Guide: How to bridge FRAX & FXS to Binance smart chain (BSC) and add liquidity to PancakeSwap.

We will demonstrate how to bridge your FRAX & FXS to BSC and add liquidity to FRAX-FXS pool on PancakeSwap.

Frax Finance & PancakeSwap liquidity program distributes 1000 FXS and 250 CAKE Rewards every 60 days to PancakeSwap FRAX-FXS Pool on Binance Smart Chain.

1- How to get FRAX & FXS tokens?

(NOTE : you will need equal dollar value of both FRAX and FXS, for example if you want to add 100 FRAX you will need 100$ worth of FXS).

2- How to bridge your FRAX & FXS tokens to Binance Smart Chain (BSC) ?

in this example we will use the Multichain & Binance bridge to migrate FRAX & FXS to BSC.

  • Choose FRAX (ETH) in the “from” menu and FRAX (BSC) in the “To’’ menu, then write the desired amount you wish to bridge to BSC then click “Transfer
  • A MetaMask transaction will pop-up “Confirm” it.
  • A pending deposit transaction will appear wait until it is finished.
  • Now your FRAX tokens are bridged, you need to bridge your FXS tokens also.
  • Head to Binance Bridge link: https://www.binance.org/en/bridge and connect your MetaMask wallet.
  • You will arrive at this page:
  • Choose FXS from the drop-down menu, write the desired FXS amount you want to bridge, and add the destination address then click “Next”.
  • click “Confirm”.
  • click “Submit transaction via MetaMask”.
  • A MetaMask transaction will appear “Confirm” it.
  • wait until all confirmations are passed to receive FXS tokens in your BSC wallet.

3- How to Switch your MetaMask wallet to Binance Smart Chain (BSC) Mainnet Network?

  • At the bottom of the list, you will find “Custom RPC”. click on it.
  • The window below will appear, Enter these details and then Click “Save”:

Network Name: Binance Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

ChainID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

You are now connected to the Smart Binance Chain!

4- How to add liquidity to FRAX-FXS Pool on PancakeSwap?

Step 1

(NOTE : You will need BNB in your wallet to spend for gas).

Step 2

Step 3

Step 4

  • Click “Confirm Supply”:
  • A MetaMask transaction will pop-up. Confirm the transaction:
  • Wait for the transaction to be completed.
  • you will receive FRAX-FXS LP tokens, and PancakeSwap will show your liquidity position here:

Step 5 (Staking)

  • Choose [BSC] PancakeSwap FRAX/FXS pool from the drop-down menu.
  • Now your LP tokens should appear in the deposit section, click on “Available” to add them.
  • You can choose between Unlocked and Locked staking, as it shows below, the Normal APR is 102.21% for unlocked staking , and Max APR is 306.63% for 60 Locked staking.
  • In this example we will use a 60 days Lock.
  • Click “Stake

(NOTE : APR is subject to change depending on TVL, Price & Collateral Ratio)

A MetaMask transaction will pop-up to Approve your CAKE-LP tokens spending, Confirm the transaction.

A second MetaMask transaction will pop-up to Stake your CAKE-LP tokens, Confirm the transaction.

Congratulations, you have successfully provided liquidity, you should NOW Start receiving FXS & CAKE REWARDS!

About Frax Finance

FRAX : is the stablecoin targeting a tight band around $1/coin.
Frax Shares (FXS) : is the governance token which accrues fees, seigniorage revenue, and excess collateral value.

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Unofficial Frax Finance medium — Frax is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic.

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