How to Participate in the AllianceBlock Liquidity Pool on Binance Smart Chain

Disclaimer: the rewards campaign for bALBT/ETH has ended. The reward campaign for the bALBT/BNB pool on PancakeSwap has now moved to our UI. Please read the following instructions carefully in order to make sure you can participate in the pool correctly.

8 min readDec 31, 2020

Following the successful and popular launch of our Alliance Block Liquidity Mining Program (v1.0) in November, the addition of the Balancer protocol in our v1.2 version immediately followed by the launch of the brand new AllianceBlock Liquidity Mining Partnership program together with Frontier which includes the first fully audited Multi-Asset Reward Liquidity Mining Partner Program, we are proud to announce that the AllianceBlock Liquidity Mining Program is now available on Binance Smart Chain (BSC) as well, using the PancakeSwap Protocol (make sure when visiting their website that you are visiting https://pancakeswap.finance/, other URLs are likely scams).

See also our previous announcement about what Liquidity Mining on BSC means for AllianceBlock.

The AllianceBlock BSC Liquidity Mining (LM) Program is available at bsc.allianceblock.io. Utilizing the exact same technology as the aforementioned LM Program, the BSC LM version is fully audited by CertiK, the leading cybersecurity expert in the industry, also AllianceBlock’s strategic partner.

Prerequisites

Like with our Ethereum based LM program, you’ll need to have MetaMask installed in a WEB3 compatible browser (e.g. Chrome, Brave or FireFox). Besides that you will need to obtain BNB and bridge ALBT to bALBT in order to provide liquidity (keep some BNB at hand, as it is used to pay gas fees on the Binance Smart Chain network).

Configuring MetaMask to work on Binance Smart Chain Mainnet and Bridging your ERC20 ALBT to BEP20 bALBT

Please follow the “How to Bridge your ALBT to bALBT in preparation for BNB/bALBT Liquidity Mining on Binance Smart Chain” tutorial.

Swapping BEP20 ETH to BNB

If you already own BEP20 ETH from the bALBT/ETH pool, You could swap your BEP20 ETH for BEP20 BNB in order to participate in the bALBT/BNB pool.

Go to https://pancakeswap.finance/
Open Trade->Exchange in the menu:

Click "Select Token" in the following menu:
Make sure your MetaMask is set to the BSC Network
Click the Unlock Wallet button:

Choose MetaMask and follow the steps in MetaMask in order to connect your wallet
Prooced by clicking on "BNB":

Then select (or search for) ETH
Continue by clicking "Select a token", in that list select BNB.
You should end up with something like this:

Enter the amount of ETH you want to swap to BNB (or press "MAX" if you want to swap all):

Then proceed to click the Swap button, followed by the Confirm Swap button:

Follow the steps in MetaMask to complete the transaction.
You will now be presented with the following screen:

Your ETH will be ready once the transaction is announced as completed by MetaMask.

You are now reading for using the platform to provide and stake liquidity!

Adding Liquidity to the PancakeSwap Pool

Once you’ve arrived to the AllianceBlock Liquidity Mining Portal at bsc.allianceblock.io, MetaMask will pop up and ask you with which account you want to connect to the portal. Select the one you want to use to mine liquidity (make sure you have Binance Smart Chain selected as the Network) and you should then be presented with the following screen:

We will start with adding liquidity to the PancakeSwap pool. To be precise, the BNB/bALBT pool. Click on the plus sign next to it:

A dialog should present itself:

Here you can choose the amount of liquidity you want to add, when you provide for example any amount in BNB, the amount of bALBT would be automatically calculated according to the correct ratio (and vice versa).

Through the “MAX” buttons, you can add your complete holdings of one token to the liquidity pool. The number of other tokens needed through the correct ratio will be automatically calculated again:

Once you have settled on the number of tokens you want to add to the liquidity pool, you can press “Add Liquidity”. For some tokens you need to “Approve” spending of that token first. When this is not needed, the portal lets you skip this step, in order to save you a transaction.

Note: please make sure you have enough BNB to pay for the transaction fees. If you select the MAX button for BNB, you will not have enough BNB left to pay for the transaction fees.

After going through the approvals and finally pressing “Add Liquidity”, you will see a new dialog that repeats the information so you can confirm the numbers you have entered:

Press confirm and MetaMask will pop up asking you to review and confirm the transaction.

Note: while the transaction is pending, you will see a loading indicator on top of the screen:

After the transaction has succeeded, you will see a new kind of overview of the pool. In this overview you will see something new: “Liquidity pool tokens”:

In return for providing liquidity you receive Liquidity pool tokens (Cake-LP) in your wallet. You can stake these tokens in order to get rewards (for example in bALBT).

Staking your Cake-LP tokens

In order to get rewards for providing liquidity, you must stake your Cake-LP tokens. In order to do this, simply press the stake button.

A dialog will pop up asking you how much of your Liquidity Pool tokens (Cake-LP) you want to stake:

Simply enter the number of Cake-LP tokens you want to stake in this dialog, or press “MAX” to stake your entire Cake-LP token holdings at once.

Let’s press “MAX” and press “Approve” (if not greyed out) followed by the “Stake” button. MetaMask will pop up again asking you to confirm the transaction. Once the transaction is completed, your view will be more interesting now:

You can now see how many tokens are going to be rewarded in total, the APY and the rewards you are able to claim so far.

Additionally you have a couple of options:

Claim your rewards through the “Claim” button
Withdraw your stake using the “Withdraw” button (your reward will automatically be claimed)
Add more liquidity by clicking on the plus sign

You can come back to bsc.allianceblock.io anytime to check your rewards, claim them, withdraw your stake or to add even more liquidity to increase your stake and thus your rewards. If you don’t see your stake at work when you connect to the platform, just reconnect MetaMask to the platform again, make sure it’s the wallet you have used before and make sure that in MetaMask you have selected the BSC Mainnet network and not Ethereum or a test network like Ropsten, Kovan or Rinkeby.

Add additional liquidity

Click on the “Add more” button or the plus sign in the pool (if visible), and you will see the same dialog as in the beginning. Repeat the steps from earlier and provide the amounts of tokens you want to add additionally in exchange for Cake-LP tokens.

You can now stake your newly obtained additional Cake-LP tokens for extra rewards (as before), claim your current rewards (keep on reading) or withdraw your rewards (keep on reading) in order to increase your amount of Cake-LP tokens.

Claiming your rewards

As you can see, we are eligible to claim some bALBT tokens as a reward for staking our Cake-LP tokens. So let’s press the “Claim” button. Once more, MetaMask will pop up to ask you to confirm the transaction. Good news! Once the transaction has completed, you will immediately have the rewarded tokens in your wallet!

Withdrawing your stake

If you click the “Withdraw” button, you will no longer stake your Cake-LP tokens. Don’t worry, if you still have unclaimed tokens as reward for your staking, they will be claimed and sent to your wallet automatically, we will not leave you hanging!

Once you have clicked the “Withdraw” button, MetaMask will pop up as always, awaiting your confirmation.

After withdrawing your stake, you will see that the total amount of Cake-LP tokens you are holding have now increased again:

Removing liquidity

Note: before removing liquidity, you need to have more than 0 Cake-LP tokens available (unstaked). If you have 0 unstaked Cake-LP tokens, you will first need to withdraw your staked Cake-LP tokens using the Withdraw button (see previous chapter). This is because you can’t remove liquidity which you are currently staking; you will need to stop staking them (withdraw) first.

Once you believe you are done with staking and you want to get your tokens back from the liquidity pool, you can click “Remove”. A new dialog will appear:

You can choose the amount of Cake-LP tokens you want to exchange for tokens from the liquidity pool.

Press “Confirm” to finalize your decision.

That’s it!

About AllianceBlock

AllianceBlock is building the first globally compliant decentralized capital market. The AllianceBlock Protocol is a decentralized, blockchain-agnostic layer 2 that automates the process of converting any digital or crypto asset into a bankable product.

Incubated by three of Europe’s most prestigious incubators: Station F, L39, and Kickstart Innovation in Zurich, and led by a heavily experienced team of ex-JP Morgan, Barclays, BNP Paribas, Goldman Sachs bankers, and quants, AllianceBlock is on the path to disrupt the traditional markets with its state-of-the-art and globally compliant decentralized capital market.