This is the simplest guide ever to DeFi farming and pools using not Cub, ( I still haven't figured that out yet!) but Pantherswap, where the blurb reads...
The First Automatic Liquidity Acquisition Yield Farm & AMM on Binance Smart Chain
Now, this farming uses the Binance Smart Chain so that means there are no extortionate gas fees to pay, the transaction cost is paid using BNB and the equivalent of a few cents. It's simple and cheap to get started.
So let's go, but before we start, the 'idiot' in the title refers to me of course, as it's my guide, so if anyone spots any errors, PLEASE, pull me up immediately in comments!
So what do we need for this new career in financial agriculture?
1. A metamask account
Now the thing about the Metamask wallet once you've added it as a chrome extension is that you'll need to manually set up the details for the Binance Smart Chain account.
See where it says 'Ethereum Mainnet' with a green dot at one side and an arrow on the other? Click the arrow and you'll get a pull-down that looks like this...
Now as I've set-up my BSC network access already, it shows in the menu but in yours, it won't yet so now, click on custom RPC and you'll get the following screen...
Fill in the following details and click save!
Don't worry, these details come directly from the Binance Academy
Go back to the pull-down menu and you can now click on Binance Smart Chain and you'll see we are no longer using Eth as the units, it's now in BNB!
Voila, that's Step.1 sorted. Obviously you won't actually have any BNB listed there yet but we're going to sort that now...
2. Get your Hive ready...
... and go and visit @deathwing's excellent BSC bridge which in the blink of an eye, exchanges your Hive into BNB and dumps them in your Metamask wallet! So scroll down to the bottom of the page as we are doing a Hive to BNB transaction.
Now as you can see, I'm just playing around and testing it out with 20Hive which is the minimum transaction until I build confidence and understand the whole thing properly. NEVER play around with tokens you can't afford to lose because all the shifting and converting crypto around is complex and there are a million reasons you could screw it up!
Make sure your Metamsk wallet is showing Binance Smart Contracts and copy your address.
The first time you use BSC Bridge, it will ask for permission to connect to your Metamask, so just allow it to do so.
CLICK SUBMIT.....
Remember the screenshot of my wallet and the amount of 0.0017 BNB?
Bob's your uncle, Fanny's your aunt, you've got some BNB in your Metamask. Give yourself a pat on the back, breathe a huge sigh of relief as you triumphantly realise you HAVEN'T just blown the 20 Hive you earned from making a model of The Whitehouse from a paperclip and Starbuck napkin and you are now the proud owner of some other type of Crypto, have a new wallet and are almost ready to reap what you sow!
But seriously, let's have a break and a cup of tea and get ready for the next step tomorrow!
(Yes, I'm milking it a little as I actually lost a few BNB somewhere whilst teaching myself this stuff. After all, milking is in the dairy and dairies are on farms right?)
Listen up, serious shit. Go slow, do your own research and diligence and if you're unsure about anything. STOP. Go back and think about the processes again before you do anything.
Crypto is about personal banking and personal responsibility, it's all down to you!
Have fun, play around. It's the only way to learn but trust me, if this old idiot can still get his head around this shit, anyone can! I hope this has helped and inspired you to try things out and I have to say thanks to @bozz for highlighting Pantherswap and giving me the confidence to sit down and learn something new to add to my crypto knowledge arsenal!
One final thing, the link to Pantherswap at the top of the page is my referral link, if you don't want to use it, the site is simply www.pantherswap.com
Posted Using LeoFinance Beta