Dec 11, 2022
2 mins read
Getting started with blockchains
Visit Chainlist and add these networks: Avalanche, FTM, BSC, Polygon, Arbitrum, Optimism, Moonriver. Over time you will add more.
Get an exchange account at Binance or similar
Get some Matic at an exchange and send to your metamask (via Polygon)
Add another account to your MetaMask and name it Account 2 or something
Send Matic back and forth between your accounts
Get some FTM at an exchange and send it your Metamask (via Fantom)
Get some BNB at an exchange and send it to your Metamask (via BSC)
Note how you use the same address, regardless of the network. This is because they are all EVM networks.
Look up what an EVM network is
Go to Uniswap and swap a small amount of Matic for USDC
Go to Quickswap.exchange and swap some other tokens
Read about or watch a youtube vid on Uniswap, Maker, Aave, Compound, Yearn. These were the first major DeFi projects and it’s good to know a little history before you progress.
Check out https://defillama.com/ and look at the DEXes
Swap tokens on 10 different DEXes — pick any chain. Think about the different UI and UX. Are any of them copies of each other? What differences do you notice?
[Add the Dexes you used here and write a short note about each. Try to use dexes on a variety of chains. Feel free to add new networks to your metamask and send new native tokens there. What do you notice about the different chains? Are speed or cost different?]
This will be a bit laborious, but we want to make it second nature to swap one token into another. It should feel very familiar to approve and swap tokens. You also want to get a sense of how DEXes operate and why they basically all look the same.
:mechanical_arm: DeFi Advanced
Lend and borrow at Aave
Add liquidity to a liquidity pool on Quickswap
Auto-compound an LP at Beefy
Auto-compound an LP at Autofarm
Browse Autofarm to identify different platforms and add liquidity to LPs on three different platforms
Use the Zap function on Beefy/Autofarm to add liquidity in one action
Use Curve to add tokens to the triCrypto pool
Bridge tokens using Multichain
Use Connext to swap tokens across different blockchains
Use two other bridges — use google to find different routes
[Add a short note about your experience with each here]
Check DefiLlama’s ‘Reserve Currency’ category. Bond tokens on at least three platforms.
Provide liquidity at Karuraswap
Use Acala to make swaps and provide liquidity
Swap some Atom -> Osmo
Stake some Atom in the Keplr web app
Vote on something using Keplr
Add liquidity on Osmosis
Use IBC to withdraw and deposit to three other networks (Juno, CRO, Secret etc)
:crystal_ball: L1 Alternatives (Solana, Cardano, Near, Algo etc)
As above, so below… Install wallets, swap a token, add liquidity, farm it.
By the time you’ve done all of this, you should have a pretty good grasp of how this giant thing called DeFi works.
You will also likely:
find a preference for one particular chain
realise that everybody copies everybody
develop a deep-seated hatred for fees on Eth mainnet
learn more about the blockchain trilemma…
…and conclude that there are trade-offs for every network