How to yield farm on Beefy Finance using MetaMask and Pancake Swap.

Feb 15, 2021 | Community Tutorials

Following on from our Beefy Finance article, this will be a quick walkthrough of how to provide liquidity to their high-interest vaults.

If you haven’t read that article yet you can read it HERE. 

The beauty of Beefy and their vaults is that the daily interest is you make is automatically reinvested into that vault, creating huge annual returns that are in fact, well… beefy.

It’s quite ridiculous really but in a good way. Some beefy vaults can yield annual interest returns in the quadrillions. It makes me laugh even saying that number. That’s a ‘1’ followed by 15 zeros…

Now the likelihood of the vaults staying at those rates for the full year to allow you to achieve your status as the richest person on the planet a million times over, are slim… The more people who join the vault, the lower the annual and daily interest returns are.

That being said I guarantee they are higher than you bank. In fact, I guarantee the daily returns are higher than your bank’s annual returns on your savings account.

Please read our section on impermanent loss to understand ways you can lose money on providing liquidity in vaults. This is also in our Beefy article… 

So how do you provide liquidity and put some funds into these vaults?

You will need:

  • Some BNB

  • The BNB sent to MetaMask

  • Your MetaMask configured to Binance smart chain

  • Laptop

  • Smartphone (maybe)

First go-to app.beefy.finance and take a look for the vault you like best.

There are a few things to take into account when choosing a vault.

  1. Are the two coins you are supplying stable? If not you could be subject to impermanent loss. READ THE BEEFY ARTICLE

  2. Are the coins legit? Have you DYOR on the coins?

  3. Is there a better vault option? If you are early to the vault the interest can come down quickly as others join.

Ideally, you want stable coins with a good daily return and you want to be in the vault as early as possible.

Okay, let’s get to it and stop blabbering on. 

I am going to go through the MSS-BUSD LP as an example as that is the most ridiculous returns at the minute with 18.04M % per year or around 3$ per day…

So it isn’t quite as easy as just depositing MSS-BUSD LP.

How to configure MetaMask to Binance Smart Chain. You need to do this.

If you have MetaMask configured to Binance Smart Chain skip to the Pancake Swap section. 

Metamask ETH.png

As we mentioned above, we don’t want to use the Ethereum blockchain as the fees are too high at the minute. So we need to configure the MetaMask wallet to work on the BSC.

So, go to the top, click ‘add custom chain’.

SAVE.png

In the corresponding boxes fill in these fields:

Network Name: Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

ChainID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

Once you fill this in you should select the newly made Binance Smart Chain instead of Ethereum. I repeat. You need to ensure you are on the Binance Smart Chain and NOT Ethereum. If you send funds to Ethereum you may lose your investments. Check and double-check. 

SMART.png

Did you check you are on Binance Smart Chain? Okay, cool.

Once you are on the smart chain on your MetaMask. Click the address at the top to copy the address. This is the address you will receive your BNB from Binance on.

COPY.png

Go to Binance and click ‘withdraw’ on BNB. Select the BSC(BEP20) to withdraw your BNB to MetaMask. Again, ensure you have clicked BSC and BEP20 or you will potentially lose your funds.

Paste your MetaMask address into the recipient’s address in Binance. Select BSC and send the desired amount of BNB to your MetaMask. You may find it easier to do this using your phone (Binance) and MetaMask (browser).

BNB.png

This should take less than a minute to receive BNB into your MetaMask.

TIP- As you are now using the BSC all transactions will use BNB to pay for fees. Always keep at least 0.01 BNB if you wish to trade, stake or transact on BNB. These will pay for the fees. 

Let get those coins! This walkthrough will go through:

First, you need to use Pancake swap to buy BUSD and MSS. This should be a 50:50 ratio, meaning for a total deposit of $100, you need the equivalent of $50 of BUSD and $50 of MSS.

If you don’t know how to purchase through Pancake Swap, please head to THIS ARTICLE before going any further.

Once you have MSS and BUSD in your MetaMask wallet. Click liquidity on Pancake Swap.

LP2.png

Once you click on liquidity on the left-hand side, it will take you to this page below.

LP3.png

Select… you guessed it Add Liquidity.

LP3.png

In the first box put BUSD. This should automatically be in the box on Pancake Swap.

For the other box, MSS will not show up. To manually add MSS to this box you need to search for the MSS address in bscscan.com

Type MSS in the BSCscan search bar once you are on the website.

LP3.png

Select MSS and copy the address

LP3.png

Go back to Pancake Swap and paste the MSS address in the bottom box. This should detect MSS. Click add.

LP3.png

Now click through until it generates an MSS-BUSD LP token. You will need a small amount of BNB in your MetaMask to verify this transaction.

Once you have your MSS-BUSD LP token, you will need to add this address to your metamask.

LP3.png

To do this, go back to BSCscan and type “MSS-BUSD” before pressing enter a drop-down box will show this below.

Select the PancakeSwap: MSS-BUSD from the addresses. The contract address will be at the top left of the page.

LP3.png

Copy this address and paste it into the custom token box on MetaMask and click through until you LP tokens are there.

If you are stuck on how to do this is covered in THIS article in detail.

Now you have the LP tokens showing in your MetaMask, head back to app.beefy.finance and find the MSS-BUSD LP vault.

Make sure your MetaMask is connected to Beefy Finance.

LP3.png

Click approve on the MSS-BUSD vault

Select deposit all.

And confirm the transaction in your MetaMask.

That is it, you are done.

You use this method for generating all LP tokens on Pancake Swap, whether itis to provide liquidity to Beefy Finance or any other DApp. The process is done in reverse to finally cash out your LP tokens and return them to the original tokens.

Note – Whenever you see the words ‘ETH’ whilst you are using the newly configured Binance Smart Chain on MetaMask, forget it and imagine it says BNB. All transactions are using BNB on the Binance smart chain, it is just leftover text from the Ethereum main net which is the default on MetaMask.

This process is the same if you want to use Uniswap or Sushiswap to get ERC-20 tokens which are built on Ethereum. But what do you need to remember? That is correct, switch to Ethereum main net if you want to purchase ERC-20/ETH built tokens using DEX and MetaMask.

Just remember to switch back to the smart chain when you come back to the smart-side and avoid those high ETH gas fees.

Now you are competent at sending, receiving and trading on a DEX using MetaMask, you could consider donating to our MetaMask address in BNB. It helps to support the channel by allowing us to focus more on generating content for you to be able to become more and more crypto-competent. It is a big help. 

Our BSC – MetaMask address is

0xe94B661E5BEb281D39954A7FCe5D1f17F01f02AE

This can receive any BSC token

No worries if not, this service is free and always will be.

You can track the yield by using yieldwatch.net and paste your MetaMask address in the search box.

This post will go hand-in-hand with our How to find a 100X gem post if you haven’t already read that, you can access it HERE.

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