- Disclaimer: Never financial advice, always do your own research before doing these things.
Originally posted on April 15, 2021, on my blog.
Crypto has been trending for the past six months, but it recently has attracted the eyes of institutions and the general public with Coinbase’s recent IPO. I wanted to talk about Decentralized Finance (DeFi) and what it means to participate in yield farming. Since there aren’t as many blogs and resources teaching these things, I wanted to provide my take and what I learned from my friends in the crypto community.
Note: xBLZD and BNB will be the two coins that I’ll be referring to throughout the blog. It’s also important to understand that this yield farming happens on the Binance Smart Chain (BSC) network.
Buy the Binance Coin (BNB)
The majority of the time, I use the Binance Exchange to buy BNB using USDC or USDT. If you don’t have Binance but would like to sign up, you can use my code: FK7FNG6Y.
Add BSC to Metamask network
The next thing would be to connect your Metamask wallet to the BSC network. Binance has a good guide that I’d recommend. For this, you would want to add the details under the “Mainnet” header.
Send BNB to Metamask address
At the top of the right of your Metamask wallet, you’d want to make sure the network says “Smart Chain,” the name that follows from the Binance guide, before sending BNB to your Metamask wallet.
Send the BNB using the BEP20 network.
As always, you can send a small amount as a test to make sure the transaction goes through properly.
Preparing to swap BNB for xBLZD
Visit Pancakeswap (PCS) and connect your Metamask wallet. Here you can swap the BNB for xBLZD. Note that there’ll be times where the coin you want won’t be listed on PCS. You can find the coin’s contract on BSCScan and paste the contract address to PCS.