Cryptocurrencies
How to Earn Passive Income with PancakeSwap (CAKE)
Providing liquidity to a liquidity pool is quite easy and offers the ability to earn passive income from simply holding and staking cryptocurrencies. Specifically PancakeSwap.
It’s now easier than ever to let your money work for you. If you’ve got enough money to spare, you don’t have to write a book or promote an online course to earn some passive income along the way. Cryptocurrency staking and liquidity providing is a relatively new and young phenomenon and, as of yet, very profitable.
Whereas the typical get-go for passive income with huge sums of money has been investing in stocks and getting paid in dividends, nowadays these dividends can be found in the cryptocurrency world. Just with stocks, the more you have, the bigger the rewards will be.
How and Why Does It Work
The site “PancakeSwap” is a so-called “yield farm”. It is, in fact, an exchange platform for “Binance Smart Chain” tokens. People typically use PancakeSwap to exchange the main Binance Coin (BNB) and other derivates of it to other tokens. For that to happen, the tokens need to be available. Liquidity has to be provided by people…
