How to Migrate Your PancakeSwap Farms and Pools to Masterchef v2
The relevant steps should be easy enough for users to make sure they don’t miss a trick in PancakeSwap’s Masterchef migration.
The Great Pancake Migration
PancakeSwap has notified its users that they will need to migrate their farms and pools to the all new MasterChef if they want to continue earning staking rewards.
Confirmation of the migration came via Twitter and Medium on April 15 and will see users embark on the migration by approximately April 20, 09:00AM UTC, the team has stated. Users will be affected and will need to migrate if they are:
- Farming on PancakeSwap Farms.
- Staking in PancakeSwap CAKE Syrup Pools (Manual, Auto, IFO).
*other Syrup Pools aren’t affected
The move comes as PancakeSwap’s token has seen a rise; $CAKE went from just over $5.42 in mid March to over $10 at the beginning of April, before settling on $8.20 at the time of writing according to CoinMarketCap. The project’s premier NFT collection PancakeSquad has also enjoyed a sharp upturn in the floor price, even seeing an NFT sell for 399 BNB and then reselling for a further 599 BNB just days later.
How to Migrate?
The signs are certainly bullish for the PancakeSquad team, but let's take a closer look at how you can begin migrating your own relevant farms and pools.
The initial point that is worth remembering for users is that PancakeSquad intends on introducing a ‘helper’ that will guide users step-by-step on their website.
1. Access Helper
Once you have accessed https://pancakeswap.finance, and connected your wallet, you will click on the Farms or Pools section as normal before seeing a migration notification at the top of the page, which will look as it does below:
2. Unstake Relevant Pools & Farms
After clicking proceed you will be met with a list of three CAKE syrup pools and farms you are currently staking. Upon seeing this you are now expected to unstake your relevant $CAKE.
Once you have completed this task you will then ready yourself to re-stake to the new offering.
3. Stake Your Tokens Into New Farms and Pools
You will now be able to access the all new farms and pools, but before you can finalize your final step you will need to make sure you have enabled the relevant move.
You will finally be required to click "Enable" to enable staking on each of the farms and the CAKE syrup pool. If you are using a mobile device, please click the “v” (downward arrow) to expand the card while looking for the "Enable" button. After enabling, you will be able to start staking in the all new pool and farms.
Just a few days after the migration users will be able to access the ‘fixed-term’ or ‘flexible’ staking option, allowing them to determine how they want to stake their assets, the decision can be taken as follows:
For CAKE syrup pool. Please:
- Click "Flexible" under the "Stake CAKE" section.
- Enter the amount of CAKE you want to stake.
- Click "Confirm".
What is PancakeSwap?
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC.
Where to find PancakeSwap:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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