Learn (crypto) on Solana
Whilst everything below still holds true, in the time since I wrote this article Jupiter have release an excellent beginners guide to Solana that I recommend you also check out: https://welcome.jup.ag/
Now onto my older but still relevant post....
This post is a follow up to my intro to crypto post. If you haven't read that start there first
https://www.bulbapp.io/p/74de24ae-b4dc-4037-9125-17668a8cdc37/getting-your-head-around-the-crypto-space?s_id=bb2e14a8-6e52-4ae9-9631-c0813742b80c
Learn (and fail fast) on Solana
Now you've got yourself some base knowledge about crypto and defi, it's time to get into the weeds of why this stuff is so exciting (and so profitable).
We will start on Solana as it’s super cheap and, I think, the future of the retail side of crypto. It’s definitely the most friendly to newbies.
If you don’t have one, you’ll need a Solana capable wallet. I use Phantom and Solflare. I much prefer Solflare.
https://solflare.com/
Phantom is definitely the ‘Metamask’ of Solana so you’ll likely need it at some stage if you end up doing more on Solana defi. It’s a solid wallet.
https://phantom.app/
Funding your wallets
You’ll need to fund your wallets. I have a few exchange accounts (Coinbase Australia, Coinspot, Coinstash and Swyftx). It’s good to have more than one.
I prefer Swyftx and Coinstash, and almost exclusively use Swyftx these days.
Here’s some referral codes if you’re not signed up with anyone yet (Australian exchanges)
Swyftx https://trade.swyftx.com/register/?promoRef=rf_W1rEBrZEXbaU8WF9pNZ3B3
Coinstash https://coinstash.com.au?a=vrrcvcz2
https://drip.haus/lcillustrates/collectible/lc-drip-season-1-solar-ring-aae3a2e5
Swapping tokens
All of crypto revolves around swapping assets.
Jupiter Exchange is a DEX aggregator, which means they aggregate a bunch of DEXs to give you the best price. Also there’s likely more airdrops of their token, JUP, (being launched in Jan 2024) coming for users so get on here and play around with their tools.
https://jup.ag/
The docs are comprehensive so use them to get up to speed. https://station.jup.ag/guides
Join their Discord too. It’s another really vibrant and interesting community.
Defi (decentralised finance)
Defi (decentralised finance) underpins every part of crypto. Whether you're interested in financial innovation or not, a solid understanding of the tools all crypto protocols have to interact is essential to navigating this space.
Kamino Finance
No better defi protocol exists, IMO, than Kamino Finance. Big call I know but wait till you see it and compare it to some of the much larger players in this space (Curve, Balancer, Aave, Compound etc..). Night and day.
https://app.kamino.finance/
They aggregate and automate DEX LPs from Raydium and Orca (check both of those out when you get up to speed).
Read docs and blog to get started. Play around a bit with a few bucks. There’s an upcoming airdrop likely to happen so playing around on here will put you in line for that potentially (see? fun and profitable).
https://docs.kamino.finance/
https://blog.kamino.finance/
Join the Discord too.
Look for answers to your questions and ask for help if you need.
It’s great. I’m a Sentinel there (yes I’m showing off, but it’s actually a pretty big deal).
Meteora LP bootcamp
This is a great little course from Meteora on how to use LPs effectively
https://bootcamp.meteora.ag/
NFTs
I honestly think NFTs are the killer app in crypto. They just aren’t as developed as tokens are. Yet. Solana is the leader in terms of NFT innovation. And there’s some interesting stuff you can do.
NFT trading
Can’t have NFTs without marketplaces. Tensor is cutting edge. Yes it’s a bit overwhelming at first, and the prices you first see will make you pause, but take a breath, switch on the lite mode, look up the docs, and then look for cNFTs (compressed NFTs) to trade and explore. They’re super cheap so you can learn the tools at very low cost.
https://www.tensor.trade/
Docs https://docs.tensor.trade/welcome/about
DRiP - Free NFTs (yes you heard me right)
https://drip.haus/
DRiP is a game changer. I can’t explain it any better than the following so just read that to understand what an important project this is
https://www.bulbapp.io/p/9b62fc37-1cdd-4fd0-9850-a6ed7f1aa27a/investingdegen-ing-in-art-with-drip?s_id=c59ff725-b5a0-405b-a4ef-d2eb337d174f
Collect NFTs on DRiP for free.
Trade 'em on Tensor. Learn as much as you can.
Bonk
https://bonkcoin.com/
Yes, THE Bonk. So much more than a memecoin. It is a wild and vibrant collective of builders and fans. There is so much to dig into here.
Don’t just buy $BONK and hold it like some Bitcoin sheep.
You won’t learn anything doing that and you won’t put yourself in line for any opportunities that way either.
I’ve been quite successful with BONK and I did that by spending it without any clear ROI on those spends. I just tried a bunch of stuff out and a few of them paid off handsomely because I was rewarded for my engagement either directly or indirectly.
That may not happen for you and it doesn’t matter. The education is worth more. Trust me on this.
But also, take a look back at Bonk’s history: They reward for engagement often.
I've written a couple of posts on BULB about Bonk integrations (and I plan to do a few more hopefully)
- https://www.bulbapp.io/p/71ec63d9-5441-4631-8675-b5408dd5cff7/school-of-bonk-lessons-1-2-svb-and-kamino?s_id=c1cf17c2-9c31-41dd-b2ce-165ba8e54c55
- https://www.bulbapp.io/p/da3b4d42-b00b-4c63-90ac-6e5f9a9d86e0/bonk-real-yields-on-kamino?s_id=7e3170dd-30d8-4845-9435-162505229e1d
Beware of scammers
Whilst project Discords are probably the best place to learn, whenever you are on the Discords be very, very careful for scammers.
Often people will ask you to click links or DM them if they see you have an issue or are asking a question. Frequently they will have changed their profile to resemble that of one of the project's core team (often the most active members).
Do not do this.
Many Discords explicitly say they’ll never DM you. To be safe always open a ticket for any issues.
This space is full of scammers still, and whilst teams try their best to police their communities the open nature of them does allow in some vermin at times.
While you’re learning keep minimal funds in your wallets at all times. You’ll be learning on Solana so that will be easy as it’s cheap.
Next Steps & Staying Patient
The next posts will delve deeper into the world of defi in the multichain world, crypto data (aka Do Your Own Research) and staying safe (as you can in this space).
I cannot stress enough how important it is to do all the learning I’ve detailed so far. I know it can be hard to be patient when you’re seeing prices rip but trust me when I say: You are early. Very early.
There will be plenty of opportunities. I know that for a fact.
I started my journey properly at the end of 2022. I saw a big market spike at the start of 2023, lost a bit of money on FOMO, but once the market (and myself) had calmed down I did the learning and have reaped the rewards at the end of 2023.
Some might say it’s lucky, and luck plays a part in anything, but it’s also the result of dedicating regular time outside of the things I have to do (work & family) to learning. You don’t need 10-20 hours a week. Just what you can feasibly manage over many, many weeks and months.
You’re lucky, I have given you some shortcuts so you don’t have to do as much learning as me, but there is no shortcut for doing the work. If you do the work, the opportunities will come and they might not be just trading opportunities either (as I’ve also discovered).
Go get 'em degen.
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