If you’ve been curious about diving into the Sui blockchain but aren’t sure where to start, I’ve got you covered. Today, I’m sharing my experience with Sui, how I set up my wallet, and how I’m currently earning a sweet 14% APY with Ondo Finance. Spoiler: It’s beginner-friendly, and you can do it too!
Step 1: Setting Up Your Sui Wallet
First things first, you’ll need a Sui wallet. Here’s how to get started:
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Download a Wallet App: Sui works seamlessly with smartphone wallet apps. I recommend using one like Sui Wallet or any other compatible wallet.
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Create Your Wallet: Follow the app’s instructions to set up your wallet. Make sure to securely store your seed phrase (this is crucial!).
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Fund Your Wallet: Transfer a bit of SUI (to pay for gas fees) and some USDC to your Sui wallet. I use Coinbase because it’s one of the few centralized exchanges that allows direct transfers of USDC to Sui.
Step 2: Exploring Navi Protocol
Once your wallet is set up, head over to Navi Protocol. Navi is a lending and borrowing protocol on Sui, similar to Aave on Ethereum. Here’s what I’m doing:
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Swap USDC for USDY: I transferred USDC from Coinbase to Sui and swapped it for USDY (a yield-bearing stablecoin backed by US Treasury bills created by Ondo Finance). You can do this on platforms like Cetus with minimal slippage.
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Deposit USDY on Navi: By depositing USDY into Navi, I’m earning an annual yield of 9.11%. But wait, there’s more!
The Secret Sauce: Combining Yields
Here’s where it gets interesting. USDY already earns almost 5% from US Treasury yields, and by depositing it on Navi, you stack an additional 9.11%. That’s a combined 14% APY!
I’ve personally deposited $800, which might not seem like much, but the returns are solid for the effort. Plus, Navi is running an Ondo campaign where you can earn points and potentially win prizes just by participating.
Watch my video below which will explain you how it works:
Why I Love Sui Blockchain
Sui is incredibly user-friendly, especially for mobile users. While it’s still early days (and yes, it’s not as decentralized as some might prefer), it’s a strong contender in the blockchain space. I see it as a serious competitor to Solana in the long run.
A Word of Caution
As always, do your own research (DYOR). While I’m sharing my strategy, it’s important to understand the risks involved. Only invest what you can afford to lose, and diversify your investments to mitigate risks.
Ready to Get Started?
If you’re ready to dive in, use my referral link for Navi Protocol: Navi Protocol. It’s a win-win—you’ll earn a bit extra, and so will I!
Let me know if you try this out or if you have any questions. Happy earning, and remember: stay safe out there! 🚀
Disclaimer: This is not financial advice. Always do your own research and invest responsibly.
