Get Ready for Perpetual Vaults — a Guide for Users

Sync
SyncDAO
Published in
9 min readSep 29, 2021

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Perpetual Vaults are coming soon!

To use the Perpetual Vaults, you’re going to need some cryptocurrency ready to go. You will want to be ready to take action early as there are great Product Usage incentives available from the moment the Vaults go live!

By following these steps below you’ll ensure you have your wallet set up, secure and funds ready to deposit into the Perpetual Vaults so you can start earning and make the most of the early bonus opportunities!!

Here’s an easy step-by-step guide so you can be prepared to get started!

*** This Guide is for educational purposes only. Links, products and walkthrough images may change and this article may not reflect future updates. All readers assume full responsibility for their actions in using these products and in transferring tokens between wallets.

You will need the following:

  1. An ERC-20 compatible wallet. For this guide, we have demonstrated setting up MetaMask as it is well trusted and frequently recommended in the crypto space. You could also use another wallet like Exodus or Trust Wallet, though don’t use an exchange wallet (like Coinbase or Binance) for DeFi transactions.
  2. Ensure your private keys are securely stored offline. Do not give your private keys to anyone. No one at SyncDAO will ever ask for your private keys, and you do not need to provide them to use the Perpetual Vaults.
  3. Have USDT in your Metamask wallet ready for you to deposit into the Perpetual Vault so you can mint PVTs and then stake them to earn USDT returns using SyncDAO.

Step 1 — Install an ERC-20 compatible wallet

What is MetaMask?

MetaMask is a web browser extension that allows you to manage your private keys via your web browser. By doing so, it serves as a wallet for your tokens and allows you to interact with blockchain technology being implemented across websites and apps today. To be more specific, it allows you to run Dapps (Decentralized Apps) right in your browser, meaning you don’t have to download and sync the full blockchain on your device or computer.

How to install MetaMask:

Chrome

  1. Visit https://metamask.io/
  2. Click on “Download”
  3. Click “Install MetaMask for Chrome”. You will be directed to the Chrome Web Store.
  4. Click “Add to Chrome”
  5. On the pop-up, click “Add extension”

After adding MetaMask Extension, you’ll return to your browser page. MetaMask will appear on your browser. You may click on it to open MetaMask.

Firefox

  1. Visit https://metamask.io/
  2. Click on “Download”
  3. Scroll down to the Firefox logo, and click on it.
  4. In the new window that opens, click on “Add to Firefox”
  5. On the pop-up, click “Add”
    NOTE: Don’t be alarmed by the fact that the Firefox plugin is listed as being published by “danfinlay, kumavis” — they’re a couple of the main minds behind MetaMask :-)

After adding MetaMask Extension, you’ll return to your browser page. MetaMask will appear on your browser. You may click on it to open MetaMask.

Edge

  1. Visit https://metamask.io/
  2. Click on “Download”, and scroll down until you see the Edge icon.
  3. Click on the Edge icon, and follow the prompts in the window that opens to install the extension.

After adding MetaMask Extension, you’ll return to your browser page. MetaMask will appear on your browser. You may click on it to open MetaMask.

Brave

  1. Visit https://metamask.io/
  2. Click “Download”, and scroll down until you see the Brave icon.
  3. Click on the Brave icon.
  4. In the Chrome store that opens, click ‘Add to Brave’.
  5. In the popup that appears, click ‘Add extension’.

After adding the MetaMask Extension, you’ll return to your browser page. MetaMask will appear as an orange Fox icon on your browser toolbar. You may click on it to open MetaMask.

Note on Installation:

When adding MetaMask to your browser, you may ask why you’d have to approve an extension to “read and change all your data on the websites you visit”. Get ready, the answer is technical:

To enable Dapps (Distributed Apps) to access the blockchain, MetaMask needs to inject a Web3 JavaScript object into each page. By doing so, it will not change the website but merely allows it to access the network.

If you are still not convinced, a good way to experiment and manage your browser is to sandbox your MetaMask, i.e. creating, say, a Chrome profile where MetaMask is only installed in the browser with that profile. This way, you could browse with or without MetaMask at will.

You can find out more about MetaMask and answers to questions like this here.

2. Secure private keys

What are private keys?

The use of private keys, also known as a Seed Phrase, or Secret Recovery Phrase, is a standard most crypto-wallets use. It’s generated randomly when you create a MetaMask account, which is unique and serves to generate addresses.

When you create a MetaMask wallet, you are given your 12-word Secret Recovery Phrase. MetaMask will not hold or control any of your personal or private data on their servers. Everything is encrypted in your browser and protected via your MetaMask password, and this is the gateway to connect to SyncDAO Perpetual Vaults. We will not hold or control any of your personal or private data either.

So, if you lose access to your MetaMask accounts, and need to restore MetaMask, you can only do that with your Secret Recovery Phrase.

Go here to see How To Reveal (and save) Secret Recovery Phrase on Metamask.

Why you need to store your Secret Recovery Phrase

MetaMask is not a cloud-based solution. If your device breaks, is lost, stolen, or has data corruption, there is no way for MetaMask or SyncDAO to recover this for you. This Secret Recovery Phrase is the only way to recover your MetaMask accounts and access to your Perpetual Vault.

This is true for all non-custodial wallets and is an important part of the Self Responsibility at the core of DeFi. You can learn more about being your own bank and securing your private keys here.

Don’t share your Secret Recovery Phrase and private keys

Anyone who has your Secret Recovery Phrase or private keys could send Ether or tokens from your accounts. Never share them with anyone, including the SyncDAO team. We will never ask for you to provide this. If someone claims that we do, insist on not sharing.

Please report to us any person who claims to be a SyncDAO team member, and asks for your Secret Recovery Phrase and/or private keys via reportscams@syncdao.com

*** You are always Responsible for your private keys.

3. Direct deposit (receive) USDT tokens to your MetaMask wallet

You will need USDT to mint PVTs in the Perpetual Vault.

What is USDT?

USDT is a stablecoin pegged to the price of a US dollar. USDT runs on Ethereum and is always redeemable on a one-to-one basis for US dollars. As of November 2021, more than $70 billion in USDT has been minted. It was developed by Tether International, and is backed by dollar-denominated assets of at least equal fair value to the USDT in circulation, including Certificates of Deposit, Treasury Bills, Secured Loans, Precious Metals, Digital Assets and more.

When you deposit USDT in the Perpetual Vault, 1 USDT will mint 1 PVT.

Buy or Exchange to USDT

There are several places to buy USDT with fiat currency that depend on your country of residency, so we’ll leave that part up to you. You can ask the community for some recommendations in our Discord if you are unsure of what exchanges are good for your country.

If you already have funds in crypto assets, you can exchange another token for USDT, on an exchange such as Binance (centralized) or Uniswap (decentralized).

Once you have USDT, it’s a good practice to transfer your tokens off the exchange to your MetaMask wallet so that you are holding custody of your tokens directly. You will simply need to submit a transaction pointed to the address of your account in MetaMask.

Open the MetaMask extension

  1. Open MetaMask via the extension in your browser
  2. Ensure your wallet is connected to the Ethereum Mainnet in the top section
  3. Hover over the account name at the top of the window, which will display “Copy to clipboard”.

4. Click on the account name or copy icon to copy your address.

5. Paste your address in the “Recipient” or “To” field in the application where you are sending your tokens from.

6. Select the amount you want to send, along with any other necessary steps to complete and submit the transaction.

Note: Please consult with the organization of the application you are using for information on how to transfer your ERC-20 tokens. See below for an example from Coinbase. The user interfaces from other organizations/wallets will vary.

How to view your USDT tokens in MetaMask

To add USDT to the token list in your MetaMask wallet and see the balance of the token in your account, do the following:

  1. Open MetaMask via the extension in your browser
  2. Scroll down until you see the “import tokens” hyperlink and click it

3. Type “USDT” in the search bar, select it, and click “Next”

4. Confirm the action by clicking “Add Tokens” on the next screen, and you should be able to view your USDT balance in your wallet.

Note:

The process to send tokens may be different for each application that holds your tokens. As such, it is recommended that you review their documentation or contact their support team for additional help on transferring tokens from their application.

Once the transaction is final, the balance in your account in MetaMask should update. If the balance does not update, please check the status of your transaction on a block explorer like Etherscan by searching the txHash (transaction hash) of the transaction that you just submitted.

What Next?

Now that you have USDT safely stored in your MetaMask wallet, you will be able to participate in the SyncDAO Perpetual Vaults when they are launched. We will release further instructions on exactly how to do this within the SyncDAO interface closer to the launch date.

Essentially, you will be able to transfer your USDT to the SyncDAO smart contract to ‘mint’ and receive PVT in exchange. These will be PVT tokens visible in your wallet, which you can then stake into the PV (Perpetual Vault) to begin earning returns.

In the meantime, you can bask in the achievement of having taken further steps on your journey into DeFi and self-reliance, knowing you are ready.

If you’d like to know more about SyncDAO you can check out the website at syncdao.com

You can join the conversation on one of our channels
syncdao.com/discord
syncdao.com/telegram
syncdao.com/medium
syncdao.com/facebook
syncdao.com/twitter

Or check out more in-depth details about the project;
syncdao.com/deck
syncdao.com/litepaper
syncdao.com/tokenomics

You can verify the token address on https://etherscan.io/token/0xcf8829ae9384540c886a151fac3a865794cb9a01 and on the official SyncDAO website https://syncdao.com/how-to-buy-sdg-syncdao-governance-token/

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