How to get started in DeFi on Binance Smart Chain and start staking Safermoon
To all our new friends, we welcome you with open arms to the Binance Smart Chain and Blizzard community! We understand you may be confused about some things so we wanted to provide you all with some of the best resources to get you started staking with Blizzard.
FYI, this will take some technical knowledge of MetaMask and a working knowledge of blockchains. If you are new to DeFi, these steps may seem a bit intimidating when viewed all at once, but we are always ready to help in our telegram room.
Binance Smart Chain — Primer
In order to get a full understanding of Blizzard you need to understand how the Binance Smart Chain works and its benefits https://www.bitcoinmarketjournal.com/what-is-binance-smart-chain/
- Fast transactions
- Extremely low gas fees
- Allows you to remain nimble and enter and exit trades faster
- BSC has great decentralized customer support via their community and Discord groups
Step 1 — Setting up your MetaMask wallet — Programming your MetaMask wallet for BEP-20 deposits
Download MetaMask — https://metamask.io
This is the same concept as an ERC-20 wallet, but you need to set up your MetaMask so that it can hold the new version of the token (aka BEP-20 token)
Just like an ERC-20 wallet uses ETH to pay for gas fees, when conducting transactions on the Binance Smart Chain, you will use Binance Coin (BNB) to pay for gas fees.
This document will explain how to set up your MetaMask wallet to be able to hold BEP-20 tokens in a step by step guide:
Step 2 — Your options for getting to the BSC network (Nerve.Fi, Trust Wallet, Panama Bridge, and BSC Wallet)
We will cover the easiest on-ramp to the BSC ecosystem, Nerve.Fi. You will be taking your ERC-20 assets and wrapping them on this bridge, and then they will be stored on your BEP-20 MetaMask wallet.
i.e. ETH → Binance Smart contract (ON ETH NETWORK) → Binance MAGIC → BEP-20 ETH
Once you submit the initial transaction, you will need to pay the ETH gas approval fee. This fee is subject to the congestion on the Ethereum network.
Approve the transaction for the transfer, and the resulting asset you will receive is anyETH. If this is not appearing in your wallet simply hit the “add to wallet” button on Nerve.Fi. You will need to swap some of this out on PancakeSwap for BNB (which will serve as your gas fee once on Binance Smart Chain)
- Binance Smart Chain explainer article
- Panama Bridge Link
- Trust Wallet — Binance Smart Chain setup
- Nerve.Finance Binance Smart Chain setup
How to start yield farming on Blizzard
Transfer BNB (BEP-20) to Metamask. This will serve as your gas just like the Ethereum network. Make sure that your MetaMask wallet is switched for the Binance Smart Chain network.
Step 1 — Exchanging assets on PancakeSwap
Pancake Swap (Part 1)
This is the equivalent of Uniswap or Sushiswap on the Binance Smart Chain, it should look very familiar to anyone who has spent time in DeFi or yield farms
You will need to go to the “Trade” button on the left-hand side then select “Exchange” on the drop-down menu
BNB is the ETH of the Binance Smart Chain. BNB will act as your gas for transactions. You will need at least $10.00 of BNB to get started (this should last you a while because transactions only cost a few cents).
Exchange some of your BNB for $XBLZD
Be sure NOT to select the max button because you won’t have gas left to pay for more fees when staking or creating LP tokens!
Creating Liquidity Provider Tokens for XBLZD on Pancake Swap
Pancake Swap (PART 2)
How to provide liquidity / create liquidity pools tokens
On the left-hand side of the home screen, select the “Trade” menu, then the “liquidity” link on the submenu
Select “add liquidity”.
In the first “input” section select the token you wish to provide to the correct pool. In the second “input” section select the token you wish to provide the correct pool. You will need to “approve” any new tokens to be used on PancakeSwap.
When providing liquidity it is important to note that most pools require a 50–50 ratio of assets when creating an LP.
This means that if you have 50 BUSD you would also need to stake the same dollar amount of xBLZD you wish to create the LP token with.
Youtube — Pancake Swap Tutorial
Youtube — Pancake Swap Tutorial for beginners
Getting started on Blizzard.Money — How to stake Safermoon
Please follow the instructions on Safermoon.net to buy the asset. https://safermoon.net/how-to-buy.html
After purchasing SAFERMOON, you will need to visit the Blizzard.Money homepage and select the “Caves” on the left-hand side of the Blizzard homepage.
Select the approve contract button and approve the transaction on your MetaMask.
Select the amount that you would like to deposit by either selecting the max total by clicking the blue number, or you can manually type in the amount in the white sub box.
FYI, transactions are limited to 5 trillion tokens at a time, so large bag holders may need to submit several transactions.
After inputting the amount of SAFERMOON you would like to stake please select the “deposit” button.
Sometimes if there is network congestion on BSC you will need to change the GWEI value to a number higher than the default of 5. If your transaction fails, this is ok. Try to resubmit your transaction with a higher GWEI amount (10 or 15 GWEI).
You are all done and are now officially farming on Blizzard.Money!