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Setting up Binance Smart Chain on METAMASK & How to use Pancake Swap

So, you jumped on the Cryptocurrencies bandwagon, and are now holding your precious token or coins, waiting for the price to go up?

Instead of holding preciously your tokens, what about putting them to work and earn some decent money out of it?

If you want to understand the “why”, read below. Warning: Only invest what you can afford to loose in Cryptocurrencies.

How does it work?

Disclaimer: I’m far from being an expert on Crypto / Blockchain / Dapps & stuff, so this is just my understanding of the concept. If you want to know more about it, look online.

With the Ethereum blockchain came Dapps: decentralized application that are using the blockchain to store transactions. Some of those apps are focused on finance related stuff (exchanging tokens, lending & borrowing tokens, …) and are called DeFI (decentralized Finance).

At first, it was profitable to change ETH for other tokens (say, UNI coin) and provide them (“stake”) in Liquidity Pools (LP). By doing so, your ETH/UNI pair was used when someone wanted to trade ETH to UNI (or vice versa), and you were rewarded for providing liquidity to the pool.

At some point, the price of the ETH (and the fees associated to each transaction) was too high to make this “business” profitable anymore.

Binance (exchange website) created their own Blockchain (Binance Smart Chain, BSC) by reusing the Ethereum VM, and instead of using ETH as the “gas” for transaction, they used their own coin: the Binance Coin (BNB). By doing so, they re-enabled this business (because the BSC transaction fees are very small (1 ETH is ~ 1.7k USD, while 1 BNB is ~127$)).

The idea behind this form of profit is to get 2 type of tokens (we are going to use SWGB & BNB in this article, but feel free to choose something else) in a 50/50 ratio. Then, supply them in a Liquidity pool (“farm” in PancakeSwap). Once done, you will earn “cake” token at a regular interval.

1 Cake token is ~7$ at the time of writing.

If you want to know more, you can go to my Advanced guide.

Install & Configure MetaMask

Once installed, you will have to initialize it:

  • Create a new wallet

  • Display the 12 words and save them in a local file

  • Input the 12 words correctly

  • That’s it!

MetaMask is working by default on the Ethereum network so we need to direct it to the Binance Smart Chain network instead:

  • Click on the MetaMask icon on the top-right of your Chrome browser and select the left icon

  • Select “Settings” > “Network” > “Add Network” and add the following new network: MetaMask settings for Binance Smart Chain (BSC)

  • Name: “Binance Smart Chain”

  • URL: https://bsc-dataseed.binance.org/

  • Chain ID: 56

  • Symbol: BNB

  • Block explorer: https://bscscan.com

Click “save”. The new network will be automatically selected (you can see it in the drop down list at the top) and added to your network list. MetaMask is now configured and ready to work on the Binance Smart Chain.

Now we will need BNB (Binance Coin) and SWGB to provide on PancakeSwap in the corresponding Liquidity Pool (Farm).

Create & configure an account on Binance

Go here and create an account on Binance: Binance.com

Disclaimer: the link above contains a referral code. If you use it, thanks. If you don’t, I totally understand it :)

Once you’re account is created, verify your email address and configure your 2FA in the security dashboard: Binance Security dashboard

Note: You don’t need to do the full eKYC procedure for this tutorial, but it is highly recommended.

So now, you need to either buy or deposit crypto on Binance. As I already have some BTC, I’m going to deposit it on the platform, but if you want to buy crypto, buy BNB directly on Binance. To send BTC to your wallet, go to “Wallet” (top menu right) > “Fiat & Spot” and search for the coin you have and want to use, then click on “deposit”. The road to deposit from the “Wallet” menu in BinanceNote: Moving assets (any crypto) requires a transaction, which incurs fees depending on the network, the priority of the transaction, … For example, moving 400$ worth of BTC incurs~12$ of transaction fees.

Now that I have some BTC on Binance, i’m going to convert them for BNB, and add them to my MetaMask wallet. Go in “Trade” (top menu left) > “Convert”, input the crypto you deposited in the “from”, and BNB as “to”. The path to convert BTC to BNB on BinanceOnce the conversion is done, you will be able to send those BNB to your MetaMask wallet, and then used them on PancakeSwap. Transfer your BNB on your MetaMask wallet In Binance, go to “Wallet” (top menu right) > “Fiat & Spot” and click on “Withdraw” on the right side of your BNB. From menu, to withdraw in BinanceClick on MetaMask and click on “Account 1” (verify that you’re on the Binance Smart Chain network). It will copy your MetaMask address in the clipboard. Paste it in the corresponding field on Binance. Verify that you’re on the BSC network, and click on the account’s name to copy it.Then select “Binance Smart Chain (BSC)” as the transfer network. You will have to answer the safety form that will be displayed, but when it’s done, you can select the amount and transfer the BNB to your MetaMask wallet. Account + BSC + Amount = transfer to MetaMask wallet.Input the Email verification code and the 2FA, and then wait for the transaction confirmation. We now have MetaMask, configured on BSC, with some BNB on it! Now, we can finally stake our tokens in PancakeSwap to earn “cake” tokens.

PancakeSwap Go to https://pancakeswap.finance/. This should automatically trigger the MetaMask connection. Click on “next” & “connect” on the MetaMask notification window, and you should see your address at the top of PancakeSwap. Then, click on “Trade” > “Exchange” in the left menu. Verify that your address is connected to the website, and click on “Exchange”Note: If you see the “Connect” button after switching from one page to another, just click on it to re-connect to your MetaMask account.

Now, we are going to exchange BNB for SWGb. The target is to have both of them at a 50/50 ratio, while keeping some BNB for the network transaction fees. As I have ~3BNB, i’m gonna exchange 1.45BNB for SWGb.

Note: If you want to choose another pair, feel free! More advice on how to choose a profitable pair in my Advanced guide. Click on “Swap”, accept the transaction on MetaMask, wait for confirmation and it’s done: we have our BNB & SWGb tokens.

Wait, where are my Token funds? They don’t appear on my MetaMask wallet!

Don’t panic, we just need to add the coin in our wallet. To do that, go on google.com and search for “SWGb contract bsc scan” and click on the first link to get the contract address (SWGb Contract) Click on MetaMask icon, click on “Add token”, and select the 2nd tab (“Custom token”). Paste the contract address. This should automatically fill the other fields. Click “next”, and voilà!, your tokens are in your wallet. Add the SWGb contract token to your wallet to see your funds. Create the token pair Now that we have everything, go in “Liquidity” on PancakeSwap, and click on “Add liquidity”. Select “SWGb” and click “MAX” to put all your SWGb tokens, and the corresponding amount in BNB. Approve SWGb by clicking “Approve” button and confirm on MetaMask (it will call the smart contract, which will incurs some fees (like 0.5$)). When approved, you will be able to “supply” your tokens and create LP token (the corresponding pair “BNB/SWGb”). Click on “supply”, validate on PancakeSwap and on MetaMask, wait for the transaction to be done, and you should see your LP tokens. Finally, click on “Farms” in the left menu. Select the corresponding farm (in our case, the “SWGB-BNB LP”) and click on “Approve contract”. Again, this will call the smart contract and some transaction fees will occurs (~0.09$). The final stage: approving the contract and putting the LP on it to receive some well deserved tokens.When contract is approved, click on “Stake”, click on “MAX” in the popup and Confirm. Validate the transaction in the MetaMask notification window, and that’s it! Now, you just have to wait and check every day or so to “harvest” your earned cake! The profit rate depends on the LP you choose, and it can vary drastically from one day to another, so it’s important to follow up every 1–2 days. FYI, after 1h, i get 0.03 cake, which represent ~0.21$, not a lot for 400$ invested … but if you let it as is for a month, at this rate, it represents ~151$, without doing much!

I hope you liked this guide / tutorial, clap if you liked it, subs if you loved it!

My BNB Address (if you want to deposit some coins XD): 0x0451864cdd0cb179893EB91057dA7746B5b1973B

For more useful guides like this & new gems daily join our telegram group: https://t.me/ProReviewGems


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