Although you might not be new to Ethereum (ETH), you might be finding yourself unfamiliar with dApps, or decentralized applications. This guide will help onboard you into the world of dApps, so you can begin experiencing everything the ETH network has to offer - like the Swapfolio staking and trading dApp!
To interact with the ETH network, you will need to own Ether. The easiest way to acquire ETH is to buy it on an exchange. An important thing to note is that you do not need to buy one full token. ETH is divisible to 18 decimal places, so you are not required to purchase an entire ETH token if you cannot afford one.
Setting Up MetaMask
Now that you have some ETH, you will want to send it to a wallet of your choice for storage and use it on the network. A wallet address is a randomly generated sequence of 42 characters. These addresses are identifiable by their characteristic of always starting with 0x. The MetaMask web-wallet allows the storage and enables the use of ETH with your preferred dApps of choice. MetaMask is a browser extension with integration for popular browsers such as Chrome, Brave, Firefox, or Opera.
After the MetaMask setup is complete, you now have a unique and randomly generated wallet address. You can go to your exchange of choice and send your newly acquired ETH to your MetaMask wallet address.
Using dApps on the Ethereum Network
Now that you have ETH in a wallet of your own, you can use any decentralized application built on the Ethereum network. There are many different types of dApps built on Ethereum, but here's a few helpful suggestions to get started:
- Compound - Lend and borrow ETH or other tokens.
- Uniswap - Easily trade your ETH for other tokens on the most popular decentralized exchange (DEX).
- CryptoKitties - Collect and breed digital cats.
- Gods Unchained - A free-to-play digital trading card game built on Ethereum.
- Upland - Buy, sell, and trade virtual properties mapped to the real world.
- OpenSea - Buy, sell, and discover NFTs.
- Rarible - Create and sell digital collectibles.
- ENS - Buy an ENS name to give your address a more readable format.
Long-Term Security & Storage Solutions
As you continue to use Ethereum, you might start to acquire more ETH and other tokens. A good rule of thumb is to store larger amounts of crypto in solutions such as hardware wallets and smart contract wallets, which are more secure than custodial account wallets.
Hardware wallets are the most secure method for accessing your funds while online, as they do not expose your private key to the internet when signing transactions.
Smart wallets are wallets with unique abilities due to the power of smart contract functionality. They enable additional security and recovery features for users.
Check out the Swapfolio dApp HERE!
Experience everything DeFi dapps have to offer with the Swapfolio portfolio tracker and trading terminal - a simple but versatile and easy-to-use dashboard for all your daily trading needs!