DeFi 30-for-30 #12:
I still see a lot of questions being asked about how to actually get started with DeFi and would like to pen down my thoughts on things I've learned over the past few months.
Thread ๐๐งต
I still see a lot of questions being asked about how to actually get started with DeFi and would like to pen down my thoughts on things I've learned over the past few months.
Thread ๐๐งต
The first step is to find a fiat on-ramp. Ramps are how you move your money from traditional finance to the blockchain.
If you're from Malaysia, regulated CEXs like Luno are the most accessible onramps now. However the lack of native stablecoin support hampers things somewhat.
If you're from Malaysia, regulated CEXs like Luno are the most accessible onramps now. However the lack of native stablecoin support hampers things somewhat.
The way to get around this is to buy Ripple XRP on Luno, then transfer it out to an unregulated CEX like Binance, Kucoin or Huobi, swap it to your favourite stablecoin such as USDT or USDC then withdraw to your Metamask wallet.
XRP has the lowest barrier to onramp from Malaysia.
XRP has the lowest barrier to onramp from Malaysia.
You can bypass the restriction on unregulated CEXs by changing your DNS or using a VPN.
Note: Do this at your own risk.
Once you can access other CEXs, the possibilities are endless.
Alternatively, you can skip the Luno step and just onramp directly via P2P.
Note: Do this at your own risk.
Once you can access other CEXs, the possibilities are endless.
Alternatively, you can skip the Luno step and just onramp directly via P2P.
Almost all the CEXs have P2P options where you can buy USDT directly with fiat.
The advantage with this is that the system is semi-automated with escrow: you initiate a transaction, perform the bank transfer, confirm the transaction and wait for the seller to release your USDT.
The advantage with this is that the system is semi-automated with escrow: you initiate a transaction, perform the bank transfer, confirm the transaction and wait for the seller to release your USDT.
Once you have some funds, you can start swapping them for the coin you need. For starters, BSC is good for its low fees. You need BNB, the native token for gas fees.
You can then withdraw your BNB to your Metamask wallet and start interacting with Dapps on BSC.
You can then withdraw your BNB to your Metamask wallet and start interacting with Dapps on BSC.
Things you can start doing immediately:
- providing liquidity on @PancakeSwap to earn $CAKE
- Auto-compounding that $CAKE using @autofarmnetwork so you earn more $CAKE on your $CAKE
- swap your harvests into USD and farm stable APY on @BELT_Finance
- providing liquidity on @PancakeSwap to earn $CAKE
- Auto-compounding that $CAKE using @autofarmnetwork so you earn more $CAKE on your $CAKE
- swap your harvests into USD and farm stable APY on @BELT_Finance
- @pentas_io is our homegrown NFT marketplace on BSC. If art is something you love, you can get amazing pieces there from our talented local artists.
- @moonpotdotcom is a no-loss protocol where you can stake your LP tokens for a chance to win prizes.
Explore and play around.
- @moonpotdotcom is a no-loss protocol where you can stake your LP tokens for a chance to win prizes.
Explore and play around.
If you're feeling adventurous, venture beyond BSC as there are plenty of Layer 1's out there with amazing stuff.
Check out Fantom, Terra etc. Different L1's have different unique protocols not found elsewhere.
I'm a big fan of @anchor_protocol as a savings tool.
Check out Fantom, Terra etc. Different L1's have different unique protocols not found elsewhere.
I'm a big fan of @anchor_protocol as a savings tool.
Get info and latest updates from Twitter accounts, @coingecko and giga chads like @Darrenlautf
Hang around in Discord like @fantomtigersNFT (Fantom Tiger holders get access to exclusive private channel)
Check out the course kripto.guide for a more structured guide
Hang around in Discord like @fantomtigersNFT (Fantom Tiger holders get access to exclusive private channel)
Check out the course kripto.guide for a more structured guide
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