Leo Finance Learn: Secret
Good morning Lions I trust you are safe and well and roaring into a fine bull market and not investing too much as we know what goes up must come down.
Today I wanted to give a quick tutorial on how to purchase and stake Secret Network token as the block chain is still relatively new. Since my post two days ago about the network where we had a look around a few people have been asking how to get to it. You can read my introductory post here
The other big news item that saw the token increase in value by about 5% was that Quentin Tarantino is auctioning off 7 NFTs consisting of uncut footage from one of if not his best film, Pulp Fiction. The NFTs will be sold on open sea and contain never before seen footage. You can read more about it here
Keplr Wallet Set Up
First thing is first you need a Keplr wallet and Web page extension which can be found here it is important that your first step is to create a wallet and an address so you can receive your Secret Tokens.
Secret Bridge
Secret network also has a Secret Bridge and it must be a bit of a Secret because it took me a little to find it. As an Australia I just purchased the token off Coinspot and sent it directly to my wallet and it worked. But for many others you will need to bridge your assets.
image source At current Secret Bridge accepts BSC, Ethereum and Monero and all the wrapped ETH and BSC tokens. It is important to note that you will need Secret to pay for transactions and add Secret to your wallet. You can either ask for some in their official discord here However, once you connect your Keplr wallet the network should provide you with some Secret to cover fees.
Secret Swap
Once you have swapped your accepted tokens into their s counterpart i.e. sETH than you need to head over to the Secret Swap which can be founds here This is where you will swap your bridged asset for sSCRT. once you have got your sSCRT (Secret token) you will need to convert it to its native version of SCRT.
To do this just log into Keplr and in the Secret Network dash board click on the Secret SCRT to SCRT option. Add the amount you want and convert.
Too delegate just click on the stake section on the Secret Network, select a validator and click manage and add the amount you wish to delegate. Remember to keep some secret in your wallet to cover transaction fees.
Unstaking/delegating takes 21 days similarly to Terra (Luna) and the teams mentioned on their discord server if you delegate to a validator below the 25 line you gain bonus airdrops.
Early staker airdrops
As mentioned in an earlier post by @jk6276 there will be airdrops provided to early investors ontop of the current 30% APY currently on offer.
The airdrops will also be provided to Atom and Terra (Luna) stakers.
I hope you have enjoyed this blog, please don't forget to upvote, reblog and comment.
Image sources provided. This is not financial advise and readers are urged to undertake their own research or seek professional financial advise
Posted Using LeoFinance Beta
