How to Stake FLP-FLM-fCAKE LP Tokens
We walk you through two ways to add liquidity to the FLP-FLM-fCAKE pool and stake your LP tokens to earn yield.
Last updated
We walk you through two ways to add liquidity to the FLP-FLM-fCAKE pool and stake your LP tokens to earn yield.
Last updated
There are a number of ways to add liquidity to the FLP-FLM-fCAKE pool and stake your LP tokens to earn yield. In this guide, we will walk you through two of them.
The first and easiest option is to use Flamingo's own SmartStake feature with any asset already in a connected Neo wallet and let Flamingo do the wrapping, liquidity adding, and staking for you. 1. On Flamingo.Finance, select the Asset actions tab.
2. In the Asset Actions tab, select SmartStake from the top dropdown. Select the asset you wish to SmartStake with in the second dropdown. Enter the amount of the assets you wish to SmartStake with, and select the FLP-FLM-fCAKE pool from the third dropdown. Adjust your Slippage and Deadline settings to your preferred settings.
3. Select SmartStake.
That’s it! You will now earn FLM rewards for staking FLP-FLM-fCAKE LP tokens.
As a second option, especially if you don't already use Flamingo or don't already have assets in a connected Neo wallet, you can manually wrap, add liquidity, and stake your FLP-FLM-fCAKE tokens yourself. First, you'll need to set up a Binance wallet and send yourself CAKE tokens.
1. On any Chromium browser (for this example we are using Google Chrome), search for binance wallet on Google and select Binance Wallet on chrome.google.com.
2. In the chrome web store, select Add to Chrome.
3. Select the puzzle piece in the top right corner of your browser. In the Extensions dropdown, select Binance Wallet.
4. In the Binance Wallet extension, select Create wallet.
5. Select your preferred method of creating your wallet. In this example we will select Generate Seed Phrase.
6. Enter and confirm a strong password for your wallet and select Continue.
7. Back up your seed phrase. We recommend writing it down and storing it somewhere private and safe. Select Continue.
8. Confirm your seed phrase by entering the correct words from your seed phrase corresponding to the randomly selected numbers shown. Select Continue.
9. You are now able to use your new Binance wallet. Make sure you are on the Binance Smart Chain Network. Select + to search for and select CAKE to be able to interact with CAKE assets.
10. You can now send CAKE from an exchange to your Binance wallet.
11. Make sure to also send yourself BNB since a small amount will be required to transact with CAKE on Flamingo.
12. Now you'll need to connect your Binance wallet to Flamingo. Go to the Asset Actions tab and select Wrap & Unwrap in the top dropdown.
13. On the Wrap tab, select CAKE from the dropdown.
14. Connect your Binance Wallet.
15. Enter the amount of CAKE you want to wrap to fCAKE so that you can add liquidity to the FLP-FLM-fCAKE pool and stake your LP tokens.
16. Confirm the transaction.
17. If you don’t already own FLM, Convert any asset to a roughly equal FLM value as the value of fCAKE you want to stake.
18. To add liquidity to the FLP-FLM-fCAKE pool, select Add liquidity from the top dropdown and select the FLP-FLM-fCAKE pool from the second dropdown. Adjust the Slippage and Deadline settings to your preferred settings.
19. Select Add Liquidity.
20. Confirm the transaction in your Neo wallet. You have successfully added liquidity. Select Close.
21. In the Asset Actions tab, select Stake in the top dropdown. Select the number of LP tokens you would like to stake and select Stake.
22. Select Yes to confirm the transaction in your Neo wallet.
Congratulations! You have now created a Binance wallet, added CAKE to your wallet, wrapped CAKE to fCAKE, added liquidity to the FLP-FLM-fCAKE pool, and staked your LP tokens. You will now earn FLM rewards for staking.
