How to migrate tokens in Pancake Swap to the MasterChef v2 update

Published on 20 April 2022

Pancake Swap is one of the most widely used decentralized exchanges in the entire world.
Since its appearance in 2020, it has been chosen for its high yields, for the variety of supported tokens and for the confidence in its own Cake token, which, although it has suffered a great correction along with the entire market, is among the most chosen to be deposited in farms and liquidity pools with high rewards and the comfort of auto staking.

Pancake Swap works on the Binance Smart Chain and can be used with different wallets, including the popular Metamask.

Migrating the tokens

Those who have closely followed the news and social networks were aware that there would be an update of the contracts and a migration of the tokens to the new pools and farms would be necessary.

However, some found the novelty upon entering Pancake and discovering that their tokens were no longer visible in the place they used to see them.

In addition, the home page showed the alternatives to be able to recover the staked tokens and how to carry out the correct migration to the renewed platform.
The procedure consists of two basic steps.

Unstake the tokens from the old pools and farms, and stake the tokens in the new pools and farms.

The platform is intuitive and clearly allows you to see a legend that invites you to make the move.
“MasterChef v2 Migration. Migrate to continue earning staking rewards” indicates the first legend accompanied by a “Proceed” button.

That button will not perform any definitive action but will take us to the next step. Therefore, it can be pressed with confidence.

Once we are on the next screen, we can see the staked tokens accompanied by an “Unstake” button. We will proceed to unsatake each of the old pools and farms. To do this we must press “Unstake” and approve the transaction in the wallet with the payment of the corresponding fee.
“Unstake LP tokens and CAKE from the old MasterChef contract” invites you to complete the operation.

Upon completion of each transaction the tokens and LP tokens will return to the wallet.

Staking the tokens again

Next, we can move on to step two, which consists of staking the tokens again, but in the new pools and farms.
To do this we must enable the pool by signing the contract and then choosing the number of tokens available in the wallet that we want to stake again, but in this case in the new pool.

Possible problems

If a user enters Pancake Swap and cannot find their funds after pressing the “Proceed” button, they can search for them in version 1 of the platform. For this, a link has been enabled that says Don’t see the farm you are staking? Check out v1 farms. That link will allow us to enter the previous version. It is advisable to review the “Live/Finished” and “Stake Only” option to display the different possibilities and avoid any position being hidden.

Published on 20 April 2022