ZoneBitcoin EditorialEven if Cardano (ADA) took some time to develop happily on decentralized finance, it is necessary to have that recently, Cardano Awakens (Finally?).
Some of you are wondering what to do with your ADA tokens. You should know that we can make them grow as we do with other tokens on other networks.
More and more developers are launching new protocols on the network and we are finding more and more things to “fun” with our ADA. It was about time, indeed, we agree with you.
We have recently seen the enormous potential of Metaverse Pavia which is currently expanding. In this context of network expansion, we wanted to give you a short tutorial on using a DEX on Cardano, namely Sundae.swap.
There is certainly Muesli.swap but the operations are similar. It's up to you to decide which one you prefer to use.
We decided to tell you about SundaeSwap because it is the most used DEX on the entire Cardano network as evidenced by the ranking on DefiLlama.
1st step: Open a Cardano compatible wallet
Yes, that’s the first thing to do obviously. There are two major compatible wallets which are
- Nami (one of the most used and recommended here)
- Daedelus (the first wallet but which is not compatible with all protocols…)
- Wallet Ccvault.io
You will need to download it to your computer and enable the extension on your browser. Let's say for the example that you choose Nami. The process is similar except for minor elements. So, you can follow this tutorial without any problem.
You will then need to record the words of your seed sentence (24 words or 12 depending on the portfolio). You must write down the words in a secure place and as always NEVER disclose your word list in order!
Then, you need to name your wallet and add a password to it. It is this password that you must not lose either which will allow you to open and connect your wallet.
Write it all down safely.
Once this is done; You have a Cardano address to which you can send your tokens.
The first step is therefore to obtain ADA on a centralized wallet.
2nd step: Buy ADA and send it to your wallet
You can buy ADA almost anywhere! You can buy them on all exchanges and trading platforms. You can buy them on simple purchasing platforms like Bitpanda for example or on Binance.
Then, you can send ADA to your wallet address.
3rd step: Use your ADA on decentralized applications like Cardano
Now that you have your wallet and your ADA, you are ready to tackle decentralized finance on Cardano.
You will be spoiled for choice but here, we are going to tell you about SundaeSwap.
You then need to click on SundaeSwap here and click on “connect”.
And there is the classic interface of DEX like with unitedwap for example.
Here's what you can do on SundaeSwap:
- Trade tokens on the Cardano network with just one click.
- Providing liquidity –> Read the article « liquidity provider (LP Provider) to find out more about this activity.
- The APY rate are interesting but you still have to do your research to know the tokens in question in the pools.
Please note that this activity remains an activity that requires a certain knowledge of the use of DeFi.
See thehe ultimate beginner’s guide to DeFi if you want some preamble information.
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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