Hi everyone,
Today I would like to share with you my fast guide to live on SOLANA. Before we start, let me remind you - this is not financial advise .In this article I won’t be explaining the advantages of SOLANA nor review the ecosystem as a whole (as you can see up there the ecosystem is too vast to be covered in 1 article). Instead we will dive straight into how I use the available dapps to make a living on Solana blockchain.
1. Wallet
I only use 2 wallet.
I think phantom has the better UI. And Sollet because it is the 1st wallet it has the most compatibility with other dapps. I dont use mobile app wallets (they are trash). Get serious and buy a laptop if u dont have 1.
To start Using Solana blockchain you need the base currency $SOL for transactions , usually the best way to get it is on exchanges. The best exchange that support Solana is FTX, so register with FTX to make your life easier https://ftx.com/#a=wokesheep. Now that you filled your wallet with SOL you can start Exploring the Dapps.
tips for staking: To some of you who wants to stake your SOL and still make use of your SOL please check https://marinade.finance/ . The advantage of using marinade is you can stake and unstake easily and swiftly. So now lets talk about the ecosystem
2. Money Market
Until recently, my money have been scattered around other block chains like ETH and LUNA. The reason is simple- Both of them have the most vibrant money market, they have the most liquidity and provide lot of incentive to users. This however have change recently, SOLANA money market is flourishing. USDC has become the backbone of $SOL and know already exceed $1billion. Which mean people are entering Solana, and we are just getting started. Currently the ecosystem incentivized people to “park” your capital on chain. You can make money on your unused USD. We are talking about >20% APR here, that’s 3X ASB can offer you (if you’re a bumi). And if you’re smart and adventurous you can make more. We won’t be discussing details here. But these are the site I use
Mercurial finance is pretty straight forward. U just deposit your USDT/UST/USDC and collect reward everyday 10pm.
While if you’re planning to use Saber.io you need to be creative swapping into stable pairs which give you the most yield for your farm. Keep in mind this incentive has been here for 1 month, I can’t guarantee it will be lucrative in future. My hope is it can be as stable as Anchor protocol (which has been giving consistent yield of 20% throughout the year). IMO, I’m confident >20% yield will maintain at least in 2021.
3. Yield Farms
Ok enough of the boring stable stuff. Let’s talk about making serious gain (and loss if unlucky). My favourite go to Dapps is RAYDIUM
On Raydium there are plenty of good project you can invest into. Plus the incentive to provide liquidity is impressive. Raydium imo is the most active and popular Dapps on SOL. There’s no much different to any other AMM like SUSHI,UNI, or pancake except that it work fast and cheaper. When they say ‘Frictionless’, they really meant it.
My second use dapps is SOLFARM (Yield aggregator)
Solfarm definitely one of my favourite. It allow your farms yield to be compounded automatically. Solfarm works with raydium to give you higher yield(im talking about >1000% APY here). Long story short, you should mint your LP token of Raydium and then farm them on Solfarm, in return you will get higher yield coz solfarm do the compounding automatically. Not only that, there is now new Leverage farm feature(for the adventurous). Words of advice- be conservative if u dont want to get liquidated.
4. Lending Platform
So you have crypto assets and want to make them work for you?
You can use solfarm.io(Yes, they have lending features too) or use Mango.market to park your asset and get interest by allowing people to borrow.
other alternative
5. Trading Platforms
Lastly and the most important — SOLANA has the vision to be the “stock exchange of the world”. Imagine all the equities and digital asset exist today all traded on Solana blockchain and they happened in real time with less friction. SOLANA have the most vibrant trading platform. It is blazing fast (compared to other DEX) , the trading fee is very competitive. Not only that, if you’re a maker you are actually getting paid to trade ( up to 0.03% -fee differ by DEX). So this is some of the DEX I use..
Spot markets
BONFIDA
DEXLAB
honorable mention spot markets:
Perpetual markets
Options market
6. IDO platform
7. Solana tracking and Analytics platform
https://sonar.watch/dashboard/
https://lunarcrush.com/coins/sol/solana?interval=1%20Week
and my favourite multiple chain tracking site — https://apeboard.finance/
8. NFTs
I hate NFTs so I’m not going to cover it. Lot of interesting platform though.DYOR
To sum up, Solana ecosystem is a good place to put your capital. I’d say 80% of my networth is on the network..in fact all my BTC and ETH are in SPL format. Is it safe? Well I’m not going to tell you that. Do what is best for you, these are only options so you can to stay free out of CEX or govt intervention. Again freedom always come with big responsibilities and risks, if you’re not savvy and cautious, I don’t recommend you using any DEX.
