Beginner Guide

1. Decentralised Finance (DeFi)

Jan 24, 2023

List of chapters in the tutorial:

  1. Why join DeFi and what is DeFi
  2. Creating wallets
  3. Linking SW and HW wallet
  4. Adding a chain to a MetaMask wallet
  5. Adding tokens to the MetaMask wallet
  6. Sending funds from CEX to DeFi wallet
  7. On-chain transaction
  8. Sending funds via a bridge

Welcome to the amazing world of Decentralized Finance!

How to get started in DeFi? What are the first steps when we want to get started? That's what we'll show you in this tutorial. We will select wallets, set them up, and show you how to get your funds into DeFi. In addition, we will teach you how to use the bridge between chains, how to minimize investment risk, and how to safely navigate in the DeFi world. So let's get to it!    

Why join DeFi and what is DeFi:

One of the big advantages of DeFi is the usability of a token for native coin holders and coin multiplication. If you don't want your assets to just idle on the exchange, DeFi is the ideal investment opportunity, especially in a bear market.

Anyone with an internetconnection can access DeFi platforms and participate in decentralized global transactions. 

With low fees combined with globally high-interest rates, DeFi in the world of loans allows both parties to negotiate their own interest rates and lend money.

Smart contracts deployed on the blockchain allow anyone to check completed transactions but do not reveal the identity of the parties. 

DeFi eliminates the fees that banks and other financial companies charge for using their services and supports Peer-2-Peer (P2P) transactions. Individuals hold money in a secure software or hardware wallet and can transfer it in a matter of minutes.

DeFi is an emerging financial technology that challenges the current centralized banking system. It also takes key elements of the work done today by banks, exchanges, and insurance companies (such as lending and trading) and puts them in the hands of ordinary people. 

DeFi is freedom!

DeFi disadvantages and risks:

  • participation in DeFi is complex and not easy to understand
  • high ​​level of volatility
  • scam projects

Conclusion

Decentralized Finance (DeFi) is an emerging financial technology that can be accessed by anyone in the world with an internet connection. DeFi eliminates the fees that banks and other financial companies charge for using their services and supports Peer-2-Peer (P2P) transactions. DeFi platforms do not rely on centralized financial institutions.

In the following guide, we will show you step-by-step how to do it. In the first step of the tutorial, we will show how to create a software and hardware cryptocurrency wallet.

Analyst opinion

DeFi gives us another opportunity to use blockchain. It is a new area in the crypto world where we can direct our attention if we are interested in an investment. However, it is also worth pointing out that you can fall for a scam and lose your funds. It is therefore important to have a certain level of knowledge to minimize the risk of loss. We can determine the level of risk according to the investment. However, DeFi definitely deserves our attention and exploration.

Analyst

René Užovič
Analyst
All post by Analyst
Join
Our Community
Charlie Lounge
Related Guides
Explore our inspiring blog, which highlights our journey, monumental approaches, and future vision for transforming decentralized finance.
View more
Beginner Guide

6. Transfer funds from CEX to DeFi wallet

Send funds to MetaMask. Pay gas fees on BSC and Avalanche. Test with small coins/tokens. Exchange $USDT with swap.
Jan 30, 2023
View Details
Beginner Guide

Stay SAFU

Learn about the most common safety threads and how to protect your digital assets.
Aug 21, 2023
View Details
You Might Also be interested in
Sort by date
Beginner Guide

Stay SAFU

Learn about the most common safety threads and how to protect your digital assets.
Aug 21, 2023
View Details
Money Management

1. Money management

Learn some of the best practices for the money management in decentralized finance!
May 25, 2023
View Details
Money Management

2. Charlie Farming - Money Management

Essential principles and strategies of money management for farming in DeFi.
May 23, 2023
View Details
This is some text inside of a div block.

Heading

This is some text inside of a div block.

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Analyst opinion

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Analyst

This is some text inside of a div block.
Analyst
All post by Analyst
Join
Our Community
Charlie Lounge
Related Guides
Explore our inspiring blog, which highlights our journey, monumental approaches, and future vision for transforming decentralized finance.
View more
Beginner Guide

6. Transfer funds from CEX to DeFi wallet

Send funds to MetaMask. Pay gas fees on BSC and Avalanche. Test with small coins/tokens. Exchange $USDT with swap.
Jan 30, 2023
View Details
Beginner Guide

Stay SAFU

Learn about the most common safety threads and how to protect your digital assets.
Aug 21, 2023
View Details
You Might Also be interested in
Sort by date
Beginner Guide

1. Decentralised Finance (DeFi)

Discover the world of DeFi: create a wallet and make secure P2P transactions.
Jan 24, 2023
View Details
Beginner Guide

2. Creating HW and SW wallets

Create a cryptocurrency wallet: HW or SW. Ledger Nano X & MetaMask offer secure DeFi access. HW wallet for physical security, SW vulnerable to viruses.
Jan 24, 2023
View Details
Beginner Guide

3. Connecting SW and HW wallets

Link MetaMask SW and Ledger Nano X HW to securely protect digital assets with physical confirmation.
Jan 24, 2023
View Details