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Scallop Learn
  • Guides
    • Welcome to Scallop Learn
    • Crypto
      • Basics
        • Don't Feel the FOMO - Crypto Slangs Explained
        • Blockchain: What is it?
        • What is an Exchange?
        • What are Stablecoins?
        • What is the Metaverse?
        • What are NFTs?
        • History of Bitcoin
        • What is Binance Smart Chain?
        • What is an IDO?
        • What is Staking?
        • Token Burning
        • Debunking Crypto Myths
        • The Crypto Dictionary
        • What is DYOR?
        • What is a Neo-bank?
        • Proof of Work vs Proof of Stake
        • Exploring Crypto Communities: How to Join and Connect with Like-Minded Enthusiasts
        • What is a DAO?
      • Intermediate
        • Scallop Chain Faucet: All you need to know!
        • Layer 2
        • Liquidity Pools
        • ETH 2.0 - The Merge
        • Centralised Exchanges VS Decentralised Exchanges
        • Web 3.0
        • Regulation
        • REIT's on the blockchain
        • The Future of Business Payments: How Crypto Payment Partners are Leading the Way
        • What Is A Crypto Card? How Does It Work?
        • Blockchain and AI
        • Why are regulations essential in Crypto Market? How does Scallop lead the way?
        • Banking on Blockchain
        • E-money Tokens
        • The Power Surge of Cross-Chain Interoperability in Blockchain's Future
        • Crypto Trading 101: Must know candlestick patterns for a successful trade
        • Exploring blockchain innovations and their real-world breakthroughs
        • Do not miss these common indicators of the crypto bull market
        • Decoding the Dynamics of Permissioned Blockchain Consensus Mechanisms
        • Summary
      • Advanced
        • Can Quantum Computers be a potential threat to Crypto?
        • Unlocking the cryptocurrency potential: How Banks can thrive in the digital age?
        • How do privacy-enhancing technologies ensure anonymity on the blockchain?
        • What Does Fintech Mean? Understanding the Intersection of Finance and Technology
          • Decoding Data Tokenisation: Its Vital Role and Relevance
        • Unravelling the Concept of the Time Value of Money: Its Implications and Applications
        • Unlocking the Potential of Real-World Assets
        • What is Byzantine fault tolerance?
        • Global Crypto Adoption and Its Potential Socio-Economic Impact
        • How ZK-Rollups are Supercharging Blockchain Transactions?
    • Security
      • Skimming of Credit and Debit Cards: What You Need to Know
      • How Blockchain Security Can Keep Your Crypto Safe?
      • Keeping Your Account Safe
      • Money muling scams: What are they and how can you avoid them?
      • Beware of these common frauds while using payment cards
    • Tutorials
      • Scallop App
      • Scallop Ramp
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      • How are cryptocurrencies taxed across the globe?
      • What Can You Do On An Exchange?
      • Avoid FOMO To Plan A Recovery: 5 Things To Do In A Crypto Bear Market
      • Inflation
      • Meme Coins vs Altcoins
      • The Basics Of Investing
      • The Ripple Effect
      • Central Bank Digital Currencies: A Global Revolution and Impact
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      • Bitcoin
      • Ethereum
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      • Cardano
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    • Defi
      • Defi Introduction
      • Borrowing and Lending: Aave
      • Borrowing and Lending: Compound
      • Tokenisation
      • Defi projects: Terra
      • Wrapped Bitcoin
      • Summary
      • A Practical Guide: The Defi Walkthrough
      • Summary
  • Scallop
    • What is Scallop?
    • Products
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        • Tips And Tricks For Getting The Most Out Of The Scallop App
      • Scallop Exchange
        • Getting started on Scallop Exchange
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        • Trading with Margin
        • Buying Ethereum on Scallop Exchange
      • Scallop Chain
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          • Scallop Bridge Contracts
          • Configurations
          • Relayers
          • Launch Your Dapp on Scallop
          • Developing and Deploying Contracts​
          • Scallop Explorer​
          • Scallop Faucet​
          • Contract Verification​(Under Development)
          • Contract Security Checks​
          • Scallop Whitelist
        • Scallop Chain: Built on Cosmos and Secured by Biometric Bridge
        • E-Money Tokens and Scallop
      • Scallop Business
    • Getting Started
      • Getting Started: Fiat Onboarding And Exchanges
      • Getting Started: The Defi Walkthrough
      • Getting started: Scallop Exchange
      • Staking
        • Scallop Staking Guide
          • Useful Resources
          • 1. Setting Up Metamask Wallet
          • 2. Importing existing wallet
          • 3. Installing Binance Smart Chain
          • 4. Setting up a Kucoin Account
          • 5. Buying SCLP with a market order on Kucoin
          • 6. Transferring from Kucoin to Metamask
          • 7. Connecting Metamask to the SCLP Staking platform
        • LP Staking Guide
  • Announcements
  • News
    • News: Terra Collapse
    • Terra: Beyond Hope
    • News: Chapter 11 for Celsius
    • News: Nomad Bridge Hack
  • Extras
    • Task Lists
    • Tokenising Real Estate
    • How to Donate Crypto to Ukraine
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On this page
  • What we will learn today
  • 1. Open a Web 3.0 Wallet
  • 2. Trading on a DEX
  • 3. Setting up an Account on a regular exchange
  • 4. Buying and Selling Coins on Kucoin
  • 5. Defi borrowing and lending AAVE
  • 6. Earning staking rewards with Scallop
  • Ok what next?
  1. Guides
  2. Defi

A Practical Guide: The Defi Walkthrough

The best way to learn is by doing, so let's cover the basics of cryptocurrencies by going into the ecosystem and practising what we preach

PreviousSummaryNextSummary

Last updated 1 year ago

Welcome! So you might have done bits of research, and looked up some definitions, but that is all a bit meaningless until you see cryptocurrency in action. We need to get out there and be making wallets, trading coins, borrowing from peers and staking for rewards. These are just a few of the many possibilities available in the cryptocurrency ecosystem, but it's a great place for us to start.

What we will learn today

1. Open a Web 3.0 Wallet

This is step 1 for us, because it is such an essential part of interacting with the whole Defi ecosystem, and even more than that, the whole Web 3.0 system. Check out our article on to help grasp the significance of this!

We have chosen Metamask as our web 3.0 wallet of choice. Go ahead and follow our guide below on how to set one up and then come back here once you are done...

... Great! You've officially levelled up. You're one step closer to becoming a crypto expert. Now that you have your own web 3.0 wallet, let's explore what we can do with this, next step let's connect to a decentralised exchange or DEX .. read up on what a DEX is . We will be looking at Pancake swap, which is on the .. to access this we will need to add the BSC network to our Metamask wallet. Don't worry it's not as complicated as it sounds, just follow the steps below and we'll meet you back here.

OK wonderful, now we are ready to start exploring the Defi ecosystem. Let's go connect to a decentralised exchange and have a play around..

2. Trading on a DEX

Now that we have that done, had a good click around, you will notice that we first need to buy some coins to trade with! This is where we come to a roadblock in the crypto world.. how do you get fiat currency into the cryptocurrency ecosystem? This is more complicated than it needs to be, and is something that Scallop will solve once it's launched! For now however, we have to use a fiat on-ramp, which is any exchange that accepts cash deposits in your native currency like USD or GBP. Scallop have always been supported by Kucoin and would recommend them as one of the largest and most trusted exchanges.

3. Setting up an Account on a regular exchange

This is where we add cash to the equation. Kucoin accepts dollar deposits, so let's go ahead and set that up, and we'll meet you back here when you're done ..

OK great, by now you should have deposited some Fiat ('old system') money into your Kucoin account. This should be in the form of UST (Tether). So let's explore how to buy and sell different coins on the platform.

4. Buying and Selling Coins on Kucoin

.. Welcome back! OK so now you will have some of your new coins in your kucoin account. Let us transfer them to our web 3.0 wallet so that we can use them to interact with all sorts of other cool things in the ecosystem.

Awesome! So now you should have the coins that you bought and traded on Kucoin safely in your Metamask. It may take a few minutes but they will be there. Now we can return to our DEX and you will see your new coins are tradable for any other coin on the DEX!

Ok let's recap a little now, you've come a long way already. You've created a smart wallet and connected it to the Binance Smart Chain, you've on boarded fiat currency and traded it, and you've connected to your first DEX which is a Defi protocol! So now, if you are still with us, let's go and explore some more Defi protocols!

5. Defi borrowing and lending AAVE

So let's go visit AAVE and connect our Metamask wallet and see what we can do..

Once you have loaded some Ethereum into your wallet, you will be able to interact with the different borrowing and lending markets on the protocol.

Now let's connect our wallet to Scallop's staking protocol and earn rewards for your SCLP tokens...

6. Earning staking rewards with Scallop

You are also helping the project out, locking up supply of SCLP which has a positive effect on the price. We appreciate this and hence we reward you for your efforts!

Ok what next?

Ok wow, so you're a bit of a Defi pro now. You have interacted with an Ethereum Defi protocol, a BSC protocol and you've set yourself up on an exchange. Hopefully by going through all these steps you've started to get a practical sense of what is possible in this space. Now as you go away and read up on all these different projects, you will be able to understand what it all means in terms of what is best for the user.

If this all seems a little complicated, it is good to understand that Scallop simplifies all these steps into one app. We are here to unlock all this potential with unmatched simplicity.

Learn more about us here

Be one of the first to join the app by joining the waitlist here..

A DEX is a place that you can go to to swap coins. You trade with a pool of coins, known as a and you don't need to sign up to the exchange in the traditional sense, you just need to connect your Metamask wallet and you are good to go!

In this example we will be buying some BNB and SCLP tokens, as they will help us out in the next step.. but you can at this point buy any of your favourite cryptocurrencies, from the most famous like and to the smaller and of course more exciting coins like SCLP! So click the link below to buy whichever coin you want and then we will meet you back here..

So one of the main things that a bank does is provide borrowing and lending services, they charge and interest rate and they let people borrow that they think are credit worthy. Now, in the defi space this is all done between users without a bank or any middle man! They do this by using smart contracts that cannot be breached. This means you can also act as the bank, and collect interest for lending out your funds! Read more ..

AAVE is a ERC20 project, which is built on the Ethereum network, this means that you will need instead of BNB to pay for fee's etc.

This is also super simple, simply connect your wallet to - make sure you have both $SCLP and $BNB tokens and then choose how much you want to stake.

Web 3.0
1. Setting Up Metamask Wallet
here
Binance Smart Chain
3. Installing Binance Smart Chain
liquidity pool
4. Setting up a Kucoin Account
Bitcoin
Ethereum
5. Buying SCLP with a market order on Kucoin
6. Transferring from Kucoin to Metamask
here
Ethereum
https://app.scallopchain.com/
7. Connecting Metamask to the SCLP Staking platform
🥞 PancakeSwap - A next evolution DeFi exchange on Binance Smart Chain (BSC)
Crypto Exchange | Bitcoin Exchange | Bitcoin Trading | KuCoin
Make sure to always double check the URL
Aave – Open Source DeFi Protocol
Waitlisted-page
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Just click connect wallet and you will be able to connect your Metamask to DEX's like Pancakeswap
Connect your wallet by clicking this prompt - you can select 'browser wallet'
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