From EOS Account Creation to Defibox, How to Participate in DeFi Without Worries
This is a complete tutorial guiding you from creating an EOS account to interacting with a mature financial product, all without having to worry about paying for transactions or resources like CPU, finding the right wallet, or falling for shady DeFi projects.
At the end of the article I explain what sets Defibox apart from similar projects, please enjoy.
Instructions are shown for IOS, the tutorial might also work on Android and Desktop.
EOS Account, Wallet, Dapp Browser
Head over to starteos.io. Starteos is currently the Nr.2 block producer on the EOS chain, dear and well known to the EOS community, offering amongst other things a hardware wallet to further secure your account, please check them out.
Download the TestFlight app in the app store and the testflight version of the wallet.
Create an account inside the app by clicking in the middle of the top area. It will cost you $1.06 and you can pay with paypal. It’s one of the cheapest options out there, but you get an account name that ends with .e
For free transactions you will need to provide either your phone number or an email address, this is used to send you an authentication code which you type in the user login screen, so click on Auth Code and solve the captcha, then enter the code from the mail.
Click on the discovery tab and choose the Defibox dapp.You may have to search for it.
Using Defibox
Now the possibilities are endless, here some examples what you can do on the platform.
Swapping Tokens
you can swap some of your freshly acquired EOS tokens for another token, a 0.3% fee is deducted, but if all you want to do is generating USN, the stablecoin of the platform, you don’t have to. There are many so called liquidity pools created with AMM, basically you create two equal pools nominated in USD, so it might be a good idea to swap just half of your EOS tokens for another token like the BOX token which is the native token of the platform you can mine, use to vote for proposals on the platform and so on. One thing to keep in mind is that when you swap between 1-2 EOS, you also get once 0.01% of the BOX balance for the corresponding transaction mining pool. For amounts above 2 EOS you mine multiple times, look in the Mine BOX menu for further explanation.
Providing Liquidity
Once you have two different tokens you can act as liquidity provider, this doesn’t cost you any fees, and you get paid 0.2% from the swapping fees, proportionately to your amount. Additionally you mine BOX tokens, but only if there is a mining weight for the pair.
Add liquidity and click on the balance of one of your tokens, this will automatically calculate the right amount for the other token.
Liquidity capital shows the original distribution, while current liquidity shows how the distribution of the tokens shifts for you, depending on users swapping for one token or the other.
At any time you can reduce liquidity by clicking on manage.
Staking BOX Tokens
You can stake your BOX tokens and claim hourly EOS dividends, those accumulate and the unstaking period is 24h. Chose the staking dividend menu for that. With staked tokens you can also vote for proposals for the future direction the platform evolves to, BOX DAO is the menu for that.
##USN Stablecoin Generation
Lastly you can stake EOS to generate USN stablecoins which pays you an annual rate of 15%. Make yourself familiar with terms like collateral before diving deeper into it.
Decentralized Lending, Synthetic Assets, other Mining
This are financial instruments planned for the future, you can get some information like token distribution in the white paper of Defibox.
About Defibox
What sets Defibox apart from the competition is how mature this project is and not a construction site for years to come, I compiled a list with persuasive arguments why I think that Defibox is the leader in this space and here to stay:
• Defibox has already proven itself for being reliable by running for months now
• Has been audited by two independent security companies PeckShield and Slowmist, here are their regular Security Audit Reports
• Has an intuitive and fully functional userinterface with good documentation where needed
• Is the actual #BOX you put food like 🍣, 🌭, and 🍕 in
• There are no frontrunning bots that steal your transactions and cost you gas fees
• There are no fees at all, you transact totally free and don’t need to worry about failed transactions that cost you nevertheless
• The smart contract is secured through multiple signatures 1+3, Newdex, the biggest DEX on EOS and blockproducer and 3 of 11 renowned block producers who secure the EOS blockchain.
• Newdex is also funding and supporting the Defibox foundation and providing liquidity
• bitfinex, another renowned block producer and CEX, soon launching their non-custodial trading platform on EOS, provides the EOS ecosystem with tether liquidity
• All acknowledged by block.one, technology leader in the crypto space
This is DEFI as good as its gets, no compromises, is fun to use, and the most important part, worry free from beginning to end.
Tell all your friends and spread the word how easy it is to use DeFi on the EOS ecosystem, because established mights might want to push you their faulty unfixable products and sell it as the latest and greatest. I see my readers as responsible citizens, so do your research, compare, and determine for yourself what an acceptable user experience is.
Always check with your local law first regarding decentralized finance and cryptocurrency in general. The purpose of this article is to show the inexperienced user a hassle free entry into the wonderful world of EOS DeFi from start to finish and I think I have succeeded in that.
Full disclosure:
This article is for the Defibox article contest.
https://newdex.vip/events/articleContest