Hi guys and welcome to another beautiful day, while the crypto space continues to experience a total melt down with coins seeing new lows after weeks, one seems to be doing the exact opposite or maybe the gem in it has been discovered.
Defi is not new and over the past couple of weeks, we have seen different developers build their own Defi on Eth, EOS, BSC, and many others with some adapting newer features and other replicas of pre-existing ones.
Today’s article will be focused on the gem called Dego.finance
Defi basically has to do with providing financial system from lending to borrowing and providing of stable coins, these have over time gone far and wide with newer DApp providing more ROI when compared to any centralized system.
They are governed by a decentralized system with the help of a smart contract capable of signing a transaction without the need for a 3rd party.
What makes Dego different from other types of Defi platform?
The major difference is the introduction of NFTs, Nonfungible tokens are not new anymore as you can basically create one or two from different blockchains available today, it was somewhat restricted to the Ethereum blockchains before now but soon later other chain started adopting this system and Dego found another way of utilizing it.
Defi + NFT = Dego (the future)
Proof of stake basically has to do with locking up funds which then generate reward over time, but on Dego, users are able to stake these NFTs which holds their own percentage of Dego minable and to make it more interesting, there is a fixed total supply and also a rarity on 6 different levels, with each new one rarer than the previous, when you mention futuristic Defi, you mention Dego.
Steps to access Dego.finance via TokenPocket
TokenPocket is a mutlichain wallet that allows users to easily manage their crypto assets and also a DApp browser for platforms like Dego, Uniswap, and many others.
- To get started, download TokenPocket from PlayStore or Appstore depending on your device preference
- Import or create an Ethereum based wallet and please ensure you properly back up your 12 phrase word and private key as well.
- If you already own an Ethereum wallet, simply import
- Minting NFT from Dego.finance requires the user to hold a certain amount of gas fee which changes and my requirements would be a min of $20 worth of Eth
- From your Ethereum asset page, click on discover as shown in the screenshot below
- The option to search for Dego is available via the search icon or the new menu by scrolling down a bit until Dego comes up.
- Click on the DApp and allow the page to load, depending on your network speed
- Getting started requires you to connect your Ethereum wallet and this can be done by clicking the NFT icon as shown below
- Connect with MetaMask and give it few seconds to show connected, this can be easily identified after your public address becomes visible.
- You can easily interact with the platform now but for this tutorial, it is focused on minting a dego NFT
- Click on NFT once again and allow the page to load, if you are qualified for the NFT minting, the option to claim comes up
- Click on receive and give it few seconds for the confirmation option to come up
- Just as I said, the gas fee differs a lot and you might get it $10 today and later find it at $8, it all depends on how congested the Ethereum network is at that point in time.
Baisc information to note about NFT minting on Dego
We have 6 different types of Dego NFT that can be claimed
Bronze and silver have a higher chance of claiming
Gold, platinum, Diamond, and Kryptonite have a lower possibility of claiming and each has a lower percentage than the other.
Dandy which is a minted token that comes alongside Dego NFT is gradually decreasing, users who were able to get 0.05 dandy during the early stages can claim 0.01 and below atm.
Old and new Ethereum addresses can claim and limited to one address one nft, unless the user decides to buy from Opensea and other platforms.
Well, this is all for Today until some other time stay safe.