you’ll see a “-” and a “+” button. Click the corresponding button to either remove or add LP Tokens.
- A window will pop up. Type the amount you would like to unstake/stake, or click “Max” to remove/add all available LP Tokens.
- Double check your information to ensure it is correct, then click the “Confirm” button and confirm the action in your wallet.
- After a while, your new balance will show in the details section. If you’ve unstaked or added more LP tokens, any unharvested CAKE rewards you have earned will be automatically deposited into your wallet.
Collecting your farming rewards
Farming will bring you CAKE rewards over time. Once you’re ready to harvest your cake, return to the LOA-BUSD farm and follow the steps below:
- Return to the Farms page here.
- Find the LOA-BUSD farm and click the row to view details. Under “Cake earned” you should see an estimated amount of your rewards.
- Click the “Harvest” button and confirm the action in your wallet. After a while, the CAKE will be claimed to your wallet for you to use as you like!
And that’s it! You can now enjoy some yummy CAKE and contribute to our $1,000,000 target to potentially unlock long-term CAKE farming on PancakeSwap. You get CAKE, we get CAKE, everybody gets CAKE!
LOA Token Giveaway
But wait, that’s not all! In the next few days, we will be running a limited-time 24-hour giveaway for every LOAder who stake LOA-BUSD in PancakeSwap.
Yes, every LOAder who stakes will win! There is no limit to the amount of winners, but the giveaway will only last for 24 hours.
We’ll be randomly dropping the giveaway announcement and instructions sometime within the next few days, so make sure you keep your eyes peeled on ALL our social media channels. You snooze, you lose!
P.s. We’ll also be dropping another HUGE announcement soon. This is something that has been in the works for months, so hang tight and HODL your LOA tokens, cause we’re going to the moon!