Staking CAKE on PancakeSwap allows users to earn more CAKE or other tokens based on BNB Smart Chain.
In this step-by-step PancakeSwap staking tutorial, you will learn how to fund your wallet with BNB and CAKE, connect your wallet to and stake/unstake CAKE on PancakeSwap.
Also, we will touch on flexible staking ROI and locked staking ROI for CAKE, and pros and cons of flexible and locked staking.
If you don’t have a MetaMask wallet yet, you can check out our MetaMask tutorial to learn how to set up and use MetaMask.
To add BSC to MetaMask if you’ve not done so yet, check out the tutorial below:
How to connect your MetaMask wallet to PancakeSwap
To stake CAKE on PancakeSwap, first log in to your MetaMask wallet and then visit PancakeSwap.
Click the ”Connect Wallet” button on the top-right corner of the platform to connect your MetaMask wallet to PancakeSwap.
Click ”MetaMask” or the wallet that you currently use and want to connect to PancakeSwap.
After clicking MetaMask, you need to select the MetaMask account that you want to connect to PancakeSwap and then click the ”Connect” button via the MetaMask notification.
How to stake CAKE in Syrup Pools
To stake CAKE on PancakeSwap, click the ”Pools” page under the ”Earn” menu.
Before visiting the ”Pools” page and staking CAKE on PancakeSwap, you can swap your BNB, BUSD or other crypto to CAKE.
How to buy CAKE on PancakeSwap
To buy CAKE on the platform, click the ”Swap” page under the ”Trade” menu.
On the swap page, select the crypto that you want to swap and CAKE, and enter the amount of crypto that you want to sell for CAKE.
You may need to make an ”enable” transaction first before swapping your crypto to CAKE if you’ve not done so before.
It will just incur a small transaction fee and will not be required again.
How to transfer CAKE & BNB from Binance to MetaMask
Alternatively, you can transfer CAKE and also BNB from exchanges such as Binance to your MetaMask wallet.
The trading fee on PancakeSwap (0.25%) is much higher than Binance fees (0.10% and lower).
If you don’t have a Binance account yet, you can click the button below or use the referral ID ”WRYOO8BZ” to open your Binance account with a 20% fee discount:
If you already have a Binance account, you can use the code ”10indirim” when opening your Futures account on Binance and receive a 10% fee discount on futures trading fees.
On your Binance account, you can buy CAKE and BNB and withdraw them to your MetaMask address via BSC (BNB Smart Chain).
Besides CAKE, you also need BNB in your MetaMask address to pay for transaction fees on BSC when staking CAKE and making other transactions on PancakeSwap.
On the pools page on PancakeSwap, you can stake CAKE to earn more CAKE or other tokens.
PancakeSwap flexible staking explained
If you want to be able to unstake your CAKE anytime after staking it on PancakeSwap, you can go with ”flexible” staking.
But it offers lower APY compared to locked staking.
The APY for flexible staking on PancakeSwap is currently 4.03%.
It means that for 100 USD worth of CAKE tokens, you earn 4.03 USD worth of CAKE in a year.
Note that before staking your CAKE, you need to make an ”enable” transaction which will allow the smart contract to access your CAKE and just incur a small transaction fee.
To stake your CAKE on PancakeSwap with the flexible staking option, click the ”Flexible” button.
Enter the amount of CAKE that you want to stake and click the ”Confirm” button, and confirm the transaction via the MetaMask notification.
After staking your CAKE with the flexible staking option on PancakeSwap, you can just watch your CAKE holding increase and unstake or stake more CAKE whenever you want.
You don’t need to harvest/unstake your CAKE reward and restake it. It’s all automatic and you benefit from the compounding effect.
How to unstake CAKE on PancakeSwap
To unstake your CAKE, you can click the minus button and unstake all or part of your staked CAKE tokens.
If you want to stake more CAKE tokens, you can use the plus button.
PancakeSwap convert to lock explained
It’s also possible to switch to locked staking by clicking the ”Convert to Lock” button.
You can go from flexible staking to locked one smoothly and stake your CAKE for a week or 5, 10, 25 or 52 weeks.
PancakeSwap locked staking explained
To stake your CAKE with the locked staking option on PancakeSwap, click the ”Locked” button.
Enter the amount of CAKE that you want to stake and choose the duration. If you stake for longer duration, you earn more CAKE tokens thanks to the yield boost.
If you stake 1000 CAKE worth $3200 for 5 weeks, you earn $36.95 USD worth of CAKE at the moment.
PancakeSwap flexible staking ROI
If you stake 1000 USD worth of CAKE tokens with the flexible staking option on PancakeSwap at the moment, you earn around 40 USD worth of CAKE in a year.
Flexible staking on PancakeSwap has 4.03% APY right now which can change depending on the amount of CAKE staked by users.
As it is flexible staking, you can unstake your CAKE anytime. But, if you unstake within 3 days after staking your CAKE, you’ll be charged a 0.10% unstaking fee.
If you just keep 1000 USD worth of CAKE staked for a day, you earn 0.11 USD worth of CAKE. But it may not be worth doing that if you unstake within 3 days.
PancakeSwap locked staking ROI
Locked staking on PancakeSwap has higher APY and offers better ROI, and you can earn more CAKE with the same amount of staked CAKE by just staking it for longer duration.
If you stake the same amount of CAKE for 52 weeks instead of 5 weeks, you earn a lot more CAKE tokens as more CAKE reward is allocated to 52w locked staking.
But it does not mean that you can always earn more CAKE tokens by staking your CAKE for longer duration.
If everyone thinks so and stake CAKE for 52 weeks without hesitation, for example, then the 52w APY will go lower.
But, thanks to the generous yield boost, the 52w locked staking offers an attractive, high ROI regardless of demand.
And, of course, it is not easy for most users to lock their CAKE tokens for 52 weeks (1 year). So low demand means more CAKE for those who can do it.
Besides, you need to take into consideration CAKE price in the long term if you calculate your ROI in dollars.
If you just want to increase your CAKE holding regardless of the price, it is fine.
To learn how to trade on PancakeSwap and use other decentralized exchanges, check out our tutorials below:
If you have any questions about staking CAKE on PancakeSwap, you can leave a comment below.