With the successful launch of CAKE-BNB Yield Farming in October, CrowdSwap officially entered yield farming on the BNB Smart Chain (BSC) network. To extend this successful journey to BSC, CrowdSwap is adding three new token pairs. These pairs are CAKE-USDT, CAKE-BUSD, and BUSD-BNB. These pools have a remarkable Total Value (TVL) of over $200 million. Let’s see what inspired us to add these new farms.
The problem
Most yield farming pools require the user to complete more than one transaction. Imagine you have some ETH and you want to earn on a CAKE BUSD farm. To do this, you must first exchange your bitcoin for CAKE and BUSD in two separate transactions. Then you need to add the two tokens to the pool and get liquidity pool (LP) tokens in another transaction. The final step would be to add the LP token to the staking pool.
There are some downsides to doing all of these transactions manually. For one, exposing your wallet to more than one crypto exchange platform can undermine the security of your assets. Additionally, if you make a mistake while doing so, it can cost you the loss of your hard-earned crypto. In addition, these processes can be time consuming and expensive. But CrowdSwap is here to make sure all of those concerns are addressed, and to show you just how easy investing in decentralized finance can be.
The solution: Simple, secure, fast
For those familiar with CrowdSwap, it’s no surprise that yield farming in the crypto space can be super easy on our platform. CrowdSwap offers great solutions to get started in the world of DeFi. We facilitate the processes taking into account less complexity and lower risks. Reducing the number of transactions can mitigate several risks.
Risks like committing an error in the process of a transaction, slippage problem and hacking can be well managed by reducing user actions. In addition, CrowdSwap can conduct transactions across separate blockchains. When using CrowdSwap’s cross-chain feature, you don’t need to have any tokens of that particular blockchain beforehand. Rather, regardless of the blockchain network your wealth resides on, you can participate in all opportunities with one click.
How to earn on BSC farms?
CrowdSwap’s main goal is to make it easier and more enjoyable for everyone to enter the world of DeFi. For this reason we have integrated the BSC network into our services. In order to use these services, you must first add BSC to MetaMask using the tutorial in this link.
After preparing your wallet, go to the Opportunities section of the CrowdSwap app. On the page you will find the options that are currently available to you. At the time of writing this article on November 10, 2022, four liquidity pools are offered in the BSC network: CAKE-BNB, CAKE-USDT, CAKE-BUSD and BUSD-BNB with different interests.
Based on your preferences and investment goals, you can select one of these pools to participate in. To participate in any of these LP farms, all you have to do is click the invest button and CrowdSwap will do the rest for you.
You asked, we answered
CrowdSwap pays attention to what its users want. After the positive feedback we received from our users for CAKE-BNB yield farming, the CrowdSwap team decided to add more pairs of BSC tokens to their Opportunities section. Now our users can participate in CAKE-USDT, CAKE-BUSD and BUSD-BNB farms.
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