What is PancakeSwap?
PancakeSwap is a decentralized exchange built on the Binance Smart Chain. It offers fast and inexpensive transactions, the ability to farm liquidity, provides tokens, and incorporates other specific features. The vision of PancakeSwap is to create a decentralized finance platform that is easy to use and accessible to everyone. The token that powers PancakeSwap is CAKE and it is exclusively used for trading, staking, and governance votes on the protocol. This tutorial will show you how to stake your CAKE tokens on PancakeSwap.
TL;DR
- View the current CAKE staking APR here
- Use the CAKE Staking Calculator to estimate your rewards
- Lockup: 1 to 52 weeks
- Minimum amount required for staking CAKE: >0 CAKE
- Estimated time needed to stake your CAKE: 1 minute
- CAKE staking dashboard: Syrup Pools
- Steps to stake:
- Go to Syrup Pools and connect your BNB-compatible wallet
- Choose the CAKE Syrup Pool
- Choose Flexible or Locked staking
- Enter the amount of stake
- Confirm and happy staking 🤘
Prerequisites
Where to buy CAKE
You can get CAKE tokens at a cryptocurrency exchange or at a DEX. You should always do your own research when selecting a reputable cryptocurrency exchange. For best security, it is not recommended to leave your tokens on an exchange, but transfer them to your non-custodial or cold/hardware wallet after procuring them.
PancakeSwap wallets
You should store and manage your CAKE tokens in a BNB Smart Chain-ompatible wallet. We suggest using Metamask Wallet in this tutorial. Compatible wallets include:
How to connect BNB Smart Chain to Metamask Wallet
- Open your Metamask Wallet, click on your current blockchain at the top
- Click on ‘Add network’
- Click on ‘’Add a network manually’ if you have never connected to BNB Smart Chain
- Enter the BNB address below into their relevant fields:
- Network Name – Smart Chain
- New RPC URL – https://bsc-dataseed.binance.org/
- Chain ID – 56
- Currency Symbol – BNB
- Block Explorer URL (Optional) – https://bscscan.com
- Click on ‘Save’
How Staking Rewards for PancakeSwap (CAKE) are Generated
Learn how rewards are generated in the FAQ section titled ‘How are the rewards generated’’ here.
How to stake PancakeSwap
Step 1: Make sure you have a Metamask Wallet
Stake your CAKE tokens using Trust Wallet or Metamask Wallet, amongst others. We will use Metamsk Wallet in this staking tutorial.
As a popular wallet in the Binance ecosystem, Metamask Wallet offers users the ability to stake tokens, access blockchain apps, and manage multiple tokens in one wallet. Simply connect your Metamask Wallet directly to PancakeSwap to stake CAKE tokens. Download the Metamask Wallet Extension here. Deposit your tokens into this wallet before continuing onto step 2.
Step 2: Go to the PancakeSwap Syrup Pool and Connect to your wallet
On Syrup Pools, click on ‘Connect Wallet’ at the top-right corner, and choose Metamask Wallet. Connect and switch to BNB Smart Chain in your wallet if you haven’t switched it yet.
We recommend you to leave at least 0.01 BNB for gas fees. The cost of this will vary depending on the network activity on Binance Smart Chain.
Step 3: Finalize the transaction
- Click on ‘Stake CAKE’ on the list shown on the Syrup Pools page
- Click on ‘Enable’
- Click on either ‘Flexible’ or ‘Lock’
- Click on ‘Confirm’ to finalize the transaction in your wallet
Congratulations! You have now staked your CAKE tokens and will start earning those juicy staking rewards.
Step 4: Track staking portfolio
- Track your CAKE staking rewards on the staking dashboard by clicking on ‘Stake CAKE’ on the Syrup Pool page
- Monitor governance proposals on the PancakeSwap protocol that may impact the staking mechanism
- Track the current and historical reward rates and staking ratio of PancakeSwap by visiting the PancakeSwap asset page. To make better staking decisions, it’s essential to understand these relevant data points. To learn how these data points could impact your staking rewards, please read more in the FAQ section named “How are the rewards generated” on the PancakeSwap asset page
Step 5: How to Unstake CAKE
To unstake your CAKE tokens, follow the steps below:
- Click on ‘–’ on the staking dashboard
- Enter the amount of tokens you would like to unstake
- Click on ‘Confirm’ to finalize the transaction in your wallet
Maximizing Staked CAKE
Now that you have staked your CAKE, you have 4 options which can be used to change your position. These options appear on the CAKE Staking Portal. The options are:
- Stake more
- Convert your flexible stake to locked stake
- Convert your locked stake to flexible stake
- Claim reward & Unbond
Stake more
You can stake more by staking to the same ‘Stake CAKE’ pool by following the instructions in Steps 2 and 3 shown above.
Convert your flexible stake to locked stake
If you choose Flexible stake in the beginning, you can convert your stake to locked stake at any time by clicking on ‘Convert to Lock’.
Convert your locked stake to flexible stake
When your fixed-term staking period ends and your CAKE unlocks, you have 7 days to either lock CAKE to begin a new fixed-term staking period or convert your staked CAKE to flexible staking. After 7 days, if you have not done one of the two options, your staked CAKE will enter what is called “After Burning”, where your CAKE rewards will start to be sent to burn. Read more in the section named ‘Do I need to maintain my staking in any way?’ here.
Claim reward
To receive your staking reward, you need to unbond your CAKE stake. Please refer to the ‘Step 5: How to Unstake CAKE mentioned above.
Conclusion
Staking is essential to DeFi protocols like PancakeSwap and comes with many benefits for investors and the network:
- Investors earn yield from token emissions and/or transaction fees
- Stakers become eligible for airdrops as many protocols prioritize granting these benefits to them
- Staking helps to secure the protocol
- Stakers can participate in governance, as many protocols allocate governance rights based on the amount of tokens staked
Congratulations! You are now not only getting the most out of your investment with compounded returns. YOU are also (in-)directly contributing to the the security of PancakeSwap and thus contributing to the long-term success of your investment! PancakeSwap needs active stakers like you to become successful long-term.
Now share the tutorial with your friends so they can get to start staking as well!
Lastly, don’t forget to check out the PancakeSwap (CAKE) asset page for more insights into staking CAKE, and drop us a message if you found this tutorial useful. Happy staking!