Earn passive income with your Dogecoin
In this step-by-step tutorial, we are going to show you how to earn passive income with your Dogecoin (DOGE) on the Binance Smart Chain Network. This is done by pairing your DOGE with Binance Coin (BNB) in a liquidity pool on PancakeSwap and then staking your liquidity pool (LP) tokens in PancakeSwap’s DOGE-BNB farm. By doing this, you will be earning rewards in the CAKE token. While the APY will change and is dependent on several factors including the price of CAKE, typically the APY ranges between 30 – 50%.
Before we begin, our disclaimer needs to be noted: The information provided below, as well as on our website, does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the content as such. Moreover, we strongly advise you to DYOR on the possible risks of crypto staking, including impermanent loss. Our tutorials are for educational and awareness purposes only.
Now let’s get started.
Step 1: First of all, you must have your DOGE converted into a BEP-20 DOGE token, which represents DOGE on the Binance Smart Chain Network. The easiest way to do this is by using the SafePal wallet, which has a cross-chain swap allowing you to swap your normal DOGE to BEP-20 DOGE. Assuming you do not have SafePal wallet, you will need to download the Safepal wallet app to your mobile device.
Step 2: In the main (home) section of the wallet, you will need to add Dogecoin to see it by clicking either the + sign on the right-hand side or the Add button at the bottom, then selecting DOGE to add this coin to the main page of the wallet.
Step 3: Send Dogecoin to your SafePal wallet. To find the deposit address, click on DOGE in your SafePal wallet and your address will show underneath the token symbol (it will also show your address and a QR code when you click on Receive. Make sure you are sending native Dogecoin on the Dogecoin network. When sending to a new address, we always recommend sending a small amount first as a test.
Step 4: When your DOGE is in your SafePal wallet, click the two-arrow button at the bottom right of the main page to take you to the Swap feature.
Step 5: Swap your DOGE to DOGE BEP-20. Enter DOGE in the Pay area, then click on the default coin in the Receive area (it should be USDT), then search for DOGE and it should show three types, DOGE (which will show your balance) DOGE BEP2 and DOGE BEP20. Choose DOGE BEP20 as you want to swap your normal DOGE to DOGE BEP-20. Perform the swap to convert your DOGE to BEP-20 DOGE. You may need to add the BEP-20 DOGE to the main page as was done in Step 2 above for DOGE.
Step 6: As you will be pairing your BEP-20 DOGE with BEP-20 BNB for this passive income play, you will need to have an equal value (in terms of market price) of BNB to enter the liquidity pool on PancakeSwap. For example, if you have $1,000 of DOGE that you want to put into the pool, you will need $1,000 of BNB to pair it. Like DOGE, the BNB must be in the BEP-20 format. Converting BNB to BEP-20 can also be done in the SafePal wallet. Many exchanges such as Binance allow you to withdrawal BNB in the BEP-20 format, so this is an option as well (especially if you have a Binance account).
Step 7: Once you have both your BEP-20 DOGE and BEP-20 BNB in your SafePal wallet, you can now enter the DOGE-BNB liquidity pool on PancakeSwap. You can do this on your mobile device from your SafePal wallet. Click the middle four-shape icon at the bottom of the wallet, then click on the DeFi app PancakeSwap. This will take you to the PancakeSwap platform on your mobile device.
Step 8: On the PancakeSwap platform, choose the Liquidity option and then Add Liquidity. The platform should be automatically connected with your SafePal wallet, showing your address in the top right.
Step 9: Add your liquidity. Click on Select a currency and choose either DOGE or BNB (it does not matter the order). Choose MAX on either DOGE or BNB (or another amount if you do not want to add all) and the corresponding amount of the other coin will be calculated automatically. If it says insufficient funds, then choose MAX of the other coin. In the example below, we have chosen 92.866 DOGE and the corresponding amount for BNB is 0.0607379. Click Approve.
Step 9: An Approve Request will pop up and it should give you two options for gas fee: Slow and Recommend. Select the one you prefer, then press Confirm
Step 10: Once the Approve transaction is confirmed, press Supply, then Confirm Supply. You will then be asked to sign / confirm the transaction with the option of three speeds for gas: Slow, Recommend and Fast. Choose the one you want (we usually choose Recommend), then press Confirm. Once the transaction has gone through, you are staking DOGE and BNB in the liquidity pool. Now it’s time to stake the LP tokens in PancakeSwap’s DOGE-BNB farm.
Step 11: On PancakeSwap, select the 3-line icon at the top left of the page and click on farms.
Step 12: Find the DOGE-BND farm by searching DOGE in the Search Farms menu.
Step 13: Click on the DOGE-BNB farm and press Enable. An Approve Request will pop up, select the gas fee option and press Confirm. Once the transaction has been confirmed, click on Stake LP. Choose Max to sake all of your LP tokens, then press Confirm. Choose the gas fee option you prefer in the pop-up and confirm the transaction. Once the transaction has been confirmed, you are now staking your LP tokens and earning rewards in CAKE. You can claim your CAKE at anytime by pressing Harvest.
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