Disclaimer: Defi, yield farming, and liquidity mining are the riskiest ways to “invest” because one can lose 100% of his investment overnight, for many reasons. This article provides a quick, general list of instructions to IOTX farming on PancakeSwap by Binance, and it is not financial advice of any kind. As the top rule of cryptocurrency, do your own research and only put in money that you can afford to lose.
How to farm IOTX on PancakeSwap to earn CAKE!
1.You need Metamask installed in your browser
2. Configure Metamask to access Binance Smart Chain
3. Deposit a few BNB tokens into your Metamask BSC account (0.1 should be enough, you need it for GAS)
4. Go to PancakeSwap and connect your wallet (use the top-right “Connect” button)
5. You need to have (or send) some Binance-Peg IOTX token to your BSC wallet in Metamask (you can buy or send IOTX to Binance and withdraw them right away to BSC)
6. You need to have (or send) some Binance-Peg BUSD token to your BSC wallet in Metamask (you can buy or send BUSD to Binance and withdraw them right away to BSC)
7. In PancakeSwap, expand the Trade menu and select Liquidity
8. Add liquidity for the IOTX/BUSD pair (the amounts value must be equivalent: 50% in IOTX and 50% in BUSD)
9. After you successfully added liquidity you will get some "LP"s, as a representation of your share in the liquidity pool
10. In PancakeSwap click on the Farms menu, look for the IOTX/BUSD farm, and add your LP tokens that you got in the step above.
From that moment on, your LP tokens will begin to farm “CAKE”: the Pancake-specific token!
Stake CAKE to earn IOTX
Additionally, you can withdraw (“Harvest”) your CAKE and stake them in the IOTX pool to start earning IOTX: