In celebration of the release of Fuse 2.0 and refreshed branding and White Paper, we’re teaming up with the leading DEX on BNB Chain, PancakeSwap, to deliver a FUSE/WETH farm on Ethereum and a chance for the community to earn CAKE.
On the road to becoming a leading force in Web3 payments, we released an updated White Paper introducing the concept of Power Validators and Operators in the Fuse Network. To further celebrate, we’re happy to announce a FUSE/WETH farm on BNB Chains leading DEX, PancakeSwap.
The FUSE Farm is now live on PancakeSwap, and those interested can stake FUSE-WETH Liquidity Provider tokens (LPs) to earn CAKE. Vitally, APR will drop as liquidity in the pool increases, so moving fast is imperative to reap the most significant rewards. At writing, the APR is still at a whopping 199%.
Notably, the pool consists of FUSE on Ethereum and WETH, so those wishing to get involved need to hold Fuse on the Ethereum network. However, if you are holding FUSE on Fuse Network, you can easily bridge it to Ethereum using Voltage Finance.
Use this step-by-step guide to bridging Fuse to Ethereum if you’re unsure.
- What are liquidity pools?
- How to provide liquidity on PancakeSwap
- Putting FUSE/WETH tokens in the farm
- What is PancakeSwap?
What are Liquidity Pools?
Unlike a traditional bank that can source finance from a central authority, decentralized finance relies on its users’ liquidity or cash available for operations.
A liquidity provider is a person who gives tokens to a liquidity pool. The largest providers are mostly the creators, but this isn’t always the case. In the future, the pool may be joined by users who can make a deposit. Moreover, liquidity pools are the result of community efforts.
The providers in the liquidity pool receive a percentage of the trading fees that users pay when they make a trade. For example, the crypto exchange has set fees of 0.3% for pairs. The amount is charged to the user for the transaction and is distributed among all providers by their share.
Liquidity pools offer a way to earn on your already-held tokens while receiving rewards in a new token. In this case, the native token of SushiSwap is CAKE.
How to provide liquidity on PancakeSwap
Now that you’ve found the FUSE/WETH farm to stake in, you will need to add liquidity to get your LP Tokens.
FIRST: Click on the row of the Farm you’ve chosen from the list. It will open to show more details.
SECOND: On the left, you’ll see some links. Click Get FUSE-WETH LP.
Pairs must be equally weighted, and PancakeSwap will work this out for you. Type in the number of WETH or FUSE you would like to use. For example, if you add 1 WETH, at writing, you would need to add 18494.8 FUSE to create a pair.
THIRD: Connect your wallet, sign the transactions, and wait for the FUSE/WETH LP tokens to land in your wallet.
Putting LP Tokens into WETH/FUSE Farm
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards.
FIRST: Go back to the Farms page and locate the FUSE/WETH Farm. Click anywhere on the row showing your pair. It will expand to show more details.
SECOND: Click the Enable button and confirm your action in your wallet.
THIRD: After a short wait, the Enable button will change to Stake LP. Click it, and a new window will appear.
Type the number of LP Tokens you would like to farm into the field, or just click Max to use all of your LP Tokens.
FORTH: The Confirm button will light up when you have the amount entered. Click it. Your wallet will ask you to confirm the action.
FIFTH: After a brief wait, the window will close, and you will see your new staked LP Token balance in the details.
For detailed information on adding more LP to the farm or withdrawing your liquidity completely, see the PancakeSwap Docs for straightforward step-by-step guides.
What is PancakeSwap?
While it intends to make it comfortable for people to get involved with DeFi, NFTs, and Web3, PancakeSwap has also become one of the most popular DeFi platforms in the industry.
The DeFi platform on BNB Chain first launched in September 2020 and quickly rose to become one of the most used exchanges. For example, in July 2022, PancakeSwap’s total volume was $2.16B, with over 2 million monthly users.
The CAKE token is PancakeSwap’s native token and serves several purposes. For example, you can use it to pay transaction fees, earn rewards for providing liquidity, and even vote on PancakeSwap governance proposals.
In addition to its DEX popular services, PancakeSwap also has an NFT marketplace, which launched very successfully in September 2021. Although less well-known than NFTs on the Ethereum blockchain, BNB Chain NFTs are rapidly growing in interest amongst collectors.
As a leading DEX, Fuse is delighted to have a liquidity farm on PancakeSwap.
Build on Fuse Network
Fuse was designed to be friendly for blockchain & non-blockchain developers alike.
