Thread by @ThePaulOla

A protocol on #NEAR raised $3.75m earlier this year and they have an incoming token launching next year. 👀

So here’s a simple walkthrough guide on how interact with @spin_fi for a possible future airdrop.

A #thread 🧵

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Firstly what’s @spin_fi?

SpinFi is a decentralized trading platform built on @NEARProtocol where you can trade both Spot and Perpetual contracts.

And to trade on SpinFi protocol, you’ll need to have a near wallet.

You can create your wallet here: app.mynearwallet.com

Set up your wallet just like you’d set up your MetaTrust Wallet (did that to avoid bots lol).

After setting up your wallet, you’d have to fund it with $NEAR

I’ll be using Bybit for this due to fast withdrawals and not needing KYC.

Sign up here (aff): partner.bybit.com/b/ThePaulOla

Now with near wallet, you can use either the initial wallet address given to you or your near domain if you have one as you can see in frame 1.

That is I can either withdraw $NEAR to either addresses.

I’d buy $NEAR here on Bybit and withdraw to both wallets.

So I got my $NEAR tokens in less than a minute.

Remember you can trade two markets on SpinFi

- You can trade spot on: trade.spin.fi
- And you can also trade futures here: perp.spin.fi

So let’s trade Spot.

- Click on Connect to Near
- Select NEAR wallet

- Click Connect

You’ll see your wallet address at the top right corner.

You’d also have a NEARX/USDC trading interface.

But we’re trading $NEAR and not $NEARX

- Click on the NEARX/USDC pair button at the top left corner
- Click NEAR/USDC to go to the pair’s interface.

Now we’ll deposit $NEAR from our wallet to trading account.

- Click Deposit
- Deposit whatever amount you want to trade with (I used max)
- Approve transaction in wallet.

As you can see I got my $NEAR transferred over from wallet to Account.

Now to trade, we’ll just swap NEAR/USDC back and forth to build trading volume.

It’s just like your normal CEX trading.

You can use either the limit order option or the market order option.

So I’ll use both and swap back and forth.

Now we’ve done spot trading ✅

Let’s move to futures/perpetual trading.

The market for this is perp.spin.fi

Connect your wallet too.

Deposit funds from your wallet. (If you deposited $NEAR on spot, you’ll have to swap to $USDC and withdraw it from there first)

As you can see, what we have here is NEAR-PERP which means the perpetual (futures) contract for $NEAR.

And you can see we have just two options - LONG and SHORT

And we can do that with a leverage of X10

So in this we’d just LONG and SHORT a few trades and close instantly.

So in “AMOUNT NEAR” I inputted 320 $NEAR and market LONGed.

Closed instantly.

Switched to SHORT and did the same.

So since I’ve traded twice with a collateral of 64 $USDC with a 10x leverage, that means my trading volume is $64(collateral) x 10X(leverage) x trades (2) = $1,280

Now we’re done interacting with the @spin_fi protocol.

Another action that could make you eligible is buying their NFT @FreakyElves on Paras ($51) paras.id/collection/spi…

PS: It may be better to buy with the wallet you just traded with.

So that’s how you basically position yourself for a future airdrop from this protocol 😊

Hope you learnt a thing or two here, you can also tag a friend to benefit.

Follow me @ThePaulOla and turn on post notifications for other updates and opportunities 😉🔔