Disclaimer: This is not financial advice and is simply a tutorial.
Due to the ridiculous GAS fees on Ethereum a lot of projects are also launching on Binance Smart Chain.
The highest profile so far is 1inch which literally JUST LAUNCHED TODAY!
When a new liquidity pool launches you can get crazily high rewards for a limited time until more people join and as the GAS fees are so low on BSC you don't need much to get going!
How To Provide Liquidity And Start Earning
- First you will need to set up Binance Chain in Metamask
- Next go to 1inch (this is my referral link) and connect to MetaMask
- You will need some 1inch and BNB in Metamask to provide liquidity.
The easiest way to do this is to send them from Binance (my referral link that gives us both a 10% reward). You can buy both there if you do not have any and then make sure you select "BSC" as the network and use your MetaMask address which you can get by clicking on the address at the top of MetaMask like this:
When withdrawing from Binance choose "BSC" like this:
After a few minutes you will see the funds in Metamask.
Make sure you have "Binance Smart Chain" selected in Metamask like this:
You need a 50/50 split of BNB and 1inch to provide liquidity.
- On the 1inch website make sure you are connected to BSC at the top (if not click on the ETH logo and select BSC):
Click on "DAO" at the top and then "Pools" on the left:
To provide liquidity to the 1inch / BNB pool click the "+" on the right of the first row:
First you will need to unlock the liquidity token by paying a small fee and then you can enter the amount you want to supply in one of the fields and it will automatically select the equivalent values in the other fields.
Start Farming
Now you can use your LP tokens to start farming.
Click on the green farming icon next to the pool and deposit your LP tokens.
Sit back and enjoy your rewards!
Posted Using LeoFinance Beta
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