Purchasing $ZOO — Beginner Crypto User — Bank Account to Metamask
If this is your first time hearing about $ZOO and the Zookeeper Ecosystem here are a couple great products they have have created and are working on.
- The Zoo Ecosystem
- Play to Earn crypto cross chain video game is being released sometime soon in Q2 2022. Mario Kart meets Fortnite: Teaser Trailer & Alpha Footage
- NFT Marketplace OpenZoo and crosschain possible NFTs
- Yield Farming — Earning 80% — 150+% APR on zookeeper.finance which is currently launched on Wanchain network and the Avalanche network. Yield farming is possible because you provide liquidity [equal values of different assets] to an Automated Market Maker (AMM) website that makes decentralized buying and selling crypto possible without a centralized party. The websites required to participate in Zookeeper’s Yield Farming are Wanchain’s AMM — Wanswap or Avalanche’s 2x AMMs — Trader Joe or Pangolin.
There are many ways to move funds in order to purchase $ZOO. This is one example.
Beware: It is easy for users to type in the wrong address or click the wrong button when moving funds from exchange to exchange or exchange to wallet causing users to completely lose those funds. Any movement of funds is your choice. It’s recommended to always send a small amount first as a test to make sure you’ve entered everything correctly.
I often interact with individuals that know nothing about cryptocurrency, but would like to jump into the Zookeeper Ecosystem. Some cryptocurrency exchanges (e.g. Coinbase) can make the process of purchasing cryptocurrency fairly easy for beginners as long as the desired cryptocurrency is available on that exchange. Currently, $ZOO is available on only a few exchanges so an intermediate crypto will have to be purchased and moved between exchanges. That can be quite intimidating for the crypto-newbie. This guide will cover the process step-by-step.
If you are already aware of how to move funds from exchange to exchange and just want to purchase $ZOO please refer to this article.
The movement of funds to purchase $ZOO is as follows: Bank Account (USD) → Coinbase(USD — ETH) → Kucoin(ETH → WAN) → Metamask(WAN) → Wanswap(WAN — ZOO). There are many other ways to move funds and obtain $ZOO. This is just one way. If $ZOO were to get listed on Coinbase in the future, users can buy $ZOO directly and avoid the need to move funds to other exchanges. Until then, here is the process.
Step 1a: Create a Coinbase Crypto Exchange Account at https://www.coinbase.com/signup.
Step 1b: Create a Kucoin Crypto Exchange Account at https://www.kucoin.com/ucenter/signup.
Step 1c: Create a Metamask Crypto Wallet at https://metamask.io/download/ (Add as an extension to your web browser [Google chrome and Brave browser work fine with it] or download to your phone).
Step 2: Connect bank account to Coinbase and buy Ethereum (ETH) directly from bank account. Click “Buy/Sell” button in the top right of the screen and change the buy asset to (ETH). You will likely have a hold on your assets after purchasing ETH. You will be able to buy Ethereum immediately, but you will not be able to send the ETH off Coinbase until the 3–7 day hold is complete. You should get an email from Coinbase indicating when your ETH is available to send.
You can decrease the fees incurred from purchasing ETH on Coinbase by utilizing Coinbase Pro. See this article to read the differences between Coinbase and Coinbase Pro.
Step 3: After the hold is complete, send ETH from Coinbase to Kucoin. Click “Send/Receive” and then click “Send” tab. Change the “pay with field” to “Ethereum”, and in the “To” field, click the little paste button to past in the address you copied from Kucoin.
Step 4: Log into your Kucoin account and click the “Deposit” button near the top right of the screen. Click “Deposit Cryto”.
You may notice you have the option to “Deposit Fiat”. This is another way to enter the market. Coinbase is a United States Company that is SEC compliant and reports to the IRS. Coinbase has lots of documents you can download that make reporting your annual taxes easier. I’m sure Kucoin has the same documents available — it is your choice.
In the “Select a Coin” choose “ETH” and for “Select a Network” choose “ETH”. Click the little copy button to copy the address that populates in the “Address” field. The address is a long list of letters and numbers starting with 0x. Go back to Coinbase and paste that address into the “To” field. It is important that you always perform a test transfer with a small portion of your total amount. For example if you are sending $100 worth of ETH only send the minimum allowed or $1.
Sending Ethereum can take 10–30 minutes to show up in Kucoin. To view the pending transaction on Coinbase navigate to “Assets” on the left hand corner and select “Ethereum” then click the “Wallet” tab. You will see your pending transaction there. To view the pending transaction on Kucoin scroll to the bottom of the “Deposit Crypto” page and look at the Deposit History. When the status changes to “Completed” you will know your funds have been deposited. Once your test funds have been deposited, this lets you know that you clicked all the right buttons, used the correct Kucoin address, and everything worked. Now repeat the process from step 3 to send the remaining amount of ETH from Coinbase to Kucoin. Wait for those funds to be delivered.
Your ETH in Kucoin needs to be in your “Trading Account”. If the transfer is complete and it only shows in your “Main Account” under Asset Overview, you will need to click the transfer button and transfer your ETH from Main to Trading.
Step 5: Navigate to the “Trade” tab at the top left side of the screen on Kucoin. Click “Spot Trading”
Click the trading pair to the right of the Kucoin word in the top left corner of the screen. Type “WAN” and click on the pair that says WAN/ETH. This pair is needed so you can sell your Ethereum for Wanchain (WAN). Create your Trading PIN on Kucoin to allow access to the Trade function in the bottom right of the screen.
In the bottom right corner of the screen you will be buying WAN. Select the “Market” option instead of the limit option. Click 100% to sell all of your ETH for WAN. Click Buy WAN (Wanchain)
Scroll back to the top of the screen and click “Assets”. Transfer your WAN from your Trading Account to your Main Account. This is necessary to withdraw your WAN from Kucoin.
Navigate to “Withdraw Crypto” by clicking on “Withdraw” in the top right of the screen. Choose Network WAN. The Wallet Address will come from your Metamask Wallet you created. Before you send the funds ensure that the Wanchain Network is on your Metamask Wallet.
Navigate to your Metamask wallet (if you don’t see it click your extension puzzle piece button and click “pin to task bar”) and click where it says “Ethereum” at the top next to your unique symbol. If you don’t see Wanchain network as an option click “Add Network”
Cut and paste the following to add Wanchain’s Network to your metamask wallet.
Network Name: Wanchain
New RPC URL: https://gwan-ssl.wandevs.org:56891
Chain ID:888
Currency Symbol: WAN
Block Explorer URL: https://www.wanscan.org
MetaMask (web wallet) chrome extension: https://metamask.io/download.html
Wanchain token addresses: https://www.wanscan.org/tokens
Once you have Wanchain network setup copy your wallet address and paste that in the Kucoin “Wallet Address”.
Send a test fund of WAN first. Minimum is 0.1 WAN to send. Wanchain’s network is significantly faster and much less expensive than most networks. Once you receive the test funds send the remaining amount of WAN.
Step 6: Connect your Metamask Wallet to wanswap.finance by clicking the “Connect Wallet” button.
In the “Swap” tab the top input needs to be WAN (the asset you are selling) and the bottom input needs to be ZOO (the asset you are buying).
Click “Swap” and confirm the popup requests. Don’t sell all of your WAN. Leave a small portion (e.g. 0.10 WAN) that you’ll use to pay for future transactions on the Wanchain network. This same method applies to all crypto networks. The minimum amount needed is different for all networks. Wanchain is one of the cheapest networks. A small amount goes a long way.
When the swap is complete you may not see your $ZOO in your metamask wallet. You have to manually add it. Click “Import Tokens” (Make sure you are on the Wanchain Network).
Fill in the following:
Token Contract Address: 0x6e11655d6aB3781C6613db8CB1Bc3deE9a7e111F
Token Symbol: ZOO
Token Decimals: 18
Welcome to $ZOO. There is so much you can do now on the Zookeeper Ecosystem now that you own $ZOO. Feel free to join the zookeeper telegram channel below to be part of this great community.
Join on Telegram (Official Zoo Ecosystem Telegram) for any questions.
If you have any further questions message me on twitter @_adammyers_
