After you’ve been playing in the crypto kitchen for a while, you’ll notice that your MetaMask asset list will have a few entries all called the same thing: CAKE-LP.
This is an irritating quirk of PancakeSwap. Surely it’s not beyond their skills to give each liquidity pair it’s correct name, is it?
Maybe there’s some complex techie reason that’s beyond my brain-grade. Or, maybe they’re just bone-idle.
For example, I’m invested in the DRIP Garden, where I need lots of lovely DRIP/BUSD LP to water my plants. Up till recently, I had three different liquidity pair tokens in my wallet, all called CAKE-LP.
I know that MetaMask tries to help by showing those different patterns and colours in the little circle icons, but I’m a text guy, not a visualiser. I never knew which was which and it used to drive me crazy, until I learned this easy hack to fix the problem.
Here’s the Fix
Firstly, I’ll show you how to figure out which CAKE-LP is which.
As you can see in my MetaMask asset list, I’ve got two CAKE-LP tokens showing.
In this case, I want to change the name of the one that I actually have a few of. I can’t remember what tokens they are, but as I say, that doesn’t matter. Click on it and MetaMask will open up the token view.
Next, click on the three dots at the top right and this dropdown will appear.
Click ‘View asset in Explorer’, which will take you to the BscScan page for the token.
So far, BscScan isn’t too helpful, because it’s still referring to our token as either Pancake LP or CAKE-LP. But that’s OK.
It’s important, at this point to copy the contract address to your clipboard, as you’ll need it in a minute. So, either select it and copy, or click the little copy- to-clipboard icon, just to the right of the address.
Then, double-click on the address itself and BscScan will finally cough up the info you want on this next screen.
So, now we know it’s the DRIP/BUSD LP token — just what we need for the DRIP Garden.
Now we can fix the name
Go back to MetaMask, select the token and the three dots again, but this time, click on ‘Hide Cake-LP’
This confirmation window will pop up. Click on the ‘Hide’ button and go back to the asset list. Now, you’ll see that the CAKE-LP entry has gone.
Don’t panic. Your tokens are still in your wallet. You just can’t see them. We’ll get them back in the next step.
Click on ‘Import tokens’ at the bottom of the window and paste the contract address, that we copied earlier, into the address box.
Metamask will recognise the address and, by default, will put CAKE-LP into the Token Symbol box again, because that’s what PancakeSwap, via BscScan, tells it to do.
But we can override that. Click on ‘Edit’, just above the Token Symbol box and now you can enter a new name. In this case I just type in, ‘DRIP/BUSD’.
Next, click on the ‘Add Custom Token’ button and you will see that your token has now been named correctly.
To finish up, click ‘Import Tokens’ and notice that, not only do you have the right name, but your actual tokens are back, as well.
Finally, check your asset list and there you are; DRIP/BUSD and the number, displayed just as it should be.
Now, repeat the process for all your other CAKE-LPs and you’ll never be confused again.
Here’s a quick recap:
identify your token on BscScan
copy the token address to the clipboard
hide the existing token entry
import the token again
edit the token symbol/name
confirm the import, and that’s it.
By the way, whenever you import a new token in future, the renaming process is exactly the same.
Thanks for reading this. I hope you find it useful.
If you want more information on the DRIP Garden, you’ll find my article series here:
And by the way — if you’re serious about understanding all this stuff, then you really need a Medium subscription. Ninety percent of what I know about Crypto and DeFi, I learned on here. So sign up for full access.
Click on 'Edit', just above the Token Symbol box and now you can enter a new name. In this case I just type in, 'DRIP/BUSD'. Next, click on the 'Add Custom Token' button and you will see that your token has now been named correctly.
LP Tokens. As an example, if you deposited CAKE and BNB into a Liquidity Pool, you'd receive CAKE-BNB LP tokens. The number of LP tokens you receive represents your portion of the CAKE-BNB Liquidity Pool. You can also redeem your funds at any time by removing your liquidity.
Click Add Token. Now you will be able to see and manage your LP tokens in your MetaMask wallet. Remember they are ERC20 tokens, so you can transfer them to any Ethereum address.
A few platforms let you use changes in interest value to stake LP tokens in yield farms. However, if you sell your CAKE-LP tokens, you are removing liquidity and returning them to the staked tokens. You must go to Pancakeswap, find the LP token pair, and remove it in order to sell CAKE-LP tokens.
If the LP tokens received are for qualified pools (see here), Liquidity Providers will be able to stake their LP tokens into the yield farming contract and obtain an additional yield on top of the fees they accrue via being an LP. Initially, yield farming contracts will be set for 30-day terms.
Many platforms allow liquidity providers to stake their Liquidity Provider tokens to earn even more interest on these tokens. Impermanent loss is a risk associated with LP. It is the potential loss that could be incurred if the value of the assets in the liquidity pool is less than the value, if held in a wallet.
If you lose access to your crypto wallet, forget the address, or have weak security for the same, you will lose your LP tokens. A hacker can also get access to your crypto wallet, they can also steal your tokens.
The bigger this price change, the more your assets are exposed to impermanent loss. For example, if the value of the assets in the pool decreases by 10%, but the value of the LP tokens only decreases by 5%, the user will have incurred a 5% impermanent loss.
Click on 'Import tokens' at the bottom of the window and paste the contract address, that we copied earlier, into the address box. Metamask will recognise the address and, by default, will put CAKE-LP into the Token Symbol box again, because that's what PancakeSwap, via BscScan, tells it to do.
5Once this transaction is complete you will have successfully staked your LP tokens. Unstaking your tokens is instant and you can redeem them on PancakeSwap at any time. Once you unstake you will stop earning rewards.
After providing liquidity to a pool it is possible to exit the position partially or completely before the end of the option's life cycle. When removing liquidity from the pool, you will receive a combination of tokens (options + stablecoins) and the fees generated throughout the trades that happened against the pool.
SundaeSwap's price today is US$0.0201, with a 24-hour trading volume of $191,460. SUNDAE is +7.53% in the last 24 hours. It is currently -2.36% from its 7-day all-time high of $0.02059, and 13.43% from its 7-day all-time low of $0.01772.
Initially, yield farming contracts will be set for 30-day terms. Terms will roll over automatically. Users do not need to withdraw and re-stake to continue earning yield. At the end of each yield contract term (30 days), users may withdraw their initial LP tokens and any LP tokens earned as yield from qualified pools.
Liquidity Provider fee: the SundaeSwap protocol charges a specific fee on all trades, depending on which liquidity pool your swap is going through. There are three tiers of pool fees: 1%, 0.3%, and 0.1%.
Impermanent loss happens when the price of a token changes relative to its pair, between the time you deposit it in a liquidity pool and when you withdraw it. Think of it as primarily an unrealized opportunity cost.
Staking is a better long-term DeFi strategy because many projects don't have a required staking period. This means that you can keep tokens staked as long as you like, indefinitely even, while reaping rewards simultaneously. Anyone who stakes can earn a high APY, or interest, on their stake.
What is LP Staking? LP staking is a valuable way to incentivise token holders to provide liquidity. When a token holder provides liquidity as mentioned earlier they receive LP tokens. LP staking allows the liquidity providers to stake their LP tokens and receive FACTR tokens as rewards.
If you receive a liquidity pool token in return - these transactions are subject to Capital Gains Tax. If you receive new tokens or coins, this would be subject to Income Tax.
They can gain value in a number of ways, including: Increase in the value of the assets in the liquidity pool: The value of an LP token is typically tied to the value of the assets in the liquidity pool. If the value of the assets in the pool increases, the value of the LP token may also increase.
So even though you've technically made a loss compared to what you could've made if you held your asset and sold it, you'll still pay Capital Gains Tax on it. You'll need to report this transaction on Form 8949 and include the profit in your net capital gain on Schedule D.
The easiest way to avoid impermanent loss is to use stablecoins that don't change in value. For instance, Curve only contains assets that hold the same or very similar values, including stablecoins like USDC and DAI or different wrapped versions of the same underlying asset, like wBTC and sBTC.
Keep in mind, however, that impermanent loss can lead to big losses (including a significant portion of the initial deposit). With that said, Alice's example completely disregards the trading fees she would have earned for providing liquidity.
The Beatles – The Beatles (the "White Album") (Parlophone UK album, 1968) – Ringo Starr's personal copy (No.0000001) was sold for $790,000 in December 2015, according to Rolling Stone. This is the highest price ever paid for an album that has been commercially released.
As a popular wallet in the Binance ecosystem, Metamask Wallet offers users the ability to stake tokens, access blockchain apps, and manage multiple tokens in one wallet. Simply connect your Metamask Wallet directly to PancakeSwap to stake CAKE tokens.
The platform is especially for having high returns on staked assets. Users can stake the LP tokens deposited to earn more CAKE tokens. Staking is one of the easiest and safest ways to earn tokens without engaging in risky investment.
Click on 'Import tokens' at the bottom of the window and paste the contract address, that we copied earlier, into the address box. Metamask will recognise the address and, by default, will put CAKE-LP into the Token Symbol box again, because that's what PancakeSwap, via BscScan, tells it to do.
The price of Cake-LP in CAKE-LP and BNB pair is $73.31 and is --- against US Dollar for the last 24h. The pair has --- 24h trading volume with $2.23k liquidity available at the moment.
Perhaps the most inherent risk of owning LP tokens is impermanent loss. By providing liquidity, you may suffer from inherent loss when the value of the amount you've deposited is greater than the value you withdraw upon exiting the pool. Impermanent loss occurs due to price changes over time.
You can use PancakeSwap with MetaMask and swap BEP20 tokens and stake CAKE & LP tokens. If you want to use PancakeSwap with MetaMask, you should first set up your MetaMask wallet and then connect it to Binance Smart Chain. You can follow our MetaMask tutorial to set up your MetaMask wallet and learn how to use it.
Introduction: My name is The Hon. Margery Christiansen, I am a bright, adorable, precious, inexpensive, gorgeous, comfortable, happy person who loves writing and wants to share my knowledge and understanding with you.
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