A Defi Platform with a lot of fun
Pancakeswap offers a lot of options to stake and farm your crypto. There is a lottery you can participate in. It supports many coins and you can easily swap them using MetaMask.
Staking is a way of earning interest on your favorite crypto. Staking is done by putting your crypto in a pool together with a lot of people. There is a interest on the pool which is spread over the participants. The interest paid out is often high but decreases once more participants join and crypto is put in the pool. I have started in a pool that was at 138% APY and has now dropped to 73.37% at the time of writing.
Farming is done by making a combination of two crypto coins into a new liquidity token (LP) than can be created using the metamask wallet. This is then also put in a pool to earn interest. This is a bit more tricky and often two coins that are alike are put into a farming pool. Often new coins will offer high interest rates to attract more people to the coin.
On Pancakeswap you can use the exchange to swap your coins. You will pay a litte gas fee that is paid in BNB. BNB can be send to your MetaMask wallet using Binance and you need it to swap it to a coin like Cake.
Cake is the native token used by pancakeswap.
My experience sofar
I have used Pancakeswap for a couple of months now to buy and trade various altcoins, it helped me participating in a pre-sale and to get familiar with staking. I still have my Cake coins staked in a pool.
How to get started
To use Cake on Pancakeswap you need a Binance wallet to send BNB to your MetaMask wallet. Then you can swap the BNB on Pancakeswap to Cake and stake it. Ofcourse you could also swap it for another coin that is interesting in the list of pools and farms.
Sign up for Binance here: https://accounts.binance.com/en/register?ref=190299904
Download MetaMask https://metamask.io/