Beefy finance adds GUM — BNB LP Vault to Optimize yield on Binance Smart Chain
We are pleased to announce Gourmet Galaxy ($GUM) has been added into beefy finance’s Vaults, a leading Yield Optimizer On Binance Smart Chain. Users need to deposit GUM— BNB LP token into the GUM— BNB Vault on Beefy finance and earn $CAKE tokens.
What is GUM— BNB LP Vault on Beefy finance?
Beefy finance is a Yield Optimizer on Binance Smart Chain. The vaults are pool of funds which follow a certain strategy that are designed to maximise the yield of the deposited asset and minimise the risks.
The strategies of these vaults includes multiple things such as farming other protocol tokens and selling them for profits, supplying collateral, providing liquidity, supplying stablecoins into money markets etc.
In this guide we’ll walk through how to use Beefy finance and optimize your GUM — BNB LP positions.
Step #1: Provide liquidity into PancakeSwap and Obtain GUM— BNB LP
To use Gummer’s GUM — BNB LP Vault on Beefy finance, we need to have GUM— BNB LP which is obtained after providing liquidity into PancakeSwap.
Follow this guide to provide liquidity and obtain the LP tokens
Note: Don’t stake the LP on PancakeSwap unless you wish to use that instead.
Step by Step Guide to Stake GUM— BNB LP tokens and CAKE to earn GUM on PancakeSwap Syrup Pool
Stake delicious CAKE and Earn GUM— Stake GUM| BNB LP Token and Earn GUM
Step #2: Visit https://app.beefy.finance/
Visit https://app.beefy.finance/ => Connect Wallet => Choose the wallet you wish to connect.
Note: If you are choosing Metamask when connecting wallet with PancakeSwap make sure you switch the network to Binance Smart Chain.
Step #3: Select the GUM— BNB LP Vault
Click “Deposit” or “Deposit All” to stake the LP tokens into the Vaults -> Confirm the transaction on Metamask -> wait for the transaction to be confirmed
You have successfully deposited GUM — BNB LP into the Vault. The Vault optimizes the returns, the rewards are given in $CAKE.
The vault compounds automatically with every harvest, your deposited amount will reflect the change(earnings get added on the deposit amount). The harvests are fully automated and done by the cowllector bot, no user action is required.
Withdrawing GUM— BNB LP from the Vault
Click “Withdraw” or “Withdraw All” to withdraw the LP tokens from the vaults => confirm the transaction