Instructions to Transfer Coins to Cardano Network To Skin In The Game

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2021-10-24 07:36:12

Have you bought ADA on the exchange or have ADA in another network, want Skin in the game in the Cardano ecosystem, but don’t know how to transfer them to the Cardano network? Then this article is for you guys. In this article, CHK will detail how to:

  • Buy and host ADA.
  • Transfer ADA tokens from an exchange (CEX) or use a Cross-chain Bridge to transfer funds to the Cardano network.
  • Look for Skin in the Game opportunities in the Cardano ecosystem.

We invite you to follow along with the article below.

About Cardano Blockchain

Cardano Cardano is a blockchain created by the co-founders of Ethereum and BitShares, so, like Ethereum, Cardano is also an open source, decentralized blockchain that allows developers to create smart contracts on the network to deploy. deploy applications without worrying too much about security and scalability.

To participate in DeFi on Cardano similar to other chains, you also need the native token of the corresponding chain as a fee, also known as gas fee (the fee you need to pay to the network). My gwei gas level is about $0.6 – $1/transaction. So for trading, you should prepare about 5 ADA ($10) for comfortable transaction fees.

Things to know when skin in the game on Cardano

Step 1: Buy ADA coin on the exchange

Currently, you can buy ADA at many exchanges such as Binance, Gate, Okex, Kucoin,… ADA is a popular coin, so most exchanges support buying and selling this coin. You can choose the floor you want to trade on.

ADA exchanges

Step 2: Store ADA coins on a Cardano Blockchain enabled wallet

After you have bought tokens at the exchange (CEX), you need to have non-custodial wallet to store tokens and interact with the DeFi space. Currently the tokens of the BSC ecosystem can be stored in many different wallets such as Ray Wallet, Gerro Wallet, Card Wallet,… You can choose to store ADA by following simple steps:

  • Step 1: Choose the wallet you will use, for example, Ray Wallet. Click on a wallet that supports tokens ADA.
  • Step 2: Choose Receive.
  • Step 3: Copy the ADA wallet address or use the QR code address.
Store ADA coin on Ray Wallet

Step 3: Transfer ADA coin from another Blockchain to Cardano system

After buying ADA and having a supporting wallet, you can participate in events or skin in the game in the Cardano ecosystem. There will be many ADA token standards such as Cardano, Binance Chain (BC), BSC (BEP20). Depending on your needs, you can convert the token standard according to the corresponding chain.

Eg: I have ADA token (BEP20) and need to convert to standard ADA token (Cardano), then there are usually ways including:

  • Way 1: Convert that token from one blockchain to another using Cross-chain Bridge.
  • Way 2: Buy coins from CEX exchange and transfer tokens to Cardano blockchain-enabled wallet.

To make it easier for you to imagine, I will guide specifically the process for the above 2 ways as follows:

Transfer coins from another blockchain to Cardano using Cross-chain Bridge

Currently, there is no Bridge on Cardano, only one bridge to Nervos Blockchain. If you want to convert the standard token of the token on the Cardano system, you can use method 2.

Buy tokens on CEX and transfer to BSC blockchain wallet

If you do not know how to buy Stablecoins (USDT, USDC) with Vietnamese currency (VND), you can see the article here.

After you have USDT, you will buy ADA on any Binance, Gate, Kucoin, … and transfer the token to your wallet for storage. Please do the following steps:

  • Step 1: Use USDT to buy ADA on Binance exchange.
  • Step 2: Transfer ADA to Cardano network (insert Cardano network standard wallet address).
Buy and transfer ADA to Cardano wallet

Step 4: Invest and earn with Cardano tokens

Cardano Ecosystem Overview

Looking for more information: Cardano ecosystem overview here

Lending

Lending This is a form of lending money to receive interest on deposited assets. With the Cardano system, you can now participate in lending on platforms like Liqwid, Kitty Party,…

Liqwid is an open source, algorithmic and non-custodial built for users and developers. Liqwid establishes a decentralized financial market, lending and borrowing mechanism that can help you earn interest based on the amount of collateral/lending. Currently, this project has not launched an app, if you are interested, you can refer to it at: https://liqwid.finance/

Join Lending on Liqwid

Staking

Staking is the act of holding and locking a certain amount of coins in order to receive rewards from them. The reward will depend on the time and the amount of coins you stake.

On the Cardano ecosystem, you can refer to the Validator Nodes of supporting wallets such as Dandelous, Yoroi and Ray Wallet. For those of you who already own and have long-term holding needs, you can refer to the ADA staking solution to create liquidity for staked tokens. When staking ADA, you not only get ADA but also get APR about 5% – 6%/year.

summary

To learn more about the BSC ecosystem and explore DeFi platforms in the ecosystem, you can read more analytical articles by the CHK team. here.

I hope these content will help you more easily access the DeFi market, as well as find the best ways to play to optimize your profits. Wish you guys a lot of success. If you have any questions, don’t hesitate to comment below to discuss with CHK!

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