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Road to a passive income #4

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If you are going to talk about making a passive income using cryptocurrency you can't ignore DeFi, so that's why this post is about a very nice and easy to use DeFi I stumbled upon.

Pancakeswap, because of the outrageous gas prices of Ethereum I started looking at alternative chains and found the BINANCE smart chain. It's quite similar to the Ethereum chain, but BSC uses BNB as their main currency instead of ETH. Which makes the gas prices way lower (on average 0.20 cents). On BSC the biggest DeFi at the moment of writing this is Pancakeswap, it's really similar to Uniswap but then build on BSC. 

Pancakeswap also collaborates with smaller projects on BSC by giving them a chance to airdrop their tokens to $CAKE holders. 

Yield farming on Pancakeswap surely isn't too bad, most farms give you 30-50% APY, but the newer and $CAKE one can give you 100%+ APY

 

If you like this article and are also very interested in making a passive income using cryptocurrency, please consider reading more about my blog.

Thank you very much for reading and have a nice day

 

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 11/8/2020

Digital & Hitech

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