Staking allows crypto holders to generate passive income on their cryptocurrency portfolios. Pancake swap has become a popular crypto exchange because of its affordable trading fees. Hence, its native CAKE Token has also gained some popularity.
It is possible to stake CAKE coins on PancakeSwap if you are a holder of it. Here’s how to do it step by step.
How to Stake CAKE on PancakeSwap Exchange
Here’s how to stake your CAKE tokens on PancakeSwap step by step:
- Set up your wallet. MetaMask and Trust Wallet are supported by the DEX, but there are others too.
- Make sure you have a minimum of .1 BNB already in your wallet. This will cover any round-up fees.
- Connect your wallet to the PancakeSwap DApp, where you can trade your BEP20 tokens (BNB, BUSD, BTC) for $CAKE.
- Access PancakeSwap network. Find the CAKE liquidity pool, then click the “Enable” button to enable it. Once this is done, you can start staking CAKE to generate additional PancakeSwap tokens.
- Find the CAKE liquidity pool from the list and join it.
There is no minimum amount of CAKE required to stake on the PancakeSwap Exchange. You can also stake $CAKE on other supportive wallets such as Trust Wallet.
After you transfer your funds to your Trust Wallet address, you can connect to the DEX from within it. You will find PancakeSwap under the “DApps” tab.
After opening Trust Wallet, connect it to PancakeSwap to be able to see your BEP20 tokens on the PancakeSwap network and start trading or staking $CAKE.