A quick overview of how to farm IOTX on PancakeSwap!

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.

Learn more about PancakeSwap at Binance Academy, and here is an article about DeFi, liquidity mining, farming and the risks connected.

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:

11. In PancakeSwap, harvest your CAKE tokens from the IOTX/BUSD farm

12. In PancakeSwap click on the Pool menu, look for the IOTX pool, and stake your CAKE tokens there to start earning IOTX!

2 Likes

once I farm the iotx on pancakeswap how do I get them to my iopay wallet? Do I have to use a bridge?

Because Pancake runs on the Bsc chain, the IOTX token that you get is a “BEP20” token on Bsc (similar to the ERC20 tokens on Ethereum, or XRC20 on IoTeX!).

You can send them to you Binance IOTX deposit address on the Bsc chain (select IOTX BEP20/Bsc) then you can withdraw to the IoTeX blockchain (select IoTeX when you withdraw):

How can one deposit to iotx pancake