How to Stake, Withdraw and Claim Rewards on PancakeSwap | Step-By-Step Guide
In this guide, we’re going to look at the process of how to stake, withdraw, and claim your rewards on PancakeSwap.
The picture above is the main page of the PancakeSwap website. You can visit them at Pancakeswap. finance. On this page, you can access all the different features of PancakeSwap. To the left is a list of features you can engage with.
How to Stake in Single Token Pools?
First up, we’re going to look at how to stake in single token pools. In this tutorial, I’ll be using “Manual CAKE” compounding pool as an example. You can refer to the image below.
MetaMask Wallet
The first thing you need to ensure is that your wallet is using MetaMask chrome browser extension. As you can see in the image below, my wallet is connected to my hardware wallet, Ledger. If you aren’t familiar with MetaMask and Ledgers, you can do a quick google search to quickly learn about them.
You can see that I have both BNB and CAKE in my wallet. Both of these tokens will be the main part of our guide. If you have CAKE tokens in your wallet but are unable to see them, you can follow the steps below.
- In your wallet click the “Add Token” button as seen below.
2. Once you click the “Add Token” button, a new menu will appear. Go to the “Custom Token” category and input the Token Contract Address. Refer to the image below.
If you don’t know the Token Contract Address for your token, which is CAKE for this example, you need to go back to PancakeSwap documentation and retrieve it from there. Once you have the token contract address, simply copy and paste it on the Token Contract Address bar. They will input the token symbol and decimals of precision automatically. Once you click “Ok”, it will add the token to your wallet.
Staking In Single Token Pools
Now that you’ve sorted out your wallet, let’s begin the process of staking in single token pools. To start staking tokens, you first need to enable them in the PancakeSwap Pools category. Refer to the image below.
You need to click “Enable” to start the contract. Do note that there’s going to be a fee involved if you decide to enable a contract.
The transaction fee will be in BNB as you are in Binance Smart Chain (BSC) network. Make sure that you have at least 0.1 BNB in your wallet before enabling any contracts.
Once you’ve confirmed and validated the transaction, you should be able to start staking in the pool. Click the “Stake” button and a new menu should pop up, as seen below.
The balance will show you how many CAKE tokens you currently have in your wallet. Some options allow you to automatically set percentages on how many CAKE tokens you want to stake. Set how much you want to stake and click “Confirm”.
Once confirmed, MetaMask will open a prompt box, as shown below.
The Gas Price (GWEI) and Gas Limit are automatically set for you by MetaMask. However, depending on the network congestion, you might want to increase your GWEI. For now, the 5 Gas Price will do. The confirmation will take a few seconds. Refer to the image below.
Once the transaction has been successfully confirmed, you’ll receive the notification below.
The image below should be how the Manual CAKE card should look after finishing the transaction.
Over time, you will be able to see the amount of CAKE EARNED. That is how you stake in single token pools in PancakeSwap.
How to Withdraw Tokens in PancakeSwap?
The tutorial above is for depositing tokens in PancakeSwap, in this example, we’re going to look at how to withdraw your tokens and collect your rewards from a single token pool which also is applicable to LP token farms.
To withdraw your CAKE tokens, simply clicks the minus (-) button on the card. Refer to the image below.
This minus (-) button will open up the Unstake menu that will allow you to withdraw a specific amount of CAKE tokens.
In this menu, you’ll be able to specify how much of the total balance you want to withdraw. To successfully unstake your tokens, you’re going to need to confirm and validate the transaction once again.
If you want to deposit more tokens, simply click the plus (+) button. This is a simple and straightforward process to execute.
Collecting CAKE rewards
To collect your CAKE rewards, simply click the “Collect” button as seen in the image below. This applies to all farms and pools on PancakeSwap.
A new menu will open up that lets you compound or harvest your rewards.
Choosing to “Harvest” your CAKE rewards will redeem all of your farmed rewards to your wallet. You can also manually click “Compound” to compound your CAKE rewards back into the pool if you are not using the Auto CAKE pool.
This concludes our tutorial on depositing, withdrawing, and collecting your rewards relating to a single pool token. Once you’ve familiarized yourself with these processes, you can apply them to all the single pool tokens available in PancakeSwap.
How to Stake in LP Token Farms?
Another activity you can do is to stake your LP tokens in farms to earn rewards. In this section, we’re going to show you how to do exactly that. The same as the above tutorial, we’re going to use CAKE-BNB LP token as an example. Refer to the image below.
To start staking in LP Token Farms, in this example, CAKE-BNB LP token farm, you need to go to the Trade tab section of PancakeSwap and go to Liquidity. Refer to the image below.
When you click the Liquidity category, the menu below will show up.
Before adding liquidity, make sure that the settings are in default. You can access the settings by pressing the button next to the timer icon at the top right of the menu. The image below is the default settings for Liquidity.
Once you’ve determined that the settings are fine, go back to the menu and click “Add Liquidity”. The menu below will open.
Remember, for this transaction, we’re going to need BNB and CAKE tokens. Make sure that both input boxes have this token.
To do so, simply click the “Select a Currency” dropdown option, search CAKE or add the contract address of CAKE, and the CAKE token option should show up. Select the CAKE token option.
If you want to use all the tokens you have, you can click the MAX button as seen above. PancakeSwap will automatically take the max amount of BNB/CAKE tokens found in your wallet and populate the figure in the field. Remember that the BNB-CAKE LP tokens require a 50% contribution in terms of value from each of the tokens (BNB + CAKE).
eg. When you input the number of CAKE tokens to contribute, PancakeSwap will prompt you the required amount of BNB tokens to contribute to be able to add liquidity.
Once you’re done, click on the “Supply” Button as seen below.
Before finalizing the transaction, PancakeSwap will provide a neatly summarized version of the transaction. Refer to the image below.
After checking the details, click “Confirm Supply”. This will open your MetaMask wallet for confirmation. Once all the details are confirmed and you’ve authenticated MetaMask, the notification pop-up will appear as shown below. You can also review your transaction on BscScan by clicking on “View on BscScan”.
You should see the amount of LP tokens you have received in your wallet. Refer to the image below.
Finally, you can proceed to stake in the CAKE-BNB LP Farm.
To stake more CAKE-BNB LP tokens, you simply need to click the plus (+) button, the same as staking in a single token pool. Whenever you contribute new LP tokens to a Farm, all the rewards earned on that farm are automatically harvested to your wallet. If you want to unstake your LP tokens from a farm, simply click the minus (-) button and enter the desired amount to unstake. Refer to the image below.
If you want to convert your LP tokens to their respective tokens, in this case, CAKE and BNB, you need to do the following.
1. Go to the “Trade” section in PancakeSwap and head to “Liquidity”
2. Find the “Your Liquidity” section, as seen in the image below.
This section will contain all the Liquidity Tokens you’ve unstaked from Farms that is in your wallet. If you have some, you just need to select it from the list. It will convert your BNB-CAKE LP tokens back into both CAKE and BNB tokens respectively.
Conclusion
This concludes our guide on how to stake, withdraw, and claim your rewards on PancakeSwap. We hope you’ve learned how to operate on PancakeSwap. Good luck out there!
