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PancakeSwap REEF/BNB Liquidity Pool Farming Guide

REEF/BNB Liquidity Pool (LP) is now available on PancakeSwap, the leading DEX built on Binance Smart Chain (BSC). You can stake your BNB and REEF BEP20 tokens in the LP and earn CAKE, the native token of PancakeSwap.

Unlike other popular DEXs which are usually built on Ethereum, PancakeSwap has been built on BSC. This helps traders and stakers avoid the congestion problems and high Gas fees associated with DEXs which run on Ethereum.

Keep in mind that you’ll need the BEP20 version of REEF and not the ERC20 version in order to trade or stake on PancakeSwap. You’ll need some BNB too, to pay transaction fees and to stake in the REEF/BNB LP.

Moreover, you will need to set up BSC on your Metamask wallet in order to interact with the PancakeSwap smart contracts.

To go about farming CAKE tokens, you’ll first have to provide liquidity to the REEF/BNB LP and earn LP tokens, which can be then used to claim CAKE tokens.

Read our step-by-step guide to know all the steps that are required to successfully stake in the REEF/BNB LP in PancakeSwap.

1. If you don’t have Metamask installed on your browser, visit the official Metamask website for instructions about how to do the same.

2. Click on the Metamask icon in your browser window, and click on ‘Create Account’ to create a new Ethereum wallet address, or ‘Import Account’ to import one of your existing Ethereum addresses.

If you’re creating a new account, be sure to save your password and recovery phrase somewhere safe.

3. You’ll now need to change from Ethereum Mainnet to BSC Mainnet.

Click on the Networks tab, scroll down and select ‘Custom RPC’.

4. Configure the BSC Mainnet by entering the following details in the given fields:

Network Name: BSC Mainnet

New RPC URL: https://bsc-dataseed1.binance.org/ or https://bsc-dataseed2.binance.org/

ChainID: 56 (or 0x38 if 56 doesn’t work)

Symbol: BNB

Block Explorer URL: https://bscscan.com/

Click on Save after entering these details.

5. ‘BSC Mainnet’ should appear in the list of Network names.

6. Now you’ll need some BNB and BEP20 REEF in your wallet, both of which you can get from Binance.

When you’re withdrawing your assets, remember to enter your Ethereum wallet address in the ‘Address’ field and select the ‘Network’ as BEP20 (BSC).

7. Visit the PancakeSwap website, and connect your Metamask wallet by clicking on the cyan ‘Connect’ button on the top right corner of the screen.

8. Select ‘Metamask’ from the list of options that appears, and permit Metamask to connect to the PancakeSwap site.

9. Jump to the REEF-BNB LP page by clicking on this link, and click on the ‘Add Liquidity’ button.

10. The new page will now display the balance of REEF and BNB in your wallet, and the amount of REEF that you’ll get per BNB.

If any of the tokens is not shown, you can click on the ‘Select a currency’ option and choose BNB or REEF from the drop-down menu.

11. In the REEF/BNB LP, you have to stake REEF and BNB tokens of the same USD value.

Make sure that you have sufficient assets of each type, and enter the equivalent amount of REEF (or BNB) that you want to stake. The other field will get filled up automatically.

12. When you’re staking for the first time using a certain wallet, you have to click on the ‘Approve REEF’ button first.

Once again, a Metamask prompt will appear asking for confirmation, and you’ll have to pay a gas fee (in BNB) at this step.

Click on the ‘Confirm’ button after reviewing the terms of the transaction, and wait for the transaction to get confirmed.

13. Congratulations, you’ve successfully staked your REEF and BNB tokens!

Now you can earn BNB/REEF LP tokens as farming rewards for providing liquidity. These tokens are earned in proportion to your contribution to the total liquidity pool, and can be redeemed anytime.

14. Click on the ‘Supply’ button to see how many BNB/REEF LP tokens you’ll receive. Thereafter, click on the ‘Confirm Supply’ button to receive the tokens.

15. Finally, you can lock up your LP tokens to earn CAKE rewards.

Go to the PancakeSwap farming site which shows all the available LP farms, and scroll down to the REEF/BNB LP option. You can click on ‘Details’ to view the REEF-BNB liquidity data.

16. . Click on the ‘Approve Contract’ button, when a Metamask prompt will appear asking for confirmation. Note that there is a gas fee (in BNB) associated with this step.

Click on the ‘Confirm’ button after reviewing the terms of transaction.

17. Click on the ‘Stake LP’ button which now appears instead of ‘Approve Contract’.

18. Enter the amount of LP tokens you want to stake and click on the ‘Confirm’ button.

As usual, there will be a gas fee associated with this step. Confirm on the Metamask prompt after reviewing the transaction details.

19. You can stake or unstake LP tokens by clicking on the new ‘+’ and ‘-’ signs respectively that have appeared now.

20. You’ll also see a newly added ‘Harvest’ button. Click on it, review the terms of transaction, and confirm in the Metamask prompt to proceed further.

21. Once the transaction is confirmed, your CAKE tokens will be deposited in your Binance Smart Chain wallet.

And that brings us to the end of the step-by-step guide.

There might seem to be quite a few steps here, but remember that a lot of these steps have to be performed only one time. Once you’re done with the initial setup, you can keep on providing liquidity to the REEF/BNB pool, earning REEF/BNB LP tokens, and using them to farm CAKE tokens.

Have fun farming, and eating your CAKE too!

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Reef is a smart contract blockchain built using Substrate framework. Reef chain provides high scalability, enabling low-cost transactions, and supports Solidity and Ethereum VM, allowing developers to seamlessly migrate their dApps from Ethereum without code change.

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Reef

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Reef chain is an EVM compatible blockchain for DeFi. It is fast, scalable, has low transaction costs and does no wasteful mining.

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