How to DeFi
A quick start guide to Navigating Solana smart contracts, pt 2.
(This article is not financial advice. For educational purposes, only)
To review pt. 1, click here.
Welcome back to another quick lesson in Decentralized Finance.
In part 1, we showed you how to use your phantom wallet, make your own free cold storage, and how to create hot wallets to interact with Solana protocols and liquidity pools.
We showed you how to become a part treasury owner in Solana’s largest liquidity provider by accumulating free $MNDE from delegating your stake through marinade. Do that if you haven’t and then let’s get you some more yield and free coins, today.
Solana’s low-cost, high-speed advantage, as well as the fact that our stake can remain liquid, allows us to be active and more aggressive with our investment strategies because we don’t have to worry about missing opportunities when they come up in the marketplace just because the fees are too high.
Inside your phantom wallet, make a new hot wallet and send yourself some $SOL from your cold storage (or send yourself a bit of $mSOL).
Whenever you want to take profit from $mSOL, sell a bit of $mSOL and then put that bit of $USDC.
Manage these positions as you see fit depending on the daily $APY and your personal risk tolerance/financial goals. Feel free to ask questions.
When prices dip down, you can use the stables you earned in DeFi, like USDC or USDT, to increase your underlying $SOL position or buy more $SOL or $mSOL in order to keep building your long-term stake using marinade.
Have fun and never play with more than you can afford to lose. Your best bet is to consider the $ gone before you begin and then you will never be disappointed. This is all new tech and so the networks are still very much volatile.
Not financial advice, articles and examples are for educational purposes only.
Thank you for reading!
To review pt. 1, click here. For pt.2 click here.
You can find my ref link to marinade.finance here. Thank you for using it.
*If you do try lido.fi to get $stSOL, don’t forget to swap back into $mSOL by February 2024. — SOURCE
You can support articles like this by donating $SOL (or $stSOL/$mSOL) directly:
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