Introduction
SnBNB liquid staking is live on PancakeSwap! In this article, we’ll provide a brief overview of liquid staking and include a concise guide on how to engage in liquid staking SnBNB on PancakeSwap as well as other yield farming strategies available for SnBNB on PancakeSwap.
PS: Did you know we have an ongoing campaign with PancakeSwap? Win from a 1,000 HAY (as part of a larger 20,000 HAY prize pool) prize when you participate. FYI this article guides you to complete the tasks to the campaign, so what do you say? Join the campaign here.
What is liquid staking?
Liquid staking tokens represent a user’s staked assets on a blockchain network. These tokens allow users to participate in Proof-of-Stake (PoS) networks without sacrificing liquidity.
Traditionally, when a user stakes their cryptocurrency in a PoS network, the assets are locked up for a certain period and cannot be used. Liquid staking introduces a tokenised version of these staked assets that users can trade, sell, or use in decentralized finance (DeFi) applications while they’re still staked.
These liquid staking tokens are usually issued at a 1:1 ratio to the staked assets and earn rewards in the same way as the original staked assets. Therefore, they allow users to simultaneously secure the network, earn staking rewards, and have the flexibility to participate in other parts of the crypto economy.
Step-by-step guide to SnBNB liquid staking on PancakeSwap
Converting and swapping BNB to SnBNB on Pancake Swap is a breeze. Here’s how to do it:
To stake BNB to receive SnBNB:
- Head over to PancakeSwap and connect your wallet.
- Ensure you have BNB in your wallet on the BNBChain network to convert to SnBNB.
- Navigate to the “Earn” tab and select “Liquid Staking”. Confirm the stake pair chosen is BNB/SnBNB and click “proceed”
4. Enter the amount of BNB you want to convert and check the corresponding amount in SnBNB. Reminder: The value of the SnBNB token will appreciate with respect to BNB according to BNB staking rewards.
5. Click stake to enable SnBNB token. Click stake again to confirm the transaction in your wallet, and voila! Your SnBNB tokens will be credited to your wallet.
Unstaking SnBNB to BNB:
- Navigate to the Trade tab.
- Choose “SnBNB” as the input token and “BNB” as the output token.
- Input the amount of SnBNB you want to unstake and click “Swap”.
- Confirm the transaction in your wallet, and your swapped BNB will be added to your wallet balance once the unstaking period is complete.
Stake CAKE to farm SnBNB
- Navigate to the pools tab.
- Search for SnBNB in the “search” tab.
3. Click “details” and enable the pool by approving the transaction.
4. Click on “stake” and Input the amount of CAKE you want to stake.
5. Confirm the transaction in your wallet, and start earning SnBNB rewards on your staked CAKE tokens.
Stake SnBNB-BNB LP tokens to earn CAKE
- Navigate to the farms tab
- Search for SnBNB in the search tab
3. Click on “add liquidity” , and set a price range that you are comfortable with. The larger the range, the lesser the yield. However, the risk of impermanent loss is also lesser.
4. Once the range has been set, click “enable SnBNB”, confirm the transaction and click “add”.
5. Confirm the transaction, and start earning rewards in CAKE tokens.
Conclusion
The initiation of SnBNB pools and Liquid staking function on Pancake Swap has deepened Helio’s collaboration with PancakeSwap, making it more essential than ever. A significant campaign is on the horizon, so stay tuned to our latest updates to keep abreast of the exciting developments!
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