Thread by @ahboyash

1/ Back in September, @Algorand announced their $300 Million DeFi fund to support the growth of its ecosystem. What that means for us 🦍is another chain to bridge our funds over to ape in!

Here's a quick thread about how to onboard to Algorand 👇

https://twitter.com/Algorand/status/1436308180389310472?s=20

2/ Short background
Algorand was founded by @silviomicali as a Layer 1 blockchain aiming to be scalable and secure to enable a decentralized digital currency and transactions platform.

Read more here:
- algorand.foundation/algorand-proto…
- algorand.com/technology

3/ Wallets
There are 3 notable wallets:
1. Algorand Mobile Wallet
2. My Algo Wallet
3. AlgoSigner

I personally prefer the first wallet due to its clean UI/UX and it is a mobile app, making it convenient to access when I am on the move.

Link to wallet: algorandwallet.com

4/ Sending $ALGO for gas
After creating the wallet, you would need to fund it with $ALGO to pay for gas fees.

To do so, purchase it from CEXes such as @binance or @kucoincom and withdraw it to your wallet.

*Do ensure that the network is set to Algorand

5/ Bridging additional funds
Bridge funds from Ethereum to Algorand using @YieldlyFinance, a project that is backed by @cmsholdings and @LongHashVC.

Apart from the bridging capability, they offer staking pools and prize games.

Link: yieldly.finance

H/T @Auroplaine

6/ Tools
a) TVL: defillama.com/chain/Algorand 💰

b) Chain explorer: algoexplorer.io or algoscan.app🔍

7/ Dapps to look out for
a) Dex: @tinymanorg which has a current total liquidity of ~$17mn. Swap and provide liquidity on Tinyman and enjoy its minimalistic design.

8/
b) Yield: @YieldlyFinance (mentioned above) with a current TVL of ~$53mn and a market cap of ~$54mn.

The app allows you to stake $YLDY tokens to earn other tokens in exchange and participate in various games to reap rewards.

9/
c) Lending and borrowing: @FolksFinance and @algofiorg which are coming soon

*Since there are not much Dapps live yet, I will be keeping tabs on @AlgoFoundation and @AlgorandReport for the latest updates.

Do share and retweet if you think this will benefit someone 🙏

10/ Notes / Pod / Intern squad
@cmsintern @Darrenlautf @analyticalali @0xminion @wassiecapital @The_ReadingApe @degenism @0x4C756B65 @jiminstupid @RenCryptoFish @zkchun @AnonNgmi @mevintern @delphiintern @sandraaleow @Kyros_Intern @Trudahamzik @playtern @LongHashIntern