Earn money with BakerySwap

DeFi is hot, so I started to try PancakeSwap. Another big player in this field is BakerySwap and this story is about DeFi.

Note: More about the PancakeSwap can be found in this other interesting article.

Some steps are needed to use BakerySwap that are left out in this story.

In the next steps I will show you have to earn more BAKE tokens.

In this example I add some BAKE-DOGE liquidity to the pool. But in order to do that you need to buy these coins first. You can choose other liquidity and token pairs if you like. Go to “Earning” and choose “Earn BAKE”.

In this case we want to buy some BAKE-DOGE BLP liquidity tokens and earn BAKE tokens.

Step 1: Buy some BAKE and DOGE tokens

You can buy BAKE and DOGE coins within several token exchange brokers. I use Binance. The details of this step are left out.

Buy some BTC or BNB first and convert it to BAKE and DOGE tokens within Binance.

Step 2: Sent tokens to MetaMask wallet

The next step is to withdraw the coins to your MetaMask wallet. Be sure to copy your correct wallet address within the Binance withdrawal process. Also be sure to select the BSC (Binance Smart Contract) network (BEP-20).

Note: You can also sent BNB only to your MetaMask wallet and convert BNB ->BAKE and BNB->DOGE within BakerySwap itself. You just go to “Exchange”.

Step 3: Buy liquidity tokens

Before we can add the BLP tokens, we need to buy them.

  • Goto “Exchange” menu and choose “Pool”
  • Press “Add Liquidity”
  • Here you can select the Doge and BAKE pair
  • Fill in the amounts and approve

Step 4: Add the Liquidity pool tokens

  • Goto “Earning” and “Earn BAKE” and choose the BAKE-DOGE BLP
  • Press “Select”
  • There you can stake (and unstake in case you want to withdraw some) the tokens

Some remarks at the end

  • Be aware that these investments are not without risk. Look out for “impermanent lost”. Here you can read more about this risk.
  • This article is NOT a financial advice but just shows the steps needed to step into liquidity pools. There are other DeFi applications like PancakeSwap and PancakeBunny

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