Tag: DeFi trading

How To Buy, Sell, And Trade Crypto On The Base Network
The foundational infrastructure of the Base Network brings about yet another Ethereum Layer 2 network, distinguished by its scalability and empowerment through the notable association with Coinbase. Coinbase is recognized globally as one of the most trusted cryptocurrency exchanges and companies, Coinbase effectively manages a diverse portfolio of crypto assets, solidifying its status as a cornerstone within the digital currency realm.

Positioned as a pivotal solution to address the persistent challenge of high transaction costs within the Ethereum network, the Base Chain stands quite firmly to revolutionize transaction fees, delivering a cost-effective alternative within the secure Ethereum environment. The assurance of a safe and reliable ecosystem is heightened by the affiliation with Coinbase, an industry titan renowned for its unwavering commitment and 10-year-long track record of great service.

Reasons To Trust The Base Chain

The current centralized phase of the Coinbase company, with its owners and Devs known to the public, establishes a solid foundation for users to place their trust in the Base chain. With over a decade of extensive experience in the cryptocurrency space, Coinbase has consistently demonstrated its expertise by developing and launching numerous successful crypto products.

This wealth of experience instills confidence in the Base Chain as it navigates its initial stages of centralization, with a strategic vision to progressively evolve into a decentralized entity over time.

For those embarking on their journey within the Base Chain ecosystem, it is imperative to keep certain key considerations in mind. Firstly, the association with Coinbase serves as a testament to the network’s reliability and credibility. Additionally, users can anticipate ongoing enhancements and decentralization initiatives as the Base Chain matures, aligning with the broader ethos of blockchain technology.

In summary, the Base Network, fortified by its affiliation with Coinbase, emerges as a promising Ethereum Layer 2 solution, poised to alleviate the burden of high transaction costs while providing a secure and gradually decentralized environment.

Key Features To Note About Base Chain
- Absence of Native Token: Notably, the Base Chain currently operates without a native token. Instead, transaction fees within the ecosystem are conducted using Base ETH. This choice streamlines interactions on the Base Chain and positions it as a unique player within the cryptocurrency landscape on the Ethereum chain. Some chain accepts their native token for gas fees but the Base chain accepts Base ETH.
- Layer 2 Security Powered by Ethereum: The Base Chain distinguishes itself as a layer 2 chain, constructed upon the robust Ethereum technology. This strategic integration ensures a heightened level of security, leveraging the well-established reputation of Ethereum as one of the most secure technologies in the crypto community. Consequently, the Base Chain is anticipated to offer a security profile close to the Ethereum Layer 1 network.
- Developer Transparency and Coinbase Backing: In contrast to many emerging chains, the Base Chain stands out due to its transparent development process and substantial backing by Coinbase. The association with Coinbase, a leading cryptocurrency exchange, lends credibility and trust. Considering Coinbase’s track record of providing crypto products to over 100 million users and processing $80 billion worth of crypto assets without controversies, users can confidently rely on the expertise of the development team.
- Anticipated Low Gas Fees: One of the attractive features of the Base Chain is the expectation of significantly lower gas fees compared to the native Ethereum chain. This affordability factor provides users with an opportunity to experience Ethereum Layer 1 compatibility at a fraction of the cost, enhancing the cost-effectiveness of transactions on the Base Chain.
- Open Source Technology with Optimism Integration: The Base Chain’s Open Source technology is powered by the Optimism Open Source chain. This integration not only supports the overall functionality of the chain but also simplifies the development process for creators. Developers can anticipate a user-friendly environment for building applications on the Base Chain, thanks to the enhanced capabilities and support provided by the Optimism Open Source chain.
Expanding on the diverse utilities and functionalities within the Base Ecosystem
- Bridging Utility: The Base Ecosystem has a bridging utility, facilitating seamless interoperability with other blockchain networks. This feature enhances the overall connectivity of the Base Chain, allowing for the fluid transfer of assets and data across different blockchain environments.
- DeFi (Decentralized Finance) Utility: Positioned at the forefront of decentralized finance, the Base Ecosystem provides comprehensive support for DeFi applications. Users can engage in a spectrum of financial services, including lending, borrowing, and trading, all within the secure and efficient framework of the Base Chain.
- Gaming Utility: Acknowledging the growing significance of blockchain in the gaming industry, the Base Ecosystem integrates a gaming utility. This functionality opens avenues for the development and deployment of blockchain-based games, ensuring a secure and transparent gaming experience for users.
- Social Utility: Recognizing the social aspect of blockchain technology, the Base Ecosystem incorporates a social utility. This facet enables the creation and deployment of decentralized social applications, fostering interactions, and transactions within a secure and trustless environment.
- NFT (Non-Fungible Token) Utility: The Base Ecosystem extends its utility to support Non-Fungible Tokens (NFTs), a rapidly evolving and popular aspect of the blockchain space. Users can create, trade, and interact with NFTs seamlessly, leveraging the secure infrastructure of the Base Chain.
- Compatibility with EVM-Supported Wallets: The Base Ecosystem ensures widespread accessibility by allowing users to utilize and access its utilities through different Ethereum Virtual Machine (EVM) supported wallets. This compatibility enhances user convenience, as individuals can leverage familiar wallets to engage with the diverse utilities offered by the Base Chain.
How To Buy, Sell, And Trade On The Base Network

Select an EVM-Compatible Wallet

To be able to make any transactions on the Base network, you need to have an EVM-Compatible Wallet. Click here to see a list of wallet options you can select from but I would recommend you use MetaMask, it is one of the most popular Ethereum Virtual Machine (EVM)-compatible wallets and also one of the most used wallets for Base Network transactions.

If you are using a PC, install the Metamask wallet extension by clicking on “Add to Chrome” to add the extension to your Chrome browser, as shown below:

Once installed, open your MetaMask, set up your account, and make sure to keep your secret phrase very safe, I would advise that you write it down on a shit of paper, away from the internet where it can’t be hacked.

Add The BASE Network To Your MetaMask

To add the Base Network to your MetaMask, search for Chainlist on your browser, open it, connect your MetaMask wallet, search for Base, and add it to MetaMask by clicking on “Add to Metamask”, click on “Approve” and lastly click on “Switch Network” on your Metamask.

Acquire Base ETH

To make any transaction on the Base Network, you need Base ETH. Get your Base ETH from these cryptocurrency exchanges such as Binance, OKX, or KuCoin. Buy ETH on these platforms, go to the withdraw section, making sure to choose the BASE network as your transfer Network, which automatically converts your ETH to Base ETH as it gets to the ETH wallet destination.

Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network

Alternatively, if you already have native ETH in your Metamask wallet, you can use the BASE bridge to bridge from the Ethereum Mainnet to the Base Network.

Bridging to Base Network ETH From Other Ethereum Layer 2s

If you wish to bridge your ETH to Base ETH from other Ethereum Layer 2 solutions, I would recommend secondary bridging platforms featured on the BASE Bridge platform. These platforms facilitate a smooth transition to the Base Network from various Ethereum Layer 2 environments, as shown below.
Example Of Bridging to Base ETH From Other Ethereum Layer 2s

ACROSS PROTOCOL is the first secondary bridging platform featured on the BASE Bridge platform as shown above, all you need to do is connect your Metamask wallet and select the amount of ETH you want to bridge to Base ETH and Bridge.

After Acquiring your Base ETH, you need to do your research and know which token you want to buy on the Base Network on Coingecko before heading over to Dexscreener to check for the token, Dexscreener serves as a valuable tool for checking available tokens on the EVM chain, including the Base Network.

By selecting the Base network on Dexscreener, you can access a comprehensive chart of available Base tokens. Note that not all tokens are supported on every DeFi DEX, search for the token you would like to trade and select it. After selecting, look out for the Green Box section selected in the image to identify which DeFi platforms support the token you wish to trade.

Obtaining Token Contract Address

Scroll down on the Dexscreener to find the token contract address or go back to Coingecko and copy the contract address. This address is crucial when trading on DeFi platforms.

Copy the contract address, and when you enter it in the swap section of a DeFi platform like Uniswap, it will reveal the token. If the token is not available on Uniswap, the Dexscreener will redirect you to another supported DeFi where you can trade the token like KyberSwap.

Connect your wallet to KyberSwap, click on the denominator token, and paste the contract address of the Base token in the search box. Before initiating any trade on DeFi, confirm that the network on the DeFi is on, in this case, the Base Network, ensuring the token’s availability on the Base Network. If it’s not initially on the Base Network, go to “Select a chain”, and select the Base network to ensure compatibility.

Choose the desired pair of Base tokens and ETH (or other base pairs), specify the amount you want to swap, and execute the trade.

Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network

Reverse Trading For Base Network ETH

If you wish to trade from a BASE token to Base ETH, simply reverse the order. Place the Base token at the top and the ETH at the bottom, then proceed with the swap. This allows you to exchange your Base token for ETH within the Base Network.

By following these steps, you can confidently navigate the trading process on the Base Network, leveraging the features of DeFi platforms and Dexscreener to make informed decisions and execute trades seamlessly.

Conclusion

The Base Network is another Ethereum Layer 2 network which is also affiliated with Coinbase, which is one of the most trusted cryptocurrency exchanges and companies in the crypto space with over 100 million users and processing $80 billion worth of crypto assets. Base Network has a lot of features which I have pointed out in the article already, although the Base Network does not have its Native token yet, it is still trusted and reliable due to its affiliation with Coinbase.

Featured image from TronWeekly

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Scott Matherson

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January 28, 2024
How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network
The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor.

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain.

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve
- To create a secure voting mechanism for token holders.
- To Separate accounting and computation layers.
- To create an infinitely scalable consensus mechanism.
- To use mathematics to provide a provably secure blockchain that is less susceptible to attacks.
Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions.

Please note that the blockchain must be completely synced before you can use your wallet.

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.”

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Conclusion

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Featured image from Bitcoinsensus
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Scott Matherson

Source link
January 28, 2024
How To Buy, Sell, And Trade Tokens on The Polygon Network

Polygon (formerly Matic Network) is a game-changing Layer 2 scaling solution that addresses Ethereum’s scalability challenges. It empowers developers to create and deploy scalable, interoperable decentralized applications (dApps) by utilizing sidechains, plasma chains, and innovative scaling techniques.

If you’re unfamiliar, sidechains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralized Finance (DeFi) protocols available on the Ethereum network. This enables rapid transaction speed and cost-effectiveness while maintaining the security and decentralization of the Ethereum network.

As a Layer 2 solution, Polygon operates in parallel to the Ethereum blockchain. Rather than individually validating each transaction, batches of transactions are sent to the Ethereum blockchain, significantly accelerating the validation process and reducing fees.

Polygon implements a proof-of-stake consensus mechanism wherein users can stake tokens for a predetermined duration to validate transactions. In return for their staking activities, participants are rewarded with MATIC tokens.

To ensure robust security, Polygon implements the advanced technique of “commit-chain” or “checkpointing.” It securely anchors the state of Polygon chains onto the Ethereum mainnet at regular intervals, enhancing data integrity and leveraging Ethereum’s inherent security. By capitalizing on Ethereum’s proven security measures, Polygon provides users with a reliable and resilient platform for their transactions and dApps.

The Polygon Network offers a comprehensive set of features that address scalability, security, and developer-friendliness. In this article, we will delve into the key attributes of the Polygon network and assess its substantial potential within the Ethereum ecosystem.

Features Of The Polygon Network

Cross-Chain Connectivity

Polygon network offers bridges that enable smooth transfers of assets and data across diverse blockchains. This fosters interoperability between chains, empowering users to leverage the advantages of multiple blockchain networks and access a broader array of decentralized finance (DeFi) protocols and applications.

Polygon presents a Layer 2 scaling solution for Ethereum by leveraging sidechains to address scalability challenges. This solution facilitates quicker and more economical transactions, alleviating congestion and mitigating high fees on the Ethereum network

Ethereum Compatibility

Polygon seamlessly integrates with the Ethereum Virtual Machine (EVM), enabling developers to effortlessly migrate their existing Ethereum decentralized applications (dApps) to the Polygon network. This compatibility guarantees a seamless transition and adoption of Polygon while leveraging the extensive Ethereum ecosystem and developer tools.

Commit-Chain Checkpointing

Polygon employs commit-chain checkpointing, securing the state of its chains by anchoring them onto the Ethereum mainnet. This approach guarantees the integrity of data, harnesses Ethereum’s robust security measures, and safeguards against any unauthorized alterations or tampering of the sidechain data.

Ethereum Network Security

Leveraging Ethereum as its anchor chain, Polygon leverages the inherent security and decentralization of the Ethereum network. This integration fortifies the overall security of the Polygon ecosystem, ensuring users have access to a reliable and resilient platform for transactions and decentralized applications (dApps).

Developer-Centric Environment

Polygon provides an array of developer tools and infrastructure that empower developers to create and deploy decentralized applications (dApps) seamlessly. The Polygon Software Development Kit (SDK) offers a streamlined framework for building scalable applications on the network, simplifying the development process.

Polygon also prioritizes the needs of developers by offering extensive documentation, guides, and resources. This ensures that developers have access to the necessary information and support to comprehend and harness the platform effectively. The availability of comprehensive resources fosters a vibrant developer community, encouraging collaboration and driving innovation on the network.

MATIC Token Utility And Exchange Availability

Polygon’s rebranding decision resulted in the retention of MATIC as its token ticker symbol. MATIC, an ERC-20 token, ensures compatibility with numerous Ethereum projects. Within the Polygon network, users rely on MATIC to secure and govern the network and cover transaction fees.

The MATIC token serves multiple purposes within Polygon’s ecosystem. Users can utilize MATIC for fee payments during transactions on the Polygon platform. MATIC can also be staked to contribute to the network’s security and earn rewards.

Furthermore, MATIC holders have the ability to engage in governance activities by voting on proposed modifications, influencing the evolution of the network.

In terms of exchange availability, MATIC can be traded on various platforms, including prominent exchanges like UniSwap. This wide accessibility on exchanges enhances liquidity and provides individuals with convenient access to acquire or trade MATIC tokens.

How To Get Started On The Polygon (MATIC) Network

To engage in token transactions on the Polygon network, users must acquire a MetaMask wallet. MetaMask, a widely used browser extension wallet, provides a seamless interface for interacting with blockchain networks, including Ethereum. This user-friendly wallet is accessible as a browser extension for popular browsers like Google Chrome.

To ensure your MetaMask Wallet is added to your browser as an extension, click on the ‘Add to Chrome’ icon located at the top right corner, as depicted below:

After installation and setup, MetaMask enables users to effectively manage their cryptocurrency wallets, seamlessly interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks, all directly from within their web browsers.

Remember to diligently write down your seed phrase on a physical sheet of paper and store it in a secure location. Avoid storing it online or on any electronic device to ensure maximum security.

For the next step, add the Polygon (MATIC) network to your Metamask wallet by following the instructions provided on the Metamask website here.

Trading On The Polygon (MATIC) Network

In order to execute trades on the Polygon (MATIC) network, you will need to fund your wallet with MATIC so as to enable you to cover gas fees. These fees cover the expense associated with utilizing computational resources related to transaction processing and validation.

To purchase MATIC tokens, you can utilize centralized exchanges like Binance. Simply copy your wallet address from MetaMask and proceed to transfer MATIC tokens from your Binance account to your MetaMask wallet.

In addition, it is possible to acquire MATIC directly within the MetaMask wallet by utilizing conventional payment methods such as credit or debit cards and other similar options.

Simply click on the “Buy/Sell” button within the MetaMask interface to access the designated section. Within this interface, you can specify the desired amount of MATIC (or any other token) you wish to purchase in terms of US dollars. Additionally, you can select your preferred payment method before finalizing the transaction by clicking on the “Buy” button.

It’s imperative for users to be aware that when purchasing cryptocurrencies directly within MetaMask, you will be required to provide information such as your country and state. However, rest assured that this process is simple and can be completed within a minute.

You can expect your MATIC tokens to arrive in your wallet within a few minutes at most. Once they have arrived, you are ready to start trading tokens on the Polygon network. To begin your trading journey, navigate to UniSwap and commence your trading activities.

How To Trade Tokens On The Polygon Network Using UniSwap

Uniswap is an Ethereum blockchain-based decentralized exchange (DEX) protocol that enables users to trade Ethereum-based tokens from their wallets directly, eliminating the necessity for intermediaries or conventional order books. Uniswap provides users with a hassle-free method to purchase and sell various tokens.

To safeguard your wallet against fraudulent activity, ensure that you are accessing the legitimate Uniswap website.

Begin by clicking on the “Launch App” button located in the top right corner, as depicted in the image below:

Next, proceed by selecting the “connect” option located at the top right corner of the UniSwap interface, as depicted in the provided image below:

Establish a connection with your preferred wallet, as shown in the image below. In this instance, the suggested wallet is Metamask:

After establishing the connection, adjust your Metamask settings to the Polygon (MATIC) network. (If you are already connected to the Polygon network, there is no need to make any network switches).

Once you have successfully connected MetaMask to the Polygon network, navigate to UniSwap to begin trading on the Polygon network through the platform.

Moving forward, you need to choose your desired tokens within the UniSwap interface. As Uniswap operates on a token-to-token trading model, click on the “Select Token” button to designate the specific trading pair you wish to trade against.

To illustrate, if you intend to purchase USDT using MATIC, simply choose the MATIC – USDT trading pair, specify the desired amount, and click on “Swap” or “Trade Now.” Confirm the transaction in your Metamask wallet, and you will be able to view the tokens in your wallet’s asset list.

Buying And Selling Tokens With Metamask

Metamask extension wallet, connected to the Polygon network, allows users to buy and sell tokens seamlessly. To proceed, ensure that you are connected to the Polygon network and possess MATIC tokens for swapping and covering gas fees.

Then, locate the “Swap” button, as illustrated below. Clicking on it will direct you to the Swap interface within the Metamask wallet.

Using the image above as a guide, users can search for tokens by name or contract address, just like on UniSwap. Enter the amount of MATIC you want to swap, make sure you have the correct token, and click on “Swap”. Once the transaction is confirmed, the tokens you bought will be sent to your wallet.

Tracking Token Prices on The Polygon Network

Polygon network users can equip themselves with potential on-chain tools like Dexscreener, which opens up a world of new opportunities for traders. Dexscreener provides users with extensive market insights for specific tokens, ranging from real-time price data to in-depth contract information. It also helps users make well-informed trading decisions based on reliable and up-to-date data.

Stay ahead of the curve on the Polygon network with Dexscreener, keeping track of token metrics and market dynamics.

Dexscreener on the Polygon network offers invaluable features tailored to users. One standout feature is its charting functionality, which provides real-time and historical price data for various tokens.

By utilizing these charts, users can gain valuable insights into price trends, trading volumes, and other important metrics.

Check below for a visual representation:

Conclusion

The Polygon network provides a robust and user-friendly environment for traders to thrive. With its innovative features, growing ecosystem, and commitment to scalability, Polygon is poised to play a pivotal role in shaping the future of decentralized finance.

As Polygon continues to experience growth and wider adoption, we anticipate a broader selection of applications and services tailored to meet the diverse requirements of traders. The network’s dedication to scalability, interoperability, and user satisfaction establishes it as a frontrunner in the ever-evolving blockchain industry.

Featured image from Medium

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Scott Matherson

Source link

January 22, 2024
How To Buy, Sell, And Trade Tokens On The BSC Network

The captivating Binance Smart Chain (BSC) Network has morphed into a powerful force within the blockchain ecosystem, offering various benefits and opportunities for users and developers alike. Introduced by Binance, a top player in the global cryptocurrency exchange realm, BSC provides a robust and efficient infrastructure for decentralized applications (dApps) and digital asset transactions.

The key advantage of the BSC network is its high-speed and low-cost transactions. With its standout consensus mechanism, BSC achieves fast block confirmations, enabling quick and seamless transfers of digital assets. This scalability advantage makes BSC an attractive choice for users who value speed and efficiency in their transactions.

Advantages Of The Binance Smart Chain (BSC) Network

The Binance Smart Chain (BSC) offers several advantages that have contributed to its popularity and growth within the blockchain ecosystem. Here are some key advantages of the BSC network:

High Speed and Low Transaction Fees: BSC is known for its fast block confirmations, which result in quick transaction processing times. This speed is achieved through its unique consensus mechanism. Additionally, BSC’s low transaction fees have made it a preferred platform for developers and users.

Compared to other popular blockchain networks, BSC offers significantly lower transaction costs, making it more accessible for individuals and businesses of all sizes. This cost-effective system has aided the exponential growth of decentralized finance (DeFi) applications on the BSC network by providing a wide range of financial services to users around the world.

Scalability: BSC has been designed to handle high transaction volumes, allowing for the smooth and efficient execution of decentralized applications (dApps). This advantage enables BSC to accommodate the growing demands of users and developers without compromising performance.

Compatibility with Ethereum: The compatibility of BSC with the Ethereum Virtual Machine (EVM) has made it easy for developers to port their existing Ethereum-based projects to BSC, expanding the pool of available applications.

This opens up a world of possibilities, as it expands the range of applications available on BSC, offering users a greater selection of innovative and diverse decentralized applications to choose from. This interoperability has fostered innovation and attracted a diverse range of projects, including decentralized exchanges, yield farming platforms, and NFT marketplaces.

The close integration between BSC and the Binance exchange also creates a host of advantages for users. The seamless connection between these two platforms facilitates effortless token swaps and transfers.

Trading On The BSC Network

Decentralized exchanges (DEXs) on the Binance Smart Chain (BSC) network provide traders with a range of features and opportunities to enhance their trading experience. Here’s an elaboration on the features of DEXs on BSC:

Automated Market Makers (AMM): DEXs on BSC leverage AMM protocols to enable token swaps. AMM algorithms automatically set token prices based on supply and demand dynamics within liquidity pools. This feature eliminates the need for traditional order books and enables continuous liquidity, allowing traders to execute swift and efficient trades.

Yield Farming: Yield farming is a popular practice in the decentralized finance (DeFi) space, and many BSC DEXs offer yield farming opportunities where traders provide liquidity to specific token pairs by depositing their assets into smart contract-based liquidity pools. In return, they receive liquidity provider (LP) tokens, which represent their share of the pool.

Traders can then stake these LP tokens in yield farming programs to earn additional tokens or rewards. Yield farming enables traders to earn passive income by utilizing their idle assets effectively.

Liquidity Pools: These are fundamental components of DEXs on BSC which consist of pairs of tokens that are used for trading. Traders can contribute their assets to these pools and become liquidity providers.

By providing liquidity, traders help ensure that there is sufficient liquidity available for trading. In return for their contribution, liquidity providers earn a portion of the trading fees generated by the DEX. This incentivizes traders to provide liquidity, as they can earn fees from the trading activity in the pool.

Token Trading: DEXs on BSC offer traders the ability to trade a wide range of tokens. These tokens can include native tokens of projects built on the BSC network, as well as tokens that have been bridged from other blockchains, including Ethereum.

Traders have access to various trading pairs, allowing them to buy and sell tokens directly from their wallets. The availability of diverse tokens and trading pairs provides traders with abundant opportunities to explore various markets and investment opportunities.

Additionally, the Binance Smart Chain (BSC) is a modified Ethereum fork which simply means that it is compatible with the Ethereum network. Both of these blockchain networks have similar infrastructure, which is why they have the same address in your wallet.

This is to ensure that your funds are not permanently lost when you send them via the wrong network. Simply put, if you send a token to your ETH via the BSC network, the funds will still be on the blockchain and you’ll be able to retrieve them.

How To Get Started On The BSC Network

To buy and sell tokens on the Binance Smart Chain (BSC) network, you will first need to get a Metamask wallet and fund it with BNB tokens. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum and Binance Smart Chain (BSC). It is available as a browser extension for popular browsers such as Google Chrome.

Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the “Add to Chrome” icon on the top right as shown below:

Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it safe. Do not store it online).

Next, add the BSC network to your Metamask wallet by following the instructions provided on the Metemask website here.

Getting BNB Tokens To Trade On The BSC Network

Once that is done, you need to fund your wallet with BNB before you can begin trading on the BSC network. You can buy BNB on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the BNB from Binance to your Metamask wallet.

You can also purchase BNB directly within the Metamask wallet using traditional payment methods such as credit or debit cards, PayPal, bank transfer, CashApp, etc.

Just click on the “Buy/Sell” button within Metamask which will open up the interface. Here, you can put how much BNB you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

It’ll only take a couple of minutes at most for your BNB to arrive in your wallet. Once the BNB arrives, you are all set to begin trading tokens on the BSC network. So head over to Pancakeswap to get started on your trading journey.

How To Trade Tokens On The BSC Network Using PancakeSwap

PancakeSwap is the leading decentralized exchange on the BSC network. Here, users are able to buy and sell a large range of tokens, and it is a straightforward process.

Make sure you are on the correct Pancakeswap website to prevent your wallet from being drained. The next step is clicking on the “Connect Wallet” option on Pancakeswap at the top right corner as illustrated below:

Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

Once connected, switch Metamask to the BSC network. (If you’re already on the BSC network, you do not need to switch):

With MetaMask connected to the BSC network, go to PancakeSwap, then you can start trading on the BSC network using PancakeSwap. Search for the token you want to purchase using the name or the contract address.

Set slippage to auto to avoid having to manually set it with each swap. Once done, pick how much BNB (at the top) you want to convert to the new token (at the bottom), click on “Swap,” and confirm the transaction in your Metamask wallet.

Once the transaction is confirmed, the tokens will be sent to your wallet. To convert your tokens back into BNB, repeat this process by putting the new token at the top and picking BNB at the bottom. Click Swap and BNB will be sent to your wallet.

Buying And Selling Tokens With The Metamask Wallet

BSC Network users can also buy and sell tokens using the Metamask extension wallet already connected to the BSC network.

To do this, make sure you’re connected to the BSC network and have BNB to swap and pay for gas fees. Then navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

Here, you can also search for tokens using the name or the contract address, just like on Pancakeswap. Input the amount of BNB you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking Token Prices On The BSC Network

BSC network users can leverage on-chain tools such as Dextools to access detailed market insights about a particular token such as price and contract information to enable them to make informed trading decisions.

Dextools offers a range of features that are particularly beneficial for users on the BSC network. One notable feature is the ability to check charts, providing real-time and historical price data for various tokens. These charts enable users to analyze price trends, trading volumes, and other relevant metrics, helping them identify potential entry or exit points for their trades, as shown below:

In addition to charting capabilities, Dextools provides a “Contract Audit” feature that is especially valuable for BSC users. This feature allows users to check the audit score of a smart contract before investing in a token. Audits assess the security and reliability of a contract’s code, highlighting potential vulnerabilities or risks.

By accessing the audit score through Dextools, users can evaluate the level of trustworthiness and credibility of a token’s underlying smart contract, minimizing the chances of falling victim to scams or vulnerabilities.

Conclusion

The BSC network has become popular within the blockchain ecosystem due to its advantages and has attracted a diverse range of projects and users. BSC’s compatibility with Ethereum facilitates seamless token transfers between the two networks, enhances diversification of development and usage, and promotes collaboration within the broader blockchain ecosystem.

Additionally, it offers interoperability, allowing developers to easily port existing Ethereum-based applications and assets to BSC. This compatibility grants access to the extensive Ethereum ecosystem, enabling users to leverage the infrastructure and liquidity of Ethereum while benefiting from BSC’s faster transactions and lower fees.

BSC’s combination of interoperability, accessibility to liquidity, and enhanced transaction efficiency makes the BSC network a compelling choice for both developers and users, solidifying its position as a prominent player in the evolving blockchain landscape.

Featured image from Medium

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Scott Matherson

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January 14, 2024
How To Buy And Trade Tokens On The SEI Network
In the dynamic trading world where time is of the essence and you are looking for a combo of speed and low fees, the SEI Network is the fastest decentralized Cosmos-based L1 blockchain that is trading-based with the availability of decentralized exchanges (DExs).

The SEI Network has been optimized to handle large volumes of transactions quickly and efficiently while keeping costs low. This makes it an attractive option for businesses and individuals looking to exchange value in a fast, efficient, and cost-effective manner.

The network has an in-built order book that allows smart contracts to easily access shared liquidity. This shared liquidity feature makes it possible for smart contracts to interact with each other and exchange value without third-party interference.

The way SEI is structured makes it possible for decentralized exchanges and trading applications in areas such as DeFi, NFTs, and gaming to provide the best possible user experience.

In this easy-to-follow guide, we will explore the main features of the super-fast SEI Network, how to set up a trading account, and the different ways to obtain and trade the SEI token. By the end of this guide, you will have a good understanding of how the SEI Network works, its advantages, and how to get started.

Features of SEI Network

Speed:

The most unique feature of the SEI network is its speed. It is currently the fastest chain to finality, boasting an impressive lower bound of 300 milliseconds. With unparalleled speed and efficiency, SEI allows for transactions to be immutably recorded on the blockchain in record time using an on-chain order book.

It is superior in terms of finality and is indisputable. When using SEI, users experience the near-instantaneous confirmation of their transactions, providing a seamless and efficient blockchain experience.

The network’s ability to achieve finality rapidly sets it apart from other blockchain platforms, making it an attractive choice for those seeking very fast and secure transaction processing.

Frontrunning protection:

The SEI network provides robust frontrunning protection, effectively combating the malicious practices that plague most of the other ecosystems. With advanced algorithms and stringent safeguards, SEI ensures secure and fair transaction processing, free from manipulation and unfair advantages.

By prioritizing integrity and trust, SEI sets a high standard for ethical conduct and fosters a level playing field for all participants to engage and experience a secure and reliable platform where transactions are protected, and investments are safeguarded.

Twin Turbo Consensus:

One standout feature of the SEI network is the twin-turbo consensus. This innovative consensus mechanism harnesses the power of two turbocharged engines working in sync to allow SEI to achieve exceptional speed and throughput, surpassing industry standards.

SEI’s twin-turbo consensus is designed to handle a lot of transactions at once without slowing down or compromising reliability. It has the ability to adjust and allocate resources as needed when transaction volumes increase.

This means that the SEI network can keep up with growing demands and perform at its best without compromising speed or dependability. So no matter how many transactions are happening, SEI is able to ensure smooth and efficient processing all the way.

Native Matching Engine:

SEI’s native matching engine is a valuable asset for exchange teams, offering rapid order matching and execution capabilities. It empowers exchanges to handle high volumes of transactions efficiently, catering to active traders on the network.

The engine’s flexibility allows customization to meet specific trading requirements, ensuring a tailored and user-friendly experience. With strict enforcement of matching rules, it upholds transparency and fairness in the trading process. Exchange teams leveraging SEI’s native matching engine can optimize their operations, enhance user experiences, and build a trustworthy trading ecosystem.

SEI Network: The Layer 1 For Trading

Trading is undeniably the most widely adopted use case for cryptocurrencies. However, it is a common misconception among crypto enthusiasts that trading is solely limited to decentralized finance (DeFi) applications. In reality, the need to exchange digital assets is fundamental to every aspect of the crypto ecosystem, ranging from social applications to non-fungible tokens (NFTs) and gaming.

Recognizing the significance of trading across the crypto space, SEI Networks has developed a Layer 1 blockchain specifically tailored to meet the diverse trading needs of users. SEI’s primary objective is to provide a robust, scalable, and seamless trading experience. By optimizing every layer of the technology stack, SEI ensures that users can efficiently exchange digital assets across various sectors while maintaining reliability and scalability.

SEI Networks addresses the scalability challenges associated with trading by building the first Layer 1 blockchain specialized for trading. This approach enables SEI to offer the most efficient infrastructure for the exchange of digital assets.

By focusing on the unique requirements of trading, SEI Networks aims to enhance the overall trading experience for users and facilitate the seamless flow of digital assets across different applications and use cases.

With its emphasis on scalability, reliability, and user experience, SEI Networks is well-positioned to serve as a foundational blockchain platform for the trading of digital assets. Whether it’s DeFi protocols, NFT marketplaces, gaming platforms, or other crypto-based applications, SEI Networks provides a solid infrastructure to support the exchange of assets and foster the growth of the broader crypto ecosystem.

SEI Token

The rise in popularity of EVM-compliant blockchains and the parallelization process is driving the growth of the sei Network’s SEI token. SEI token serves as the native cryptocurrency within the SEI ecosystem, SEI token fulfills a variety of roles, which include:
1. Transaction Fees: SEI token is utilized to cover transaction fees incurred on the Sei Network. These fees serve as incentives for validators and contribute to the network’s security.
2. Staking: SEI tokens can be staked by users to accrue rewards and bolster the overall security of the SEI Network.
3. Governance: SEI tokenholders possess the ability to actively participate in the governance of the SEI Network. This participation encompasses voting on proposals and the election of validators.
SEI token presents itself as a promising cryptocurrency with a diverse range of potential applications, positioning itself at the forefront of blockchain innovation tailored for trading purposes.

How To Configure Your Wallet To Begin Trading On The SEI Network

To trade tokens on the SEI Network, you would first need to connect your wallet to the SEI Network. Keplr is a popular browser extension wallet that can be used to interact with the SEI Network.

Ensure your Keplr wallet extension has been added to your browser as shown below:

Once connected to your Keplr wallet, go to Keplr using the extension on your Chrome browser, click on the hamburger sign in the top left corner, and select “Manage Chain Visibility”:

Click on the search bar, next type in SEI, Enable it, and Save it:

How To Buy And Trade SEI On Centralized Exchange Platforms

To embark on the journey of acquiring SEI, one can explore various prominent exchanges where SEI is listed. Platforms such as Binance, Kucoin, and COINEx offer a convenient gateway for purchasing SEI.
1. Create or log in to an account with any of the exchanges listed above.
2. Deposit Funds: After logging in, using the image below click on “deposit” to deposit funds into your account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
3. Navigate to SEI Trading Page: Once your account is funded, go to the dedicated SEI trading page or type “sei” in the search bar for easy navigation. Here, you can find various trading pairs with SEI tokens.
4. Choose a Trading Pair: Select the desired trading pair that matches SEI with another cryptocurrency. For instance, you may choose SEI/USDT if you wish to trade SEI against USDT (Tether).
5. Specify the Purchase Amount: Determine the quantity of SEI tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. By following these comprehensive steps, you can easily trade SEI on CoinEx, taking advantage of the available trading pairs.
Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

Once you’re done, go to your Keplr wallet, click on Deposit, and copy your SEI wallet. Then go over to your centralized exchange account, click on Withdraw, and then send your SEI tokens to your Keplr wallet address you copied earlier. (Always double-check to make sure you have the correct wallet address).

The SEI network is quite fast so the tokens should arrive in your Keplr wallet in a matter of minutes. As soon as the SEI tokens arrive in your wallet, you’re ready to start trading tokens on the network.

How To Trade Tokens On SEI Network Using Keplr Wallet

To start trading on the SEI network, navigate to the Astroport decentralized exchange (DEX). Visit the site’s homepage and click on “Start Trading” as indicated in the top right corner in the image below:

The next step is selecting the SEI Network and clicking on the “Connect Wallet” option on Astroport at the top right corner as illustrated below:

Connect to your preferred wallet, in this case, it’s Keplr wallet:

Once connected and the SEI network is enabled you can now trade on the SEI network by navigating to the DEX (decentralized exchange) in this case using Astroport and selecting the token pair you wish to trade.

You can search for the token you want to trade using the name or the contract address obtained from the project’s website or official social media handles. Select the amount of SEI tokens you want to convert to the new token and click “Swap.”

Once the transaction has been confirmed, your tokens will be transferred to your connected (Keplr) wallet. Rinse and repeat to buy and sell tokens on the SEI network.

Tracking SEI Token Charts

Users can also utilize Coinhall to check charts, providing valuable market insights. Coinhall offers two distinct advantages: comprehensive charting tools that provide in-depth market analysis, and real-time access to valuable insights for making informed trading decisions.

Conclusion

SEI network offers a fast, efficient, and cost-effective platform for buying and trading tokens. With its optimized infrastructure, SEI can handle large transaction volumes quickly and at low fees. It is the first sector-specific Layer 1 blockchain, specialized for trading to give exchanges an unfair advantage.

The SEI token has been able to maintain strong investor support on their platforms including a seven-day rally leading to over 43% surge. The network’s features, such as its speed, frontrunning protection, twin-turbo consensus mechanism, and native matching engine, make it an attractive choice for trading enthusiasts.

SEI’s native cryptocurrency, SEI token, serves various purposes within the ecosystem, including covering transaction fees, staking for rewards, and participating in governance.
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SEI price rises over 600% in one year | Source: SEIUSD on Tradingview.com
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Featured image from Medium, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Scott Matherson

Source link
January 14, 2024