Nov 8, 2021
Have you bought AVAX on the exchange or have AVAX in another network, want Skin in the game in the Avalanche ecosystem, but don’t know how to transfer them to the Avalanche network? Then this article is for you guys. In this article, Avaxholic wil show you how to skin and game in crypto market
What Is Avalanche (AVAX)?
Avalanche (AVAX) is a platform that enables the launch of decentralized finance (DeFi) applications, financial assets, transactions, and other services. The undertaking’s point is to turn into a worldwide resource exchanging stage that permits anybody to dispatch or exchange any type of resource and control it in a decentralized way utilizing the right agreement, savvy copper, and other cutting-edge innovations.
All fees on Avalanche are paid in the native token of Avalanche, AVAX, so you’ll need some in order to interact with the Avalanche network. You can get it through exchanges.
Avalanche features 3 built-in blockchains:
- Exchange Chain (X-Chain): Where AVAX tokens can be traded
- Platform Chain (P-Chain): Where AVAX tokens can be provided as a stake when validating the Primary Network
- Contract Chain (C-Chain): Where AVAX tokens can be used in smart contracts or pay for gas
Read more:
+ What is Avalanche (AVAX)? Everything you should know before investing in AVAX token
+ What’s interesting about Avalanche ecosystem? Do you know yet?
+ What is Avalanche Hub? How to earn passive income there
+ What is Avalanche Wallet? Instructions on how to install the Avalanche Wallet
+ How to create NFT on Avalanche Wallet from A to Z
To participate in DeFi on Avalanche like other chains, you also need the native token of that corresponding chain as a fee. AVAX’s gwei gas level is currently around $0.0005 — $0.03/transaction so for trading I would recommend at least preparing about 20% more than what’s necessary just to be safe and comfortable with transaction fees!
What Is Skin In The Game?
Skin in the game is a phrase made popular by renowned investor Warren Buffett, one of the world’s richest people, consistently ranking high on Forbes’ list of billionaires. He was referring to a situation in which high-ranking insiders use their own money to buy stock in the company they are running. The saying is particularly common in business, finance, and gambling and is also used in politics.
In business and financing, the term skin in the game is used to refer to owners or principals having a significant stake in an investment vehicle, such as shares of a token, in which outside investors are solicited to invest. In this phrase, “skin” is a figure of speech for the person or money involved, and “game” is the metaphor for actions on the field of play under discussion, and in crypto case, its the money game in trading
How To Skin In The Game
+ How To “Skin”
Step 1: Buy AVAX coin on the exchanges
Currently, you can buy AVAX on many exchanges such as Binance, Gate, Okex,… AVAX token is very potential, so most exchanges support users in buying/selling this coin. So you can freely choose what platform you want to trade on. Here are some of the commonly used exchanges
Read more:
- What Is Huobi? How To Use Huobi For Avalanche User
- What Is Gate? How To Use Gate For Avalanche User
- What Is Mexc Exchange? How to use Mexc For Avalanche User Mexc ?
- What Is OKEx Exchange? How To Use OKEx Exchange For Avalanche User
- What Is Binance? How To Create An Account On Binance Exchange
Step 2: Storing AVAX On A Supported Avalanche Blockchain Wallet
After you have purchased tokens at the CEX exchange, you need to have a non-custodial wallet to store tokens and to interact with DeFi applications. Nowadays, AVAX tokens of the Avalanche ecosystem can be stored in many different wallets, such as Coin98, Metamask and much more. To deposit AVAX from any exchanges, you need to get address from AVAX wallet on that exchange.
All you have to do is follow these 3 easy steps:
1. Select Deposit
2. Select AVAX wallet in your balance account.
3. Copy the wallet address, or use the QR code.
Note: When you send AVAX coins from CEX exchange (eg Binance, OKEx,..), you need to distinguish AVAX chains carefully. AVAX C-chain should be sent to C-Chain, and AVAX X-Chain/AVAX Chain should be sent to X-Chain. Send wrong address will lead to an unfortunate loss in coins. Therefore, you should choose the receiving and sending addresses in accordance with each other carefully.
Read more :
What is Avalanche Wallet? Instructions on how to install the Avalanche Wallet
- How To Transfer AVAX From Binance to Coin 98 and Metamask
- How to create a Multi-chain wallet on Coin98 Wallet
Step 3: Swap Coin/Token From Other Blockchain To Avalanche
After buying AVAX and having an Avalanche wallet, you can participate in events or skin in game (investing) in the ecosystem. There will be multiple AVAX token standards such as BSC (BEP20), Avalanche C-Chain (ARC-20) and Avalanche X-Coin. Depending on the requirement, you can convert that token standard according to the corresponding chain.
For example: I have AVAX token (BEP-20) and need to convert to AVAX token standard (ARC20), I can have these options:
- Option 1: Convert tokens from one blockchain to another using Cross-chain Bridge
- Option 2: Buy tokens from CEX exchange then withdraw to Avalanche blockchain supported Wallet.
To make it easy to understand, here is the demonstration
Convert tokens from one blockchain to another using Cross-chain Bridge
As Avalanche has many chains, there are many Cross-chains to support this network. You can choose Cross-chain such as on Anyswap, Multichain xyz, Coin98 Bridge, Celer Bridge, Allbridge, Ren Bridge, Hot Cross and Boring DAO. For me, I personally choose Anyswap or Allbridge
- Anyswap
Anyswap is a cryptocurrency trading platform that allows users to trade freely between many different currencies, including Ethereum and Binance Smart Chain. It also offers you access all of our exchange listings so you can find the best prices for your favorite cryptocurrencies such as Ethereum, Binance Smart Chain, Avalanche, Huobi ECO Chain, Fantom, Polygon, Fusion,…
- Allbridge
Allbridge is a bridge between blockchains in DeFi, and it’s built on the Solana ecosystem. With its orientation towards development as an independent multi-chain center according to DAO — Allbridge can support many different networks including Ethereum if you need or want switch from ETH back into another one of your favorite chains!
To transfer AVAX token from C-Chain to X-Chain and vice versa, read more:
Step 4: Add AVAX Token AVAX to Wallet
On Coin98 Wallet
Because AVAX is the native token of the Avalanche ecosystem, so AVAX token is displayed by default on the multi-chain wallet. If your AVAX wallet does not show up, you can try a few simple steps as follows:
1. Go here to see details of AVAX contract address. Or copy one of these contracts:
- AVAX X-Chain: FvwEAhmxKfeiG8SnEvq42hc6whRyY3EFYAvebMqDNDGCgxN5Z
- AVAX C-Chain: 0xB31f66AA3C1e785363F0875A1B74E27b85FD66c7
2 Go to you wallet
3. Pick Custom token. Paste contract and fill in the other information
Note: if you copy paste correctly, AVAX icon will automatically appear
On Coin98 Wallet
On Metamask Wallet
Step 5: Start Investing In Tokens Of Avalanche Ecosystem
Read more: What’s interesting about Avalanche ecosystem? Do you know yet?
+ How To “Game”
Gaming From Lending
Lending is a form of lending money to receive interest on deposited assets. You can participate in lending activities on platforms like BenQi
BenQi is a decentralized non-custodial liquidity market protocol, built on Avalanche. The protocol enables users to effortlessly lend, borrow, and earn interest with their digital assets. Depositors providing liquidity to the protocol may earn passive income, while borrowers are able to borrow in an over-collateralized manner.
Read more: What is BenQi Finance(QI)? Everything you need to know about QI token
Gaming On IDO Platform
An initial DEX offering (or IDO) is a new and exciting type of decentralized and permissionless crowdfunding platform, which is opening up a new way of fundraising in the crypto space.
The IDO Platform is one of the major determining factors in attracting cash flow for Avalanche’s ecosystem. As with other launchpads such as Poolz and DAO Maker, AVALaunch offers solutions to ensure security as well as price stability among other things like forecasting profit margins or providing information about investors who want access during future token sales etc..
Conclusion
All information on the article is for reference only, this is not investment advice. Do your own research and take responsibility for all your investments. Hopefully, the information that Avaxholic has gathered in the article will be useful to you.
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Source : How To Swap Coin To Avalanche Network To “Skin In Game”
