Suppose I have a Binance Chain Wallet and I use that to connect to Pancakeswap or similar site to do staking and yield farming. I successfully set up everything and start yield farming. So far so good. But I hear that it is a bad idea to keep your wallet (Binance Chain wallet or Metamask) logged in (unlocked) and connected to Pancakeswap. So, what exactly happens when I disconnect my wallet and lock it? Am I still accumulating my yield farming rewards? I assume it still knows my wallet address and is somehow still giving me these rewards. is that the case? Can someone please explain what is happening here under the hood?
What are the "best practices" when connecting and disconnecting a wallet to a DEFI exchange like Pancakeswap?
I went to what I thought was some support site for Pancakeswap on Telegram, and they started talking about "synchronization" and some "authentication link". I did not click on any of that because it started smelling like a scam. Is this the case?
Best Answer
Just by connecting your wallet, most websites will just see your wallet address and require your permission before signing a transaction. Unless you connect to a shady site which asks for transaction signing permissions, you should be safe.
Also those "synchronization" and "authentication link's" are scams!!!.