PancakeSwap will offer $100,000 worth of Cake to everyone staking BINANCE Coin (BNB) on their platform. This collaboration aims to grow the awareness for the new Binance Smart Chain as the staking must be done on PancakeSwap via Binance Smart Chain. Another $20,000 worth of BNB will be distributed in the wallet of all eligible participants within 14 days of the activity period ending.
The campaign started on the 27th of November, and will run for 30 days, until the 27th of December at 1 PM (UTC). Binance will provide $100,000 in BNB to be farmed on PancakeSwap’s Syrup Pool during the activity period using CAKE tokens and users will be able to stake BNB to earn CAKE tokens from a $120,000 rewards pool.
To join the farming, users must create a Binance Smart Chain (BSC) wallet and deposit BEP20 BNB. A staking limit of 10 BNB per Binance User was set. The additional prize pool of $20,000 BNB that will be equally split between the Binance Smart Chain wallets of all users that stake BNB to earn CAKE tokens within the activity period.
Users must select the BEP20 (BSC) option for the withdrawal. Make sure the Binance Smart Chain is selected to avoid losing funds.
The transfer takes less than a minute. The PancakeSwap must be connected with the Binance Smart Chain Wallet to be able to stake the BNB.
A maximum of 10 Binance Coins can be staked in the Cake Pool, and the earing starts immediately. I staked my BNB when the campaing went live, on the 27th of November, and the APY was 110%.
The deposit is instant and the fee is minimal (what can you say Vitalik?). Once the transaction is confirmed, the BNB starts earning Cake.
The Syrup Pool has an option to stake Cake to get more Cake, at an APY close to 300%. A smart move will be to claim the Cake every few days, from the pool and stake it for more Cake. This way, the profit will be amplified and more Cake tokens will be generated for further staking.
When the Binance promotion will end, I will stake all of them to earn BNB.
Links and referrals:
PancakeSwap - Pools
Binance Cake
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