Getting Started with Unbanked Yield
Are you ready to easily connect with high-yield DeFi? Sounds like Unbanked Yield is for you.
Unbanked Yield helps connect you to DeFi yields whose rates vary daily in a simple, easy-to-understand way. Our goal is to let you maintain control of your funds through a Web3 experience, help you earn the highest yields possible, and make DeFi simple.
Whether you’re a Yield veteran or someone looking to try it for the first time, this handy “Get Started” guide will help get you on your way to earning up to 50% APY on your crypto (and sometimes much, much more)
Let’s Get Started
Unbanked Yield works using your self-custody web3 wallet (such as Metamask, or several WalletConnect wallets), and is connected to the Fantom blockchain at launch.
Step 1: Web3 self-custody wallets — what are they, how to get one, and how to connect.
To start participating in Unbanked Yield, the first step is to acquire a Web3 wallet and connect it to your Unbanked account. Web3 wallets are essentially digital self-custody wallets. As such, they have the ability to store digital assets. This includes everything from cryptocurrency to non-fungible (NFTs) tokens. For more information about acquiring your own wallet, this article explains it in more detail and will help you get started with one of the most popular web3 wallets we support, MetaMask.
If you are using the browser extension for Metamask or supported WalletConnect Web3 wallet, make sure the plug-in is unlocked and click on any of the Connect Wallet buttons on the yield page to get started connecting your wallet.
If you are using the mobile app version of your Web3 wallet, and accessing your Unbanked account from a smartphone, connecting your wallet will work a little differently from a desktop browser. MetaMask Mobile, for example, uses an internal web browser like the ones you use every day, except this one can also link your MetaMask wallet with applications like Unbanked Yield.
To access this special wallet-connected browser, click on Browser from the application’s drop-down menu, and go to https://dashboard.unbanked.com/dashboard/yield.
You can learn more about using MetaMask with Unbanked Yield here.
Step 2: Acquire Fantom (FTM) chain assets in your Web3 wallet, choose your asset, and start earning.
If you do not have any Fantom chain assets in your connected wallet, you can acquire Fantom assets in your Web3 wallet by:
1) Using your connected Unbanked bank account to move Fiat to a Fantom-based cryptocurrency in your wallet,
2) Utilizing a service like AnySwap to convert cryptocurrency in your self-custody wallet that you want to invest in Unbanked Yield to be a Fantom network asset, or
3) Purchasing Fantom token (WFTM) and transferring it to your self-custody wallet.
As mentioned above, if you already have an Ethereum chain asset such as ETH, you can use a tool like this to easily convert it to a Fantom chain asset. We are planning to support Ethereum chain assets directly in the near future.
From there, just choose your asset to start earning yield! It’s that easy!
What is Fantom?
Unbanked Yield is connected to the Fantom blockchain at launch. If you do not have any Fantom chain assets in your connected wallet, you can squire Fantom assets in your self-custody web3 wallet (the easiest being Metamask, or we also support several WalletConnect wallets) in several ways.
The Ethereum chain will be supported in the near future as well, but Fantom has several benefits over Ethereum. Fantom acts like a helper to Ethereum and is a smart contract-supporting blockchain that maintains Ethereum’s ease of use and interoperability while solving its core issues – its speed and cost. While it can take several minutes to clear a transaction on Ethereum and Bitcoin, transactions take just seconds on Fantom.
What is FTM token?
FTM is the native token of Fantom, a decentralized network built on an aBFT consensus mechanism. On Fantom, transactions are confirmed in less than one second and cost just a few cents.
Fantom is an open-source decentralized smart contract platform for decentralized applications and digital assets that were created as an alternative to Ethereum. Fantom has the goal of overcoming the limitations of previous generation blockchains and balancing three components: scalability, security, and decentralization.
If you’d like to learn more about how FTM works on a technical level, try this article.