Katana Inu is a relatively new cryptocurrency project that aims to provide a decentralized and community-driven platform for buying, selling, and exchanging digital assets. The project was launched in late 2021, and has quickly gained a following among cryptocurrency enthusiasts who are looking for new and innovative investment opportunities.
The key feature of Katana Inu is its decentralized exchange (DEX), which allows users to trade a variety of cryptocurrencies without the need for a centralized intermediary. This means that users can buy and sell cryptocurrencies directly from one another, without having to rely on a third-party exchange.
In addition to its DEX, Katana Inu also offers a range of other features, including staking, farming, and a governance system that allows users to vote on important decisions related to the project’s future direction. The project’s native token, KATANA, is used to power these features and to reward users who contribute to the project’s growth and development.
One of the unique aspects of Katana Inu is its focus on community-driven development. The project is run by a team of developers and contributors from around the world, who work together to build and improve the platform. The project is also supported by a growing community of users, who are actively involved in shaping the future of the project through their participation in governance and decision-making.
As with any cryptocurrency investment, it’s important to do your own research before getting involved with Katana Inu or any other project. While the project has gained a following among cryptocurrency enthusiasts, it’s still a relatively new and untested platform, and there are risks involved with any investment in the cryptocurrency market.
Overall, Katana Inu is an interesting and innovative project that aims to provide a decentralized and community-driven platform for buying, selling, and exchanging cryptocurrencies. Whether it will be successful in the long term remains to be seen, but it’s definitely a project worth keeping an eye on for anyone interested in the cryptocurrency market.
The cryptocurrency market has grown significantly in recent years, with a wide range of digital assets now available for trading. One of the key metrics used to assess the performance of cryptocurrencies is market capitalization, or “market cap” for short.
In simple terms, market cap refers to the total value of all the units of a particular cryptocurrency that are currently in circulation. This is calculated by multiplying the current price of the cryptocurrency by the total number of units that are available to buy or sell.
For example, if a cryptocurrency has a price of $10 and there are 1 million units in circulation, the market cap would be $10 million. The market cap can change rapidly based on fluctuations in the price of the cryptocurrency, as well as changes in the total supply of the coin due to factors like mining or burning.
Market cap is a useful tool for investors and traders, as it provides an indication of the overall size and popularity of a particular cryptocurrency. Generally speaking, cryptocurrencies with a larger market cap are considered to be more established and less risky, as they have a greater level of adoption and a larger user base.
However, it’s important to note that market cap is not the only factor to consider when evaluating cryptocurrencies. Other important metrics include trading volume, price history, and overall market sentiment.
Overall, market cap is an important metric for anyone involved in the cryptocurrency industry. It provides a useful snapshot of the current state of a particular cryptocurrency, and can help investors make informed decisions about which digital assets to buy or sell.
Justin Sun is a well-known Chinese entrepreneur and cryptocurrency enthusiast who is the founder of the TRON blockchain platform. He has been involved in the cryptocurrency industry since its early days, and his net worth is a topic of interest to many people.
According to Forbes, as of September 2021, Justin Sun’s net worth is estimated to be $2.8 billion. This is largely due to his success in the cryptocurrency industry and his leadership of the TRON project, which has grown to become one of the most popular blockchain platforms in the world.
Sun made headlines in 2018 when he purchased the social media platform Steemit, which is built on the blockchain, for $15 million. He has also made significant investments in other blockchain and cryptocurrency-related projects, such as BitTorrent, which he acquired for $120 million.
Aside from his work in the cryptocurrency industry, Sun is also a well-known philanthropist. He has made significant donations to various charitable causes, including $3 million to the Glide Foundation and $4.6 million to the American Foundation for AIDS Research.
Overall, Justin Sun’s net worth reflects his success as a cryptocurrency entrepreneur and his commitment to giving back to the community through philanthropy. As the cryptocurrency industry continues to grow and evolve, it will be interesting to see how Sun’s wealth and influence may change in the coming years.
With the recent launch of the $180 million ‘Avalanche Rush’ incentives program, the Avalanche network has become the new hotbed for DeFi activity, with more projects mushrooming on the C-Chain since the announcement was made. Power DeFi users were among the first to cross the bridge to Avalanche, discovering a new world of projects that would seem all too familiar to them.
Although the Avalanche network has not seen as much traction since its mainnet launch in September 2020, the AVAX incentives have proven to be a significant catalyst for bringing more attention to the ecosystem. This represents an excellent opportunity for early users to discover and experiment with the native DeFi and yield-farming protocols on the network before Aave and Curve arrive.
In this article, we’ll be taking a sleigh ride into the Avalanche ecosystem. From setting up your wallet to bridging your funds, we will also dive into some of the more popular yield-farming projects on the chain, such as Trader Joe and Snowball.
Before we begin, you would need a wallet to store your funds. Unlike most blockchains, the Avalanche network consists of 3 main blockchains – the Exchange chain (X-chain), Platform Chain (P-Chain), and Contract Chain (C-Chain). For the purposes of depositing and transferring funds, we will only be concerned with the X-Chain and C-Chain.
The C-Chain is used for smart contract creation and interaction with decentralized applications on Avalanche through your wallet. You can easily add the Avalanche C-Chain to your existing MetaMask wallet by heading to chainlist.org and selecting the Avalanche Mainnet.
(b) Search for Avalanche Mainnet and click ‘Add to MetaMask’.
(c) You will receive a prompt from MetaMask to allow the site to add the network. Click on Approve.
Congratulations, you have successfully set up the Avalanche C-Chain network on your MetaMask wallet! Do take note that you cannot use your MetaMask wallet to access the X-Chain as it requires the usage of their native wallet here.
Step 2: Load Your MetaMask Wallet with Assets
You have 3 options to transfer funds to your MetaMask Wallet.
1st Option: Transferring from Ethereum to the Avalanche C-Chain via Avalanche Bridge
(b) Choose the type of asset you want to transfer. Depending on the asset, you will receive the wrapped version on the C-Chain, recognizable by the ‘.e’ symbol.
(c) Once you have chosen your asset and amount, click on transfer. You will then be able to see your transaction status. Once the transaction has been finalized, ensure that the funds are safely in your wallet address on the Avalanche C-Chain. If you transfer more than $75 worth of assets, you should also receive an airdrop of 0.1 AVAX to pay for transactions.
2nd Option: Transferring to X-Chain via Binance/Kucoin
(a) Create your Avalanche wallet on https://wallet.avax.network. The wallet will contain unique addresses to access the X-Chain, C-Chain, and P-Chain, respectively. Note that your X-Chain address will change after each deposit.
(b) To withdraw from Binance/Kucoin, log in to your account and select the withdrawal option. Note that only AVAX can be withdrawn this way. For Kucoin, you may choose between the Avax native network (X-Chain) or Avax C-Chain directly.
Insert your X-Chain address and select the amount that you would like to withdraw. If there are no congestions or service disruptions, you should be able to see your AVAX in your X-Chain wallet after a few minutes. X-Chain addresses begin with the letter X, while C-Chain addresses are similar to EVM-blockchain addresses that start with ‘0x’.
(c) Once the funds are in your X-Chain address, you can export the funds by clicking on the ‘Cross-Chain’ tab on the left of the wallet interface. Be sure to select the X-Chain as the source and the C-Chain as the destination. You will also need to pay a small fee for exporting and importing AVAX between chains.
(d) Once the funds have been imported onto the C-Chain, you can transfer it out to your MetaMask address to interact with the various dApps on Avalanche. If you need to send your funds back to the exchange, select ‘Send’ and choose the source chain where your funds are currently at.
3rd Option: Transferring from Other Blockchains via Celer cBridge
(b) There are up to 9 different source chains to choose from, including Layer 2 scaling solutions such as Optimism and Arbitrum. Based on the selected chain, only certain assets will be available to transfer. Select your chain and the type of asset to transfer.
(c) Enter the amount you wish to bridge over and click ‘Transfer’. Once the transaction is complete, you should receive your funds on the Avalanche C-Chain.
And there’s all there is to it! Now you’re all geared up to begin farming those juicy yields on Avalanche! But wait, here are a few things you need to be aware of before you begin traversing down the snowy path.
Transactions on Avalanche are paid using the network’s native token and are subsequently burnt. In this case, you would need to transfer some AVAX, where different amounts are required based on the type of transaction performed.
The Avalanche C-Chain makes use of dynamic fees, which are determined based on the network’s utilization. When the network is congested, it is normal for gas fees to rise to as high as 225 gwei or around 0.03 AVAX for a typical swap transaction. This would equate to about $1 per transaction, which is not as cheap compared to Polygon or Binance Smart Chain. However, it is still much more affordable to yield-farm actively on Avalanche compared to Ethereum.
Yield Farms
Now that we’ve covered the basic requirements let’s take a little peek into the Avalanche ecosystem as it is. Even though the heavyweights such as Aave and Curve have yet to set foot on the network, Avalanche already has its own eclectic mix of native lending platforms and yield-farming protocols, ready to support the army of yield farmers that have bridged over.
We have divided these projects into a few categories based on the underlying primitives – lending platforms, decentralized exchanges, yield aggregators, and other notable farms. Although this is not an exhaustive list, they are a good place to start for newcomers as they are simple to use and have a more familiar interface.
1. Lending Platforms
As one of the first official lending platforms on Avalanche, BENQi has quickly made a name for itself, hitting $1 billion in Total Value Locked in just under a week from their official launch. The protocol enables users to lend their digital assets to earn interest while also obtaining leverage by borrowing funds while maintaining exposure with their deposits as collateral.
Depositors who lend their assets on the protocol will receive interest-bearing QiTokens such as QiWBTC or QiUSDT to represent their portion of the asset’s liquidity on BENQi. Unlike Aave or Compound, your QiToken balance does not increase in your wallet but instead can be used to redeem an increased amount of the underlying asset.
Currently, depositors and borrowers will receive additional token rewards in the form of AVAX and QI, thus boosting the returns even more. Although the rewards from supplying liquidity are accrued based on your QiToken holdings, the additional QI and AVAX rewards would need to be claimed from the Rewards tab.
As of the time of writing, BENQI only supports up to 7 assets on Avalanche, with yields ranging from 2% to 12%. As the yield from token rewards is higher compared to interest payments, users are actually incentivized to lend their assets and borrow more to maximize their return.
2. Decentralized Exchanges
There are two major native DEXs on Avalanche, namely Pangolin and Trader Joe. The two automated market makers (AMMs) share an intense rivalry, similar to Uniswap vs. Sushiswap on Ethereum. In this case, Pangolin is more reminiscent of Uniswap, while Trader Joe is more like Sushiswap, which is more apparent from their respective fee structures.
Both DEXs charge 0.3% trading fees, but only 0.25% is sent to liquidity providers, while the remaining fees are used differently by both exchanges.
In Pangolin’s case, the community can decide to divert the remainder to a specific address to achieve specific goals for the exchange. On the other hand, Trader Joe sends the remaining 0.05% to the xJOE staking pool. The funds will be used to periodically buy back JOE, allowing native token holders to accrue more value from their native token holdings.
Both platforms feature incentivized liquidity mining pools where users can provide liquidity for selected assets and stake their respective LP tokens to earn PNG or JOE. Both DEXs offer incentivized pools for more familiar assets such as Chainlink (LINK), Dai (DAI), and Wrapped Bitcoin (WBTC).
However, if you’re feeling a little more adventurous, they also have exotic pairs to choose from, such as Shibavax (SHIBX) and Gondola Finance (GDL). Since liquidity provision is required, you would have to consider the risk of impermanence loss if the assets provided are relatively volatile. As such, these riskier pools will generally have higher returns compared to more stable pools.
Besides the native AMMs that reside on Avalanche, Sushiswap also has plans to launch with incentives soon. In collaboration with the Avalanche Foundation, both parties will allocate up to $7.5 million in AVAX and SUSHI token rewards over a 3-month period.
3. Yield Aggregators
Although they have yet to gain the notoriety of Yearn Finance or Beefy Finance, Avalanche also has its own native yield aggregators that help to auto-compound users’ deposits to maximize returns. Users collectively pool their funds and socialize gas costs in farming specific LP pairs for different exchanges. Two of the largest protocols that currently facilitate this are Snowball (SNOB) and Yield Yak (YAK).
Snowball is a yield aggregation protocol that offers two core products – auto-compounding vaults and their StableVault. Users can deposit their LP tokens from either Pangolin or Trader Joe to start auto-compounding and earn the platform’s native SNOB tokens. However, do note that only specific pairs are supported, so be sure to provide liquidity to the correct pair to start compounding your yield.
On the other hand, their StableVault is an AMM that supports up to 4 different stablecoins, allowing users to exchange between them with lower fees and slippage. Users can also provide stablecoin liquidity to earn swap fees from the vault and receive s4D tokens representing their share of the pool. The receipt tokens can be further staked for additional SNOB rewards.
Similar to Snowball, Yield Yak automatically compounds your deposits by selling the reward tokens received and reinvesting them into the liquidity pair. Additionally, there is a manual ‘reinvest’ option where users are incentivized to compound everyone’s deposits in the pool by pressing the ‘reinvest’ button.
Upon activation, the reinvest button converts the reward tokens into the underlying LP tokens and reinvests them back into the pool. Based on the pool, users can earn rewards based on a percentage of the reinvested amount.
4. Notable Mentions
Although most projects can be lumped into any of the categories mentioned above, some yield-farming opportunities are everything in between or something entirely unique. Here are some of the more notable farms in the Avalanche ecosystem so far.
Penguin Finance
Penguin Finance is a yield-farming and staking platform where users can compound their LP tokens and earn their native token, PEFI. The Penguin ecosystem will also include several gaming dApps, including Penguin Emperor, a king-of-the-hill style game where players bids to sit on the throne. Players also have the chance to win exclusive NFTs as long as they participate in the ecosystem.
Elk Finance
Besides having the standard yield-farming and staking pools, Elk Finance provides a liquidity bridge for cross-chain transfers. Users can swap the platform’s token, ELK, across four networks, including Polygon and Fantom. They also plan to release a cross-chain stablecoin called CHFT, which is pegged to the Swiss Franc instead of the U.S. dollar.
Teddy Cash
Essentially a fork of Liquity (LQTY), a borrowing protocol on Ethereum, Teddy Cash lets users take out interest-free loans against their AVAX deposits in the form of Teddy USD, or TSD. Besides over-collateralization, the protocol relies on a Stability Pool funded by TSD, where depositors act as guarantors for the loans.
Wonderland Money
Operating in a similar mechanism to Olympus (OHM), Wonderland seeks to become a decentralized reserve currency protocol through its TIME token. Users can purchase and stake TIME to receive MEMOries (staked TIME). Your MEMOries balance will constantly increase after each 8-hour epoch as rebase rewards are distributed to stakers.
Final Thoughts
The ‘Avalanche Rush’ has served as the perfect catalyst to entice even more people to cross the bridge to a whole new network with new opportunities. Although the staple DeFi projects of Ethereum have yet to set up shop on Avalanche, users are reacting positively to the fresh new farms and projects that the C-Chain has to offer. With $2.3 billion in Total Value Locked on Avalanche as of 3rd September and showing no signs of slowing down, yield-farming on this new terrain will continue to be a viable option for retail players and veterans alike.
As usual, the snowy wilderness brings a whole new set of dangers. Maintaining the highest level of security is paramount, especially with unfamiliar protocols. It is crucial to do your own research and verify the facts, and smart contracts, if possible before you act. If you choose to do so, only invest what you are willing to lose, and if some things are too good to be true, they most probably are. With that, we hope that this guide will help you make your trek through the Avalanche ecosystem a fruitful one!
Both Brave and Opera are known for their support for cryptocurrencies and blockchain technology. However, Brave has more advanced crypto features, including a built-in wallet and the ability to earn rewards for viewing ads in Basic Attention Tokens (BAT). Opera also has a built-in wallet and supports Ethereum-based decentralized applications (dApps).
Overall, Brave is a more privacy-focused browser, while Opera emphasizes speed and performance. Ultimately, the choice between the two depends on your personal preferences and needs. If you prioritize privacy and advanced crypto features, Brave may be the better option. If you prefer speed and dApp support, Opera may be the way to go.
In addition to its built-in wallet and rewards program, Brave also offers a private browsing mode with Tor integration, automatic HTTPS upgrades, and fingerprinting protection. These features make it a popular choice for privacy-conscious users. Brave also has a feature called “Brave Shields” that blocks trackers, ads, and scripts, which can improve browsing speed and protect against malware.
Opera, on the other hand, emphasizes performance and efficiency. The browser has a built-in ad blocker and battery saver mode that can help save data and extend battery life. Opera also offers a “Flow” feature that lets users share links, images, and notes between their devices. Opera also supports Web3, which enables users to interact with dApps on the Ethereum blockchain directly from the browser.
Overall, both browsers offer robust support for cryptocurrencies and blockchain technology. However, Brave is geared more toward privacy and security, while Opera emphasizes performance and convenience. It ultimately comes down to personal preference and priorities.
Ah, stablecoins. They’re the odd ducks of the crypto world. They’re not edgy, there’s no hard-core privacy focus or libertarian streak, no talk of USDC’s innovative proof-of-stake consensus mechanism, or of Tether as the new gold.
And yet, stablecoins account for a significant percentage of crypto’s total market cap. A quick list of tokens by market cap shows two stablecoins – USDC and Tether – in the top five, but even that’s a bit deceiving. If you remove the two-headed crypto monster of BTC and Ethereum, there are two stablecoins in the top three positions.
So let’s take a closer look at stablecoins – in particular, USDC. How does it work, why does it even exist, and most importantly – what’s it for?
Jump on in.
What is USDC?
USDC (USD Coin, if you will) is a product of Circle, a “global financial technology firm.” Jargon aside, Circle provides a number of financial services, all of which rely on USDC. Those services include payments, institutional investing, and more. USDC is the basic building block of Circle’s suite of products. It’s a stablecoin built on the Ethereum blockchain and backed 1:1 with the US dollar – hence the name.
Stablecoins are exactly what they sound like – digital currencies whose prices are stable. Of course, that raises a couple of questions: stable to what, exactly? and of course my favorite, why? ISN’T BTC’s PRICE JUMP ENOUGH FOR YOU?!?!?
Ok, sorry, I’ll calm down. But I’m not exactly wrong – stablecoins are an attempt to remove some of crypto’s inherent volatility, creating something that’s more stable and therefore a more predictable financial instrument. And what’s one way to create a stable crypto coin? Tie it to a real-world asset that’s also fairly stable. That’s where the USD comes in. USDC is backed with the dollar. One USDC = one USD.
We should note – backing one currency with another is absolutely nothing new. In fact, most fiat currencies started out this way. The gold standard in the American banking system meant that, in theory, every paper dollar circulating in the US was at one point backed by a dollar’s worth of gold. The gold standard went the way of the dodo decades ago, but the idea remained.
Here’s where USDC (and other USD-backed digital currencies) are really cool; they’re basically private, tokenized digital dollars.
Private: USDC is a Circle product; the USDC project received backing from Coinbase, among others. At the same time, it’s still on a blockchain, with transactions viewable on your friendly neighborhood blockchain explorer. Don’t expect the Treasury Department or your bank to show you the books for USD, but you can actually see both the code and transactions for USDC.
Tokenized: It’s Ethereum-based; store USDC in any Ethereum-compatible wallet (which is to say, the vast majority of them). Beyond Ethereum, USDC is available on a host of other chains such as Solana, Algorand, and Avalanche. And of course, tokenization provides all the usual blockchain benefits. View transactions, trade USDC for other tokens on centralised exchanges (CEX), jump into DeFi with a decentralised exchange (DEX), etc.
Advantages of USDC and Why use USDC
USDC, and other stablecoins, arose partly to solve a critical problem: the relative volatility of crypto. However as the term “stablecoin” implies, the price is stable – no guessing how much it’s jumped overnight. Stability is relative, of course – as the dollar goes, so does USDC. That relative stability allows investors to use USDC as collateral in smart contracts without fear of major price swings.
Let’s take a look at 4 main uses cases for USDC.
1. Fiat On / Off Ramp
On-ramping, i.e. converting fiat currency to crypto, is fairly straightforward. Any number of CEXes will let you pay for crypto with a credit or debit card. Just like that, you’ve converted USD to BTC, or SOL, or ETH, or any other token offered by that exchange.
But off-ramping is a bit trickier. Sure, a lot of exchanges will let you do it, but you’ll face some hefty fees. It’s still a handy system if you’re withdrawing on an infrequent basis, but if you’re an investor with a lot of funds at stake, you’re paying steep fees every time you switch between a fiat-based and crypto-based financial system.
Enter USDC.
USDC is the most glorious of things – a fiat/crypto cheat code. As a tokenized dollar, USDC lets investors keep their assets in the crypto ecosystem while holding a token that is equivalent to the dollar. Let’s say crypto is down, across the board. There’s some appeal in shifting funds out of crypto and into fiat, to leverage USD’s stability. But if there are hefty fees on both sides, any advantage is wiped out. USDC provides an answer. Shift funds from more volatile assets into USDC’s relative stability. Take advantage of lower transaction fees (gas fees excepted, of course), ride out the market dip, and be positioned to jump back in when things recover.
2. Payments
Getting paid in crypto is increasingly common. But crypto’s volatility poses a challenge when you’re paying or getting paid in crypto. Say $300 in Cardano is 300 ADA, but if a crash happens overnight and you want to pay someone the next day, you’ll need to purchase more ADA to meet your obligations. Again, USDC provides an answer, allowing holders to pay in crypto just as if they were paying in dollars.
Circle has made crypto USDC payments a major pillar of their product, with a Circle account for anyone wanting to access APIs for payments, payouts, and accounts. If this feels aimed at institutions, that’s intentional. Circle wants USDC to be to the crypto world what USD is to fiat – the go-to currency for everyday transactions.
3. Multi-chain functionality
If you’re familiar with Ethereum at all, something in the earlier paragraphs probably set you back a bit. Yeah, moving funds via Ethereum from one token to another might not cost you any exchange fees, but those gas fees can be painful.
There’s good news because USDC is multichain. As of this writing, it’s on Ethereum, Algorand, Solana, Stellar, Tron, Hedera, Avalanche, and Flow. Being on multiple chains makes USDC that much more flexible, able to be traded on chains with lower transaction fees. Multichain functionality increases USDC’s appeal as a payments system also; users can accept payments in one digital currency across several chains. It also positions USDC well; whoever comes out on top in the blockchain L1 wars, USDC will be there.
4. Staking/Liquidity
The basics of staking are simple. Users lock up tokens to ensure liquidity in a given network and are rewarded with more tokens. Originally, that process was associated with Proof-of-Stake networks. But staking has evolved with the crypto ecosystem. Yield farming and liquidity mining rely on some of the same principles, but leverage increasingly sophisticated smart contracts to generate a return. How does USDC factor in?
Providing liquidity in the form of crypto tokens to a given protocol comes with some risk. What if the value of that token drops rapidly? In many cases, a collateralized DeFi loan can suddenly become under-collateralized and liquidated; there’s not enough value to cover the terms of the loan. USDC lessens the chance of such a scenario by being a bit more stable.
What are the Drawbacks of Using USDC?
What’s backing the USDC?
Beyond basic security and network hacks, USDC’s biggest threat comes from the nature of the USDC’s backing itself. The question is simple; what assets guarantee that USDC maintains its 1:1 value with USD?
Circle itself clarifies that USDC is backed 1-to-1 with “fully reserved dollar assets.” The exact composition of those assets isn’t fully known outside of Circle’s, uh, inner circle. But whatever the exact makeup, USDC is more accurately considered an asset-backed stablecoin rather than a fiat-backed one.
How big a risk does that pose? That’s largely in the eyes of the investor. For its part, Circle has been careful to work within the current bounds of the financial industry, meaning all assets are held in regulated financial institutions. That provides a level of reassurance, especially to institutional investors.
The Specter of Centralization
USDC isn’t the only game in town; Tether exceeds USDC by market cap, and BUSD, UST, and Dai are no slouches either.
One of USDC’s selling points is that it’s regulation-ready; Circle, Coinbase, and other investors have built USDC to work within the current financial system. That means holding reserve assets in approved financial institutions and complying with US rules and regulations. That strategy has made USDC appealing to investors from institutions on down who are ok with a more centralized stablecoin. But for crypto users looking for a truly decentralized approach, USDC falls short.
CBDC Competition
Long-term, it’s worth wondering what effect CBDC’s might have on stablecoins. There’s a chance that a pure fiat digital currency might replace many of the functions of a private stablecoin that’s backed by fiat currency.
If that was the case, then USDC might see some of its biggest use cases diminish. Right now, one of USDC’s primary uses is in collateral and liquidity for smart contracts – data shows that roughly 40% of USDC’s supply was locked up in smart contracts. A CBDC, such as a hypothetical FedCoin digital dollar, might eat into USDC’s utility. That said, there are plenty of stablecoins already out there, and competition hasn’t hurt them so far.
U and USDC
Alright, so what about you?
Use USDC as a refuge against more volatile cryptocurrencies.
Building a Web 3 shop or business? Integrate USDC payments on a number of L1 chains.
And if you’re deep into DeFi, USDC will be integral to collateralizing DeFi protocols and providing valuable stability.
As EIP-1559 draws closer and some Ethereum projects are just beginning to adopt Layer-2 technology, it is clear that the dire need for cheap and ultra-fast transactions has driven some to explore alternative networks such as Polygon, formerly known as Matic.
Interestingly, only a minuscule amount of Ethereum addresses have interacted with the sidechain. Based on data by Nansen, only less than 0.1% of addresses on the Ethereum mainnet are also on Polygon. This represents a highly untapped opportunity, ripe for a Cambrian explosion of growth and yield-farming activity.
29% of addresses that are on Polygon are also on Ethereum. Only 0.06% of Ethereum addresses are on Polygon. pic.twitter.com/xc5eM1ltbZ
In this article, join us as we bring you this step-by-step guide on how to dive right into the Polygon blockchain. From setting up your wallet to bridging your funds, we will also touch on some of the existing protocols where you can start putting your assets to work.
How To Get Started
Before you embark on your journey, you would need a wallet to store your funds. Like most EVM-compatible blockchains, you can easily add the Polygon network to your existing MetaMask wallet by heading to chainlist.org and selecting the Matic Mainnet.
Step 2: Search for Matic and click add to MetaMask.
Step 3: You will receive a prompt from MetaMask to allow the site to add the network. Click on Approve.
Congratulations, you have successfully set up the Polygon network on your MetaMask wallet!
Do note that this is just one of the more efficient ways to get started. If you wish to do it manually, you can add a custom RPC on MetaMask according to the network specifications listed in the documentation here. Although it is unnecessary, we highly recommend having a second network with a backup RPC in place, just in case your transactions are not going through.
Now that you have set up your wallet, it’s time to start loading it up with funds. Some of the methods that you can use to transfer your assets are via withdrawal from AscendEx (formerly BitMax) directly to the Polygon network, or by sending funds through the Matic PoS Bridge, or by using Xpollinate.
Transferring from AscendEx
Step 1: If you have funds in AscendEx, log onto your account and head over to your assets to view your balances. If you do not have any available funds, you may deposit some by clicking on ‘Deposit’ and choosing the token.
Step 2: After clicking on withdraw, select your asset for withdrawal. Note that you can only withdraw MATIC, USDC, and ROUTE to the Polygon network.
Step 3: Once you have chosen your asset, select the Matic network as your preferred withdrawal network. Enter your withdrawal address and the withdrawal amount. Once you’re done, click ‘Confirm’. Once the withdrawal request has been completed, ensure that the funds are safely in the address you specified. Note that new users are unable to withdraw in the first 24 hours upon account creation.
And that’s it, you should be able to start yield-farming immediately! But maybe you don’t want to go through a centralized exchange, and would much rather control the movement of your own funds. Well, fret not as there are a couple of decentralized bridges to transfer your funds over.
Note that for different assets, there are different bridges that you can use to transfer your funds. To switch bridges, click on ‘Switch Bridge’ next to the Transfer Mode, below the swap interface.
Different bridges will have different withdrawal times and supported assets as shown below.
Step 3: Select your asset that you would like to transfer and click on ‘Transfer’. You will receive a prompt showing you what’s supported and what’s not supported on the bridge. Proceed by clicking ‘Continue’ and you will be shown the estimated gas fees that need to be paid to complete the transaction.
Step 4: Click ‘Continue’ and you will receive a summary of your transaction. Verify that the details are correct and proceed. You will then receive a MetaMask prompt to confirm the transaction. After confirmation, you can view the progress of your transaction. Note that the funds will be sent to the exact same address used to initiate the transaction but on the Polygon network.
Transferring from xDAI via Xpollinate
Step 1: Alternatively, you may choose to port over your funds from xDai via Xpollinate. Head over to https://www.xpollinate.io/ and switch to your chosen network.
Step 2: Select the asset that you would like to transfer and input the receiver’s address. Once you’ve done that, click on ‘Swap’. Note that this bridge currently supports only DAI, USDC, and USDT.
Step 3: You will then receive a prompt to login to Connext while the bridge sets up channels to perform the transfer. Next, a swap interface will pop up where you can enter the amount that you would to port over. Once you’re done, click on ‘Swap’
Step 4: Wait for the transfer to complete and you should be able to see your assets on Polygon. Note that this bridge may not always be available depending on the existing liquidity on each side. You can view the amount of exit liquidity available to perform transfers below the interface on the main site.
And there’s all there is to it! Now you’re all geared up to begin farming those juicy yields on the polygon. But wait, here are a few things you need to be aware of before you begin your journey.
Like most dApps on other blockchains, transactions are paid for using the network’s native token. In this case, you would need to transfer some MATIC, but even 1 MATIC can last you for thousands of transactions.
For instance, with MATIC currently sitting around $1, most transactions require a gas price of only 1 gwei, meaning you would pay less than a tenth of a cent to approve, transfer or swap your assets on Polygon. As you can see, this greatly benefits smaller farmers with lower capital since transaction fees are no longer an entry barrier, as is usually the case on Ethereum.
Yield Farms
With the basics covered, let’s talk about the current state of Polygon. Although big names such as Aave, Curve, and SushiSwap have expanded their reach into the ecosystem, many other unique and colorful yield-farming platforms have emerged in rapid succession, creating a constant stream of opportunities for the avid yield farmer.
Although the number of existing projects is not as substantial when compared to Ethereum or Binance Smart Chain, we have divided them into a few categories – lending platforms, decentralized exchanges, yield aggregators, and other notable farms. Do note that this is not an exhaustive list, but they are a good place to start for newcomers coming into Polygon.
Lending Platforms
One of the largest lending platforms on Ethereum, Aave has since launched its platform on Polygon, with over $3 billion in Total Value Locked (TVL). The platform allows users to deposit their assets to receive amTokens (Aave Matic Market tokens) which can be used as collateral to borrow other assets or to summon Aavegotchis. (More on Aavegotchis below)
Aave has been the pioneer behind new lending primitives like rate switching and flash loans, allowing for greater flexibility with your capital. Additionally, the platform provides both variable and stable interest rates as well as the ability to switch between them.
Interest rates on deposits may vary based on the supply and demand for borrowing. In general, higher demand for borrowing or lower supply for lending will push interest rates higher, allowing depositors to earn a higher APY. Currently, depositors and borrowers will receive additional MATIC rewards on Polygon, thus boosting the returns even more. Although the base rewards are received directly into your wallet, the MATIC rewards would need to be claimed from your dashboard.
As of the time of writing, Aave only supports 7 assets on Polygon. However, they are offering fairly decent rates on stablecoins, with up to 25% APR on stablecoins such as USDT.
Decentralized Exchanges
Most of the native decentralized exchanges (DEXs) on Polygon, such as Quickswap and ComethSwap are essentially forks of Uniswap, albeit with different fee structures and additional features. Quickswap charges a 0.25% trading fee which is distributed to liquidity providers while Comethswap charges a much higher trading fee of 0.5%. However, only 90% of that fee goes to liquidity providers while the remainder is sent to players of their blockchain game, Cometh.
Both platforms feature incentivized liquidity mining pools where liquidity providers can stake their LP tokens to earn QUICK or MUST. Yields for Quickswap’s liquidity mining program are currently ranging from 30% on stablecoins to 200% on QUICK pairs. Since liquidity provision is required, you would have to consider the risk of impermanence loss.
Besides the native AMMs that reside on Polygon, projects that began life on Ethereum such as Sushiswap and Curve, are starting to take their first steps towards a multichain future. Sushiswap has ported over their entire suite of decentralized applications, allowing users to not only use the SushiSwap AMM, but also their Kashi lending and leverage services.
In a joint collaboration with Polygon, the protocol is now offering SUSHI and MATIC rewards for providing liquidity for any of the 6 major initial pairs on their exchange, which include WETH-DAI and WETH-AAVE. The Sushi LP tokens received would then have to be staked on the platform to earn these rewards.
Similarly, Curve is also offering MATIC rewards on top of their base yield for stablecoins. Unlike the version on Ethereum where there are multiple pools to choose from such as the Y pool or the 3pool, there is currently only the Aave pool on Polygon, which supports DAI, USDC, and USDT deposits.
After depositing any of the three stablecoins, users will receive am3CRV tokens, representing their share of the pool. You can also view your total daily, weekly, and monthly profits over time as well as your claimable tokens using Curve’s dashboard.
Yield Aggregators
Just like Yearn Finance or Pancake Bunny, Polygon too has its own yield aggregators that help to auto-compound users’ deposits to maximize returns by forming an army of farmers that pool their resources to seek the best yields collectively. Examples of these protocols include Adamant Finance, Stake Dao, and Beefy Finance.
These platforms may vary in terms of the fees they charge as well as other additional mechanisms in play. For example, Adamant charges a 30% performance fee, but you will receive 500 ADDY tokens for every 1 ETH in fees collected. On the other hand, Beefy Finance charges just 4.5% and a variable withdrawal fee from 0.05% to 0.1%.
While Adamant and Beefy are more focused on compounding the underlying LP tokens, single-asset stakers may choose to deposit into StakeDao instead, although they currently have only one strategy in place which leverages the Aave stablecoin pool on Curve.
Other Notable Farms
Aavegotchi
Unlike conventional farms, Aavegotchi lets you stake your GHST or GHST LP tokens to earn FRENs, which cannot be traded but can be converted into raffle tickets. You can use these tickets to enter raffle events where you can win valuable prizes. Think of it as a yield farm with a highly variable rate of return. You win big if you win the raffle but go home empty-handed otherwise.
Mai Finance
Similar to the over-collateralized vault mechanism used by Maker in the creation of Dai, Mai Finance emulates this concept using MATIC tokens as the collateral instead. Users can mint miMATIC tokens by taking on a collateralized debt position with a collateral-to-debt ratio of up to 150%. You can then stake the miMATIC tokens or provide liquidity for them to earn Qi tokens – the governance token of the stablecoin protocol under Mai, known as Qi Dao.
Poly Farms
Characterized by the word ‘Poly’ followed by an animal name such as Polywhale or Polyfox, these yield farms generally implement the same ‘buyback and burn’ mechanism, where deposit fees from single asset pools are used to repurchase the native token of the platform.
Although the deposit fees may vary across different iterations, some have an additional deflationary mechanism that burns a specific percentage for each token interaction. For example, Polyfox charges a 1% tax on each transaction such as buying, selling, or farming.
Final Thoughts
As evidenced by Aave and Curve, large players are beginning to pave the way for many established projects to spread the roots across the bridge. With more and more projects popping up in the Polygon ecosystem, the yield farming scene shows no signs of slowing down for both retail players and veterans alike.
However, as is the norm with many new and exciting territories to explore, danger lurks around every corner. With even lower costs and a growing crowd, malicious actors are more than ready to prey on unsuspecting users who aren’t too careful. Always do your research and only invest what you are willing to lose on your adventures. With that in mind, we hope that this guide has shown you the basics of navigating the uncharted path of yield farming on Polygon. Stay safe and happy farming!
Altchains is an abbreviation for “alternative blockchains,” which refers to any blockchain other than Bitcoin or Ethereum. Altchains emerged in 2021 due to the scaling and transaction fee challenges facing Ethereum, and altchain dev teams have grasped this opportunity to build out more scalable and cheap blockchains to compete with Ethereum. You may have heard of Terra or Avalanche or Solana, which are just two of the many altchains that exist today. To fully understand altchains, you should first grasp the following concepts.
Layer 0
Layer 0 refers to a protocol that enables layer 1 (L1) solutions to interact on the same network. Layer 0 is the foundation of L1 blockchains, allowing the entire blockchain to be built on top of it. The Polkadot network is an example of a layer 0 protocol.
Layer 1
The term “layer-1” (or L1) refers to the underlying main blockchain network in a decentralized blockchain ecosystem. Bitcoin, Ethereum, and Solana are examples of layer-1 blockchains.
Layer 2/Sidechains
On the other hand, “layer-2” (L2) refers to a third-party integration that works on top of a layer-1 blockchain to help scale an application by processing transactions off of the main blockchain (L1) while maintaining the same security and decentralization. Arbitrum is an example of an Ethereum L2 scaling solution.
A sidechain is a separate blockchain that works independently parallel to the main L1 chain, e.g. Ethereum. The primary distinction between sidechains and most layer 2 solutions is that sidechains are different blockchains linked to the mainchain, and have their own consensus algorithm features. In contrast, layer 2 solutions are constructed as mainchains extensions and rely on their security structure. Examples of sidechains are Polygon for Ethereum, and DeFi Chain for Bitcoin.
Altcoins
Altcoins, short for “alternative coins,” are all cryptocurrencies other than Bitcoin. Altcoins are classified into several types: utility tokens, DeFi tokens, NFT tokens, stablecoins, meme tokens, etc. Most altcoins do not have their own blockchain and are usually minted on altchains.
EVM
Ethereum developed the Ethereum Virtual Machine (EVM), a virtual environment that allows developers to develop smart contracts on Ethereum. EVM enables smart contracts to have more functionality without being unnecessarily complex. You may find a list of EVM-powered blockchains on Chainlist.
The purpose of writing this guide is to provide a pathway for beginners who might want to start exploring altchains. In some cases, a beginner may be starting from scratch and interacting with blockchains for the first time or might have already held some BTC or ETH and may want to explore other chains now. The table below is not meant to be exhaustive but merely to highlight the most popular ways people are interacting with altchains today.
How To Use Altchains?
1. Setup a wallet and obtain funds
i) Acquire initial crypto funds using a CEX
Given current high transaction fee challenges, absolute beginner crypto users (particularly those with small capital) should start their journey to begin using crypto on an Ethereum L2 / sidechain (e.g., Polygon, Arbitrum) or an L1 blockchain that charges low fees.
Solana will be used as an example in this article. First, purchase some SOL tokens through the CEX of your choice. In our table, we have shown some options for “fiat onramp,” meaning you can buy SOL directly using fiat currency. Alternatively, you might need some stablecoins to purchase SOL. Set the tokens aside after you’ve finished. Now, we will proceed to create your own Solana wallet and transfer your newly-bought SOL to it.
ii) Setup a private crypto wallet
To explore the blockchain you selected, you have to create a wallet that supports the blockchain. It is suggested for new users to start with a browser wallet. Certain wallets only work for certain chains, so we have provided a list above. For additional security, you should set up your browser wallet on a separate browser profile. To illustrate the key steps, w will use the Solana Phantom wallet and Chrome Browser in this section.
First, visit the Phantom wallet official website and click on the download button (or “add to Chrome”). You will be redirected to the Chrome Web Store. Follow the prompts to download the app and create a wallet. It is important to read all of the instructions to prevent any mistakes. Don’t forget to write down your mnemonic phrase (or private key) and store it somewhere secure.
Now, copy your wallet’s public address and use it to transfer funds from the centralized exchange to your wallet. It is critical that you double-check to ensure that the wallet address and the blockchain you choose in the CEX matches the address and blockchain of your wallet. If you unintentionally sent funds to the wrong address or the wrong blockchain, it’ll be impossible to claim it back.
2. Swap for altcoins
Transacting on a blockchain would typically incur transaction fees, which you often pay with the chain’s native tokens. For example, you need SOL tokens to pay for transaction fees when using the Solana blockchain (instead of, say ETH). Now that you have some SOL in your Phantom wallet, you can also use them to interact with dApps on Solana or swap SOL for any other altcoins on the Solana blockchain. For example, say you wanted to interact with Solend, a lending protocol on Solana. You can either use SOL to place collateral or swap to stablecoins such as USDT or USDC for placement.
To swap native tokens to altcoins, you need to use a Decentralized Exchange (DEX). In this example, we’ll look at Raydium (a DEX of Solana blockchain). Simply go to Raydium’s official website, connect your wallet, follow the prompts to set up the exchange, and swap for the cryptocurrencies you wish. The other DEXes technically work roughly the same.
Normally, if the pool is not pre-configured in the DEX, you can input a custom Token Contract Address to search for the token. However, if you receive the contract address from a third-party source, be wary of possible counterfeit token pool or honeypot scams.
3. Bridge Tokens Across Different Chains
Usually, crypto users would have limited funds to explore different chains. If you wish to transfer your funds from one blockchain to another, there are two ways:
i) Through centralized exchanges
First, convert your funds into the native token or a stablecoin of your original blockchain (let’s say Blockchain A), then transfer the tokens to your CEX wallet. After that, use CEX to swap the token to the desired blockchain’s (let’s say Blockchain B) native tokens or stablecoins, then transfer them to your new blockchain wallet.
For instance, assume that you want to transfer funds from Solana to Ethereum mainnet using a CEX now:
Step 1 – Use a Solana DEX to convert your funds into SOL tokens.
Step 2 – Transfer the SOL into your CEX wallet (under Solana Mainnet) and swap the ETH into SOL.
Step 3 – Withdraw the ETH tokens into your MetaMask wallet (under Ethereum Mainnet).
ii) Through Bridges
To begin, visit a reliable cross-chain bridge web application, connect your wallet, input the type and amount of assets, destination blockchain, and destination wallet address. Finally, follow the prompts to validate the transaction and claim your funds. It will take some time for the funds to migrate to your wallet in the second blockchain.
Assume we want to bridge SOL tokens from Solana to Ethereum mainnet right now, we will utilize Wormhole Bridge to accomplish this:
Step 1 – Navigate to the web application’s web page of Wormhole Bridge.
Step 2 – Connect your Phantom wallet and specify the type of funds as SOL as well as the amount you want to transfer. After that, link your MetaMask wallet and follow the prompts to pay some transaction fees.
Step 3 – Confirm the transfer and wait for the funds to enter the bridge.
Step 4 – Once the funds have entered the bridge, click “Redeem” to claim the funds.
Although it is not difficult to grasp how to use a bridge in general, most bridges work in many different ways. Thus, it is critical to thoroughly study the guide for the individual bridge and any instructions before using it.
Another important thing to note is that to claim tokens on the other end of the bridge (destination blockchain), you may need to pay gas fees as well. This means you may need some of the native destination chain tokens before using a bridge, if not, your tokens may well be stuck in the bridge until you can borrow some native tokens to claim them!
4. Use Explorers To Check Your Transactions Progress
Use blockchain explorers to review transaction status and history if you are unsure whether you have sent funds to the wrong wallets, if your transactions are stuck, or any other concerns. Simply enter your wallet’s public address in the explorer to view your latest transaction history.
Security Tips
The cryptocurrency market could be very profitable, but hacks and scams have also plagued the sector over the years. So what can you do to avoid compromising the security of your crypto accounts?
i) Use a cold wallet to protect your encryption key (private address or mnemonic key). You may write down the key on paper and put it somewhere secure, or you can use a hardware wallet such as the Ledger Nano.
ii) Avoid engaging with malicious websites. Before connecting your wallet, double-check all URLs. It is also recommended to separate your crypto browser profile from the browser profile you use for the other activities (e.g., Facebook, Youtube, etc.).
iii) If you possess a significant amount of funds, keep it in separate wallets using different mnemonic keys.
iv) Never respond to a stranger’s DMs, especially in Discord, Telegram, Instagram, Twitter, and email.
v) Change your passwords regularly. Use Have I Been Pwned to check if your private information is leaked in a data breach. Avoid using the same email or password that has been compromised.
Were you ever told that your sumptuous-looking NFT profile picture is useless and a complete waste of money? Fear not, because, with yield-bearing NFTs, your NFT may now be able to pay for your breakfast, lunch, and dinner. But what is a yield-bearing NFT?
Yield-bearing NFTs are essentially NFTs that generate and pay a return to their holders usually through a process of NFT staking. Think of it as dividends you receive from your equities, but now with NFTs. In the physical world, yields-bearing assets include loans, government bonds, dividend stocks, and treasury bonds.
In this face-paced sector, NFTs have quickly expanded from collectible digital art to new concepts such as NFT staking which provides NFT holders with the passive yield-generating utility on their NFTs. In this article, we will explore and analyze numerous NFTs in the Solana and Ethereum ecosystem to determine the highest yielding NFT in its asset class.
Types of Yield-bearing NFTs
Yield-bearing NFTs can be categorized into Breeding, Customization, Evolution, DeFi Gambling, Infrastructure, Art & Lore, and DAO. Most yield-bearing NFT projects would require holders to stake their NFTs on a selected platform in order to generate rewards. However, some projects like Bōryoku Dragonz rewards its holders through daily airdrops.
Degen Coin Flip (DCF) is a DeFi Gambling platform on Solana with a smart contract that allows users to play Double or Nothing with their Solana (SOL), with each coin flip having 50/50 odds of landing on heads or tails. In just a span of a few months, DCF’s gambling platform has attracted over $50 million in gambling volume. Degen Coin Flip provides its NFT holders with a 3.5% fee generated from the platform, giving their holders a continued revenue stream. Currently, just three out of 555 DCF are listed on the Solana NFT marketplace MagicEden, indicating high scarcity.
Lion Cats is a collection of 799 cats that look like lions that can be bred and customized. Benefits of Lion Cats include NFT staking that rewards member with a utility token called $IMBA. $IMBA is a key element that is needed to breed existing Lion Cats for a Baby Lion Cat. It can also be used to change the characteristics and metadata of the Lion Cats. Each Lion Cat generates 30 $IMBA per day. However, the yield can be doubled to 60 $IMBA per day if holders choose to lock their Lion Cats within the “Savannah” for 18 days without any rewards.
Baby Lion CatsSupply: 469Requirements: 1 Lion CatDays to hatch: 21 Days or 17.5 Days if you have more than one Lion Cat
By being the first NFT project to implement passive earnings through coins or tokens, Genesis CyberKongz is labeled as the GrandDaddy of passive income NFTs. Owning a Genesis CyberKongz include benefits such as access to a private discord server with an extremely strong community, a playable avatar in The Sandbox Universe, full commercial rights on all CyberKongz assets, and advanced Tokongnomics for their $BANANA utility token. Each genesis CyberKongz has the ability to yield 10 $BANANA per day for the next 10 years. Holders can use the $BANANA token to give their CyberKongz attributes such as a unique name and biography. Besides, $BANANA is also a key element required to breed and incubate Baby CyberKongz.
Baby CyberKongzSupply: 4000Requirements: 2 genesis CyberKongz Cost to produce: 600 $BANANABenefits: Access to exclusive channels in CyberKongz Discord server
CyberKongz VXCyberKongz can now join the metaverse in the form of 15,000 voxel-based avatars built to be used within The Sandbox.Free mint is given to Genesis CyberKongz & baby CyberKongz owners.
The Idols
Category: Staking
Chain: Ethereum
Supply: 10,000$stETH per Day: T/2500*L (T – Treasury, L – Lido APY)
The Idols is the first-ever NFT project with its intrinsic value backed by staked ETH (stETH), where 100% of the ETH raised through the mint will be converted into stETH. Holders of Idols NFT will be able to claim and bond their stETH in the community treasury to obtain $VIRTUE, a non-mintable token that can be staked within the protocol to receive a 7.5% commission on all secondary sales. As more royalties are distributed to $VIRTUE investors, the staking yield for $VIRTUE rises. With this new concept, Idols NFT holders will be able to receive continued rewards in stETH.
Conclusion
Though passive yields can be generated from NFTs, sustainability is still an issue that remains unsolved. Utility tokens that are rewarded to holders tend to decrease in value overtime, usually due to lack of practical use cases and poor tokenomics. One example is Smooth Love Potion (SPL), a reward token on Axie Infinity that lost 95% of its value in just a span of a few months, and the developers have been actively tweaking the mechanics to prop up its value. To achieve price sustainability, developers will need to frequently provide a good reason for holders to accumulate and hold before selling pressure begins. Furthermore, price volatility is a prevalent problem for certain utility tokens with low liquidity, as prices can be easily manipulated with a low amount of capital. However, not all projects reward their holders with their own utility tokens; For example, Degen Coin Flip rewards its holders in Solana (SOL).
Before investing in any NFT project, it is vital to understand that different projects provide value to their holders in different ways, whether through alphas, relationships, roadmaps, good art, or yield/return. The value of a project should not be determined solely by its passive yield, but other aspects of it that appeal to you. Looking to explore this new space? You can check out the NFTs we’ve mentioned above, and other similar ones on OpenSea and Magic Eden!
Gamification involves the incorporation of traditional gaming elements into non-gaming activities. Such features include achievements, skills, and competition to reward user behavior. We have seen this trend develop as humans go more digital, coupled with the increasing popularity of video games. An array of different products have leveraged this approach, including banking, self-help apps, and marketing campaigns – this is unsurprising since studies on gamification show a direct link between increased motivation and higher levels of engagement. However, the customer adoption/retention rate is potentially game-changing when you add blockchain technology into the mix – it allows the distribution of digital assets with financial value directly to users instead of things like vouchers or discounts.
Combining financial incentives and gamification techniques is a potent combination, giving rise to the umbrella term, GameFi. We have already seen the boom of the Play-to-Earn (P2E) economy borne out of actual games.
