How to Dive in quickly to De-Fi (simple!)
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A simple & quick guide to managing and putting your crypto to work….
The gateway to a new world of bankless finance is opening, and it’s well worth exploring some top tools and projects.
Accept a little risk and trust in the tech. If you can’t do this, then maybe wait a while.
- First, get a MetaMask ethereum browser wallet all your own. Safely store or write down the seed or backup details.
You’ll need to load it up with some Ethereum, sent from Coinbase or wherever you change your fiat (dollars etc) into crypto.
Note: MetaMask supports a wide range of cryptos and tokens, in the Ethereum ecosystem, but not all. Some require dedicated wallets.
You’re now ready to transact online!
Note: At this time, Ethereum blockchain fees are very high, but you can still explore and experiment with Web3. Currently, there are bridges being built between blockchains which should lessen these fees, but this may take more time. (Check out Cosmos and Polkadot) There is also Ethereum 2 solutions in the works.
- Next, a great place to start is Zerion.io. Log-in with your MetaMask to manage your wallet contents. It’s a little clearer to use than MetaMask itself.
You’ll see a range of options possible for your new wallet, including portfolio tracker, send/receive, rates info…
You can now buy a range of exciting tokens (and early ones) with potential with your Ethereum at Kyberswap or Uniswap. These are decentralised exchanges which work without any intermediary. Pretty darn safe!
Passive Income
You can also ‘pool’ tokens, or more major crypto projects, and become a liquidity provider. You can start your own pool and get the lion’s share of fees from users swapping thanks to your liquidity.
- Another amazing ‘defi tracker’ app is Zapper.fi which will track your interaction with any protocol (simple log-in via MetaMask).
Visit dapps like Oasis (MakerDAO) and Aave to borrow more crypto with your Ethereum, or lend it out for interest at dapps like Compound.
Yearn.finance is a more experimental dapp offering high returns due to some clever coding or ‘money lego’, inside its automated ‘Vaults’ especially to maximise returns.
These dapps are decentralised and community-run, with their own governance and rewards tokens that have been going through the roof.
Be sure to Do Your Own Research. Hope this helps!
May the Force of crypto flow strong with you… always!
Originally published at https://adespress.blog on September 2, 2020.
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