How To Get Started Investing In Defi
How To Get Started Investing In Defi
There are a number of defi networks on various blockchains. The most prominent of these is Ethereum however with their high fees this often puts it out of touch with new investors. Since this is a how to get started investing in DeFi article I'm going to focus on two low fee blockchains. Those being Binance DeFi via Binance smart chain and Polygon (Matic) Defi.
Setting Up Your DeFi Wallet
In these cases I'll be using Metamask however the general idea of the site will be the same across all wallets.
Steps to add Binance Smart Chain to your Metamask Wallet
- Add the metamask wallet to your brave browser - https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn
- Add the Binance network to your metamask
Network Name - You can call it whatever I called mine Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Steps to add Polygon(Matic) To your Metamask Wallet
- Add the metamask wallet to your brave browser - https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn
- Add the Polygon(Matic) network to your metamask via add network
Network Name: Polygon Mainnet
New RPC URL: https://polygon-rpc.com/
Chain ID: 137
Currency Symbol: MATIC
Block Explorer URL: https://polygonscan.com
Once you have the networks connected your address is the same as the original address for Ethereum. You can get this address and copy it by clicking on this portion of your metamask wallet.
Now you can add funds to your wallet for BNB Smart chain or Polygon(MATIC)
Getting Started In DeFi
In this post I'll be going over two DeFi platforms called CUBDeFI and PolyCub
For CubDefi connect your metamask account by clicking on connect button in the top right. Then select metamask. Be sure you are on the Binance Smart chain for the network within your metamask wallet.
Now you can freely add crypto into either Farms or Kingdoms.
DeFi Farms are a combination of two or more cryptocurrencies in which you will earn a APR of CUB tokens for providing liquidity to the platform.
DeFi Kingdoms on the other had are in most cases a single token or duel token combination that auto compounds on it's own saving you on having to come back and manually do it along with fees. By paying a basic service fee which is used to provide value back into the CUB token.
PolyCub Defi on the other hand is what you would call a DeFi 2.0 platform which is mainly geared towards always having more value on hand and the ability to feed itself through the products it provides and a limited amount of the token on hand.
A large portion of this is done through what is called xpolycub which almost acts the same way as a CUB kingdom would for the CUB token. However Polycub will soon be introducing more advanced features such as pHBD introducing Hive stablecoin into the mix and also bonding which you can read up more about here DeFi Bonding
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Enlightening! Thanks for the heads up as regards steps involved in setting up Defi wallets. I’m just building my account on here and I think I still have a long way to go when it comes to proper investments in this yield optimization platforms . I’m sure these steps will come handy for me when I’m finally able to start investing in earnest. Best Regards!!
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No better time to start than the present I always say. Glad this could help you get setup and answer some questions.
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Nice beginner guide! Hate to see the cub price so low these days although I am not currently invested, but it was a solid earner for a while!
Yeah, CUB just keeps on printing a little too much so it either needs more TVL in kingdoms to burn more or other options that will give it value which I feel it will do again over time.
It’s the problem with inflationary tokens like that. Same even with CAKE and others like it.
I think I will wait until #polyCUB airdrop end, people will sell CUB, then #CUB price will go lower.
However, there are some copy cat from #pCUB to CUB like collateralized lending or Bonding, ... then CUB price will bounce back.
So good time to buy CUB is beginning of May. I will save some $ to buy CUB at that time.
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Good luck!
Easy to follow and straight to the point. Awesome beginner's guide, nice work!
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Thanks I might do a more in-depth post about Polygon and Binance with Cub DeFi in them. I could also use that article to promote to my list for easy onboarding and I feel like CUBs needs a bit of an update from the one I posted last year. A lot has changed since then.
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Polygon and Binance would be interesting. Polygon seems to drive a ton of traffic. Having posts like this will definitely boost the overall traffic to LeoFinance.
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Thanks for sharing, I was thinking about setting polygon up and with this I was able to do it with ease
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I remember chainlist being talked about when PolyCUB was launched and I found it quite easy to use later when I added Fantom. So I think it might be even easier for the user.
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