Staking Crypto is a popular idea for getting passive income. In this video I’ll explain how to do it and is it really possible.
Pancake Swap is one of many crypto exchange platforms that allow you to stake its own coin called “cake”. The interest rate is very high - over 100% APY. But if you think that this high interest rate on staking will allow you to double your investment within a year - you might be wrong.
The interest rate is so high because the coin is not stable. Nevertheless if you understand and accept the risks, you might want to try to stake your cakes for some exta income.
The new feature on PancakeSwap called Auto Cake allows you to stake your cake and benefit from the compound interest at the same time.
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Time Stamps:
00:00 Introduction
01:20 What is Staking?
02:22 Why interest rates are so high
03:32 What is Pancake Swap?
05:07 What is Cake Token?
05:48 How to stake cakes
06:45 Why I chose Auto Cake staking
07:17 How to choose a coin for staking?
09:42 The Truth about Passive Income
10:24 Main info about Auto Cake
12:12 Manual Cake
None of the information I give in my videos is a financial advice and it has to used in entertainment purposes only.
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