A simple & quick guide to managing and putting your (own) 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.
- 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 network 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 send/receive, portfolio tracker, all activities/transactions tracker, best rates and pools.
You can ‘pool’ tokens, or more major crypto projects, and become a liquidity provider. You can even create your own pool of 2 tokens 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).
Yearn.finance is a more experimental dapp offering high returns due to some clever coding or ‘money lego’, inside its automated ‘Vaults’ especially.
These dapps are decentralised and community-run, with their own governance and rewards tokens that have been going through the roof.
Finally, check out this (extended) article, I put together for GrabFreeMoney.com
Be sure to Do Your Own Research. Hope this helps!
May the crypto Force be with you… always!