Earn BANANA tokens with an APY of up to 600%.
On ApeSwap and other decentralized exchanges in the world of DeFi, providing liquidity by community members is what makes the whole thing work. Without people providing money, there are no tokens to exchange. That’s why liquidity providers on ApeSwap are heavily rewarded, but how do you enjoy these LP rewards?
ApeSwap is an automated market maker (AMM), yield farming, and staking platform on Binance Smart Chain. BANANA is the native currency of the ApeSwap platform and allows users to stake, pool, and earn more BANANA tokens with an APY of up to 600%.
ApeSwap is running on Binance Smart Chain and not Ethereum, therefore gas fees are not applicable. As a result, this makes ApeSwap a much more viable option for smaller retail investors and the general public wanting to engage with DeFi solutions. Still, the platform needs liquidity, and that’s where the consumer comes into play. Because DeFi is all about the participation economy.
A guide to providing liquidity on ApeSwapGo to the official ApeSwap.Finance website
1. Make sure you provide liquidity to a pool that gives a good Annual Percentage Yield (APY).
2. When the APY sounds too good to be true, it probably is. In crypto any APY between 10 and 30% is normal. You can find the pairs and their specific expected earnings on the ApeSwap pairs page.
3. To provide liquidity, make sure you have both tokens in your wallet. As a liquidity provider you will add the same value from each token to the pool. For example, you will add $100 in WBNB and $100 in BUSD.
4. When you know which pool you want to support, click “trade” in the menu on the left
5. Then click “liquidity”
6. Press the “Add Liquidity” button
7. You will now see a new menu, where you need to fill in the amount of the tokens you want to provide. When you fill in one, the other automatically shows an amount of tokens with the same value.
8. You will also need to set your Metamask to the Binance Smart Chain network.
- Network drop-down > Custom RPC > use the info below
- Network: Binance Smart Chain
- RPC URL: https://bsc-dataseed.binance.org
- Chain ID: 56
- Currency Symbol: BNB
- Block Explorer: https://bscscan.com
- When completed. Make sure you select Binance Smart Chain as your network of choice.
9. When you’re all set and done. Click Unlock Wallet. And then approve and confirm the transactions.
10. Once the transactions have been confirmed. You will have LP tokens in your wallet. Consider these as a receipt. By providing liquidity, you will get a share of the fees.
11. Then comes the next level – Staking your LP tokens
12. Go to “Farms” in the left menu
13. Here you can lock away your LP tokens to earn extra rewards. These rewards are generally paid in BANANA tokens. The APY is different for every pool, which is another motivation to stake your LP tokens.
14. The LP tokens for the liquidity pair BUSD and BNB are recognizable as BUSD-BNB LP. In the example you can see that this pool rewards 72.48% APY. This is paid in BANANA tokens.
15. Approve the contract.
16. Then press “Stake LP” to start earning BANANA tokens. You will need to confirm this of course.
17. You can claim your earned BANANA tokens any time by pressing the “Harvest” button, while unstacking is also possible at any time.
Now you’re liquidity providing and staking your LP tokens to earn BANANA!