How to Buy Pancake Bunny Crypto (BUNNY)

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Contributor, Benzinga
Updated: December 22, 2021

Pancake Bunny is a relatively new cryptocurrency, and it’s used in conjunction with Binance Smart Chain (BSC). Unlike many other tokens on BSC, Pancake Bunny has already launched its decentralized platform and has many active users in its ecosystem.

With extremely high gas fees on Ethereum’s network, more investors are opting to use Binance Smart Chain instead. While both blockchains support smart contracts, they’re not interoperable. Tokens on Binance Smart Chain must be BEP-20 tokens (ie. PancakeSwap, SafeMoon, Bonfire, etc.) while tokens on Ethereum must be ERC-20 tokens (ie. Uniswap, Chainlink, Loopring, etc.).

What is Pancake Bunny?

Pancake Bunny is a yield farming platform similar to Yearn.Finance(YFI) on Ethereum’s blockchain. Yield farming is a relatively new cryptocurrency phenomenon which lets investors leverage their cryptocurrency positions through collateralized loans.

Yield farming is a complex but lucrative way to earn interest from your cryptocurrency positions. Pancake Bunny allows you to earn interest on liquidity provider tokens, leveraging your cryptocurrency to multiply the interest you earn.

Let’s take a look at the process of yield farming with Pancake Bunny:

  1. An investor 1st has to choose a cryptocurrency pool on PancakeSwap to provide liquidity to; for example, they may choose the BNB-CAKE liquidity pool which currently earns more than 40% annual interest.
  2. Once the investor sends BNB and CAKE tokens to the liquidity pool, the smart contract will send back liquidity provider (LP) tokens into his or her crypto wallet. These tokens are used to claim the investor’s portion of the liquidity pool which can be taken out at any time.
  3. After receiving these tokens, the investor can deposit them into Pancake Bunny’s CAKE-BNB Flip liquidity pool. The platform uses these tokens to optimize interest bearing yields between liquidity pools.
  4. Once these LP tokens are staked, the investor will be earning interest from PancakeSwap and Pancake Bunny simultaneously. It’s not uncommon for interest rates on the platform to surpass 100% annually.

As you can see, yield farming on Binance Smart Chain can be extremely profitable. However, as more users enter the market, these interest rates will likely go down. Yield farming leverages your tokens, inherently increasing the risk of your cryptocurrency position.

Brief History of Pancake Bunny

Pancake Bunny was founded by an anonymous group of developers. They claim that “the code speaks for itself.” Indeed, their code has been audited by a 3rd party, offering investors some assurance that the platform is safe to use.

Pancake Bunny token (BUNNY) began trading in January 2021 for less than $5 per token. As more users began to use PancakeSwap over Uniswap (PancakeSwap’s Ethereum counterpart), BUNNY gained significant attention. The token surged in price, surpassing $500 per token at its peak. Pancake Bunny recently plummeted alongside many other cryptocurrencies, and it’s now trading for just over $40.

With a modest market capitalization of around $400 million, BUNNY may be able to provide high returns to early investors. There’s over $1.3 billion total value locked (TVL) on Pancake Bunny, making it’s TVL to market cap ratio around 3. Some crypto investors use the TVL to market cap ratio to value decentralized platforms, and a ratio over 1.0 is extremely strong.

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Step 1: Open a Binance account.

Pancake Bunny is tradable on PancakeSwap, the leading decentralized exchange (DEX) on BSC. Because of this, you’ll need Binance Coin (BNB) to access PancakeSwap. Make sure to buy enough BNB as you need to buy BUNNY tokens, as you’ll be converting BNB for BUNNY once you’ve set up your crypto wallet. 

The easiest way to get Binance Coin is through Binance.com, but if you’re located in the U.S, you’ll need to get approved to begin trading. To be approved for trading, you’ll need to verify your identity. To do so, you'll need to submit a photo of your driver’s license and your Social Security number. Once you submit your application, it may take a few days to a month to get approved.

Step 2: Download Trust Wallet or Metamask. 

PancakeSwap is a decentralized exchange, so you’ll be trading your BNB tokens directly from your crypto wallet. In order to trade cryptocurrency from your wallet, you need to have a software wallet that’s compatible with Binance Smart Chain.

2 software wallets that are popular among traders on PancakeSwap are MetaMask and Trust Wallet. These wallets are set to work on Ethereum’s network as default, so you’ll need to choose “Binance Smart Chain” as your network to use PancakeSwap.

Once you’ve purchased BNB Coin on Binance, you can send this cryptocurrency to your software wallet using your wallet’s BNB address. After the cryptocurrency arrives in your wallet, you’re ready to begin trading on PancakeSwap.

Step 3: Make your purchase.

To connect to PancakeSwap from your wallet, either search for PancakeSwap.finance on the Trust Wallet app or go to the PancakeSwap.finance website and connect your wallet. After connecting to the platform, you’re all set to begin trading.

To buy BUNNY tokens, search for the BNB-BUNNY liquidity pool on PancakeSwap. You can then choose how many tokens you want to buy, and the platform will automatically calculate the exchange rate. To execute the transaction, you’ll have to approve it through your crypto wallet.

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Step 4: Buy a hardware wallet (optional).

The SafePal S1 is one of the few hardware wallets on the market that supports Binance Smart Chain tokens. Not only this, but the SafePal hardware wallet can store over 10,000 different cryptocurrencies on a single device. Thanks to this multi currency support, the SafePal S1 is likely the only hardware wallet you’ll ever need.

Plus, the SafePal S1 is more affordable than most other hardware wallets on the market. You can purchase a wallet from SafePal’s website for just $40, and they’re currently taking preorders for its next shipment.

Leverage your Crypto & Earn Interest

Looking to leverage your cryptocurrency positions? BlockFi offers cryptocurrency collateralized loans to its users, without needing any approval whatsoever. To secure a loan, you must collateralize your cryptocurrency. This way, if you default on your loan, BlockFi will be paid back with your collateral.

Bullish cryptocurrency investors can use BlockFi to increase their profit potential. You can use the loan for whatever you want, but most investors use it to increase their cryptocurrency positions.

If you’re a risk-tolerant investor, then leveraging your crypto assets may not be for you. In addition to offering loans, BlockFi offers cryptocurrency savings accounts, and they offer competitive interest rates much higher than traditional bank accounts. Depending on the cryptocurrency you deposit to your account, you can earn anywhere from 5% to 15% annual interest, paid in crypto.

Track Your Crypto Portfolio From Anywhere

If you have a hardware wallet, Crypto Pro lets you connect it to the app to track your portfolio. You can also choose which crypto exchange the tracker pulls data from, making it the most accurate and customizable crypto portfolio tracker available.

If you don’t want to constantly monitor the crypto markets, then you should consider using Crypto Pro. Crypto Pro is a portfolio tracker, and it can send you notifications when there are major spikes in volatility. You can adjust these notifications, so you’ll only get notified on price movements that are relevant to your portfolio.

Is Pancake Bunny a Good Investment?

Much of Pancake Bunny’s price is due to speculation, but the project is far more developed than other platforms on the Binance Smart Chain. If you believe that more users will continue to adopt BSC as Ethereum transaction fees continue to rise, then BUNNY may be a good investment for you. 

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