Discover how to Earn CAKE using Trust Wallet and PancakeSwap. Also, explore the benefits of decentralized protocols and the flexibility of using Trust Wallet's Chrome extension.
In this guide, we’ll cover how to earn Cake using Trust Wallet. Trust Wallet allows you to earn crypto in a number of ways, including via in-app staking or connecting to protocols using the Web3 dApp browser. In this step-by-step guide, we’ll go through how to earn Cake by connecting to the PancakeSwap DEX (decentralized exchange).
Before you start earning CAKE using Trust Wallet
Before we dive into how to earn Cake using Trust Wallet, you’ll need to create a wallet if you don’t already have one. Trust Wallet is available as a mobile app or you can get the Trust Wallet Extension for your desktop web browser. In this example, we’ll set up a new wallet using the Trust Wallet Mobile App.
Step 1: Download the latest version of the Trust Wallet App.
Step 2: Set up your new wallet
- Open the Trust Wallet app, and choose the option to ‘Create a new wallet.’
- Select an option to back up your wallet.
- Go through the instructions to start using your wallet.
Tip: If you already have a wallet that’s not Trust Wallet, you can choose to import that wallet. In this case, you’d choose the “I already have a wallet” option.
Step 3: Ensure you have CAKE in your wallet
You’ll need CAKE in your Trust Wallet to cover any gas fees and to use the protocols.
- Use these instructions to buy CAKE directly in your Trust Wallet.
- Use these instructions to deposit CAKE into your wallet.
- Swap other assets to CAKE using these instructions.
How to earn CAKE using PancakeSwap
CAKE is the native cryptocurrency token of PancakeSwap, a decentralized exchange (DEX) built on the Binance Smart Chain. PancakeSwap offers people a simple platform to swap various cryptocurrencies. You’re also able to earn CAKE tokens by participating in PancakeSwap's yield farming and staking features.
Yield farming involves providing liquidity to the platform by depositing a pair of tokens into liquidity pools, which assists others in making seamless trades. In return, users receive LP (liquidity provider) tokens, representing their share of the liquidity pool. By staking these LP tokens on PancakeSwap, users can earn CAKE as a reward.
Another way to earn CAKE is through staking. Staking involves locking up your CAKE tokens in a dedicated staking pool on PancakeSwap. In return, users earn additional CAKE tokens as rewards, in proportion to the amount of CAKE staked and the duration it is locked up. This staking method is what we’ll cover in the below steps, however, you are encouraged to explore all of PancakeSwap’s features.
Step 1: Connect to PancakeSwap
- Select the Trust Wallet Web3 Browser
- Enter https://pancakeswap.finance/ into the search part and navigate to the website
- Select “Connect”.
- Choose the “Trust Wallet” option.
- Confirm the connection by selecting “Connect”.
- Select “Earn” and choose “Pools”. Note: you can earn Cake with the other options, however, for illustration purposes, we’re using Pools here.
- Choose “Stake CAKE”.
- Choose an option from either Flexible or Locked
- Follow the remaining instructions to start earning CAKE.
The Power of Web3 and Decentralized Exchanges
As we come to the end of our guide on earning Cake using Trust Wallet, it's important to recognize the transformative power of Web3 and decentralized exchanges (DEXs). Web3 wallets, such as the Trust Wallet, provide users the flexibility and autonomy to connect with various decentralized protocols and DEXs directly. Whether you're staking CAKE in a pool or using the liquid staking option, your self-custody wallet acts as a gateway to these DeFi services.
It’s also worth noting that Trust Wallet is easily accessible not only on your mobile device but also on your desktop. It is conveniently available as a Chrome extension on the Chrome web store, making it effortless to manage your assets while browsing the web.
In a nutshell, using a Web3 wallet to interact with open, decentralized protocols can offer numerous opportunities to earn more crypto, and platforms like Trust Wallet make this process seamless and user-friendly.
Article reposted from Trust Wallet Blog: How to Earn Cake Using Trust Wallet