The post The Top 10 Essential Crypto and DeFi Apps For Beginners appeared first on Scaleswap.
]]>In this guide, we will be taking a look at the Top 10 recommended applications for crypto beginners that can help to provide the best overall experience when getting started. This list ranges from exchanges, wallets, tools, and more. Although this is a top ten list, these are not in any particular order.
Let’s begin.
MetaMask
When choosing many of the available apps and services out there, it is vital that someone uses a wallet for the crypto needs. MetaMask is a very popular decentralized wallet that’s one of the most compatible wallets in the space. Using MetaMask helps keep your portfolio completely decentralized and keeps you in complete ownership of your coins.
One of the biggest set of benefits for MetaMask is that it is widely supported for almost every decentralized application in crypto today and used on a variety of chains involving Ethereum, Binance Chain, and more. This comes with an increased responsibility because you will need to keep your seed phrase, which is given to you when you create a wallet, and keep it safe as you are the sole custodian of your coins on creation of the wallet.
Binance and Trust Wallet
One of the most popular exchanges worldwide, Binance is one of the largest companies in the crypto space and has a variety of products including the Binance Exchange and their DeFi wallet called Trust Wallet. Their exchange is extremely easy to use and beginner friendly that requires little information to get started. In addition, they have a huge library of terms and definitions from Binance Academy to help you understand the terms you have heard before.
Trust Wallet is a decentralized wallet just like MetaMask that is under the Binance umbrella. It allows you to create a wallet using the same seed phrase method as MeteMask and also allows for Ethereum network deposit and withdrawals as well as BNB Chain supported coins.
Delta Portfolio App
Something a little different than your usual app, the Delta Portfolio App is a portfolio management system where you can keep track of all your coins. With the Delta App, you can see what your coins are worth, what exchanges they are on, and how much they have changed value since you have checked them last.
One great feature about the Delta App is that they do not have to be directly connected to your exchange and you can record transactions manually. This is great if you want to check your balance without actually connecting to an exchange if you are in an area where it’s sensitive to look at the data or you are using the public internet for example. You can use a Pro account to access more features but the free version is great for 99% of users. The Delta App is available on most smartphones.
Coingecko
Another resource tool is Coingecko which allows you to search for almost all the available coins in the crypto market. With Coingecko, you can look for coins by market cap, search by using certain categories like DeFi or privacy coins, and compare stats that can help you make a decision on your next coin purchase.
Coingecko allows you to keep up to date on all the coins with a Recently Added section and allows you to look at coins by their chain, which helps keep track of individual chain performance. Coingecko is available on the browser in a smartphone app store.
Uniswap
When it comes to decentralized exchanges, one of the most popular and easiest to use is Uniswap. For Uniswap, no information is needed to start using the exchange and it can be used only with a DeFi wallet such as MetaMask or Trust Wallet. You simply connect your wallet to the exchange and select the coins you wish to trade.
When using Uniswap, it’s important that you have enough gas for a transaction. Gas is the unit of measurement needed to perform a network transaction and is typically associated as a “fee” to make the trade. Most often, this gas comes in the form of ETH if you are on the Ethereum network, meaning that you need ETH already on your wallet to make a transaction.
Crypto.com and Crypto.com Defi Wallet
One of the most KYC oriented on this list but easy to use is the Crypto.com suite of apps of the Crypto.com App and the DeFi Wallet. The Crypto.com app is extremely easy to use and lets you have 100s of different wallets in addition to interest features with a Crypto Earn account that lets you gain up to 12.5% interest on your USDT. In addition, they have a built-in debit card that allows you to make purchases from all over the globe using your crypto.
The Cryptp.com DeFi Wallet lets you use a decentralized version of their app and connect to places that you would use MetaMask and Trust Wallet. They also have a feature that allows for quick transfers from your bank, quick transfers to the DeFi Wallet, and sharing money with your friends and family at lightning speed.
Zerion
Most likely known for their on-chain monitoring, Zerion is an app that is extremely useful for monitoring on-chain data and can be used for a portfolio management tool. Users can connect all their addresses from MetaMask and Trust Wallet and it will keep track of the coins that are in there, how much they are worth, and let you know if a deposit or withdrawal has been made. The Zerion app cannot take any money from the app as it is a read-only tool.
The Zerion app can support dozens of wallets across thousands of coins and now has support for NFTs. This app is available on most smartphones.
Scaleswap
IDO launchpads have been one of the most popular and fastest growing trends in DeFi. Scaleswap is a new decentralized crowdfunding platform that provides fair access to early-stage token offerings; exclusive offerings that were previously only available to venture capitalists and large-scale investors.
Scaleswap’s loyalty-based scoring system levels the playing field by allowing any DeFi user, regardless of budget, to acquire tokens of highly vetted projects before they hit the market. The platform simultaneously provides the brightest and most innovative startups with the tools and resources to build anticipation for their upcoming launch, crowdsource funding, and establish a loyal and passionate community to support the long-term success of the project.
Aave Protocol
What can be a DeFi version of a money market exchange, the Aave Protocol is a dApp that allows you to lend and borrow money completely without any KYC involved. Users van add their money to the exchange and lend their ETH, USDT, or other coins and gain interest for doing so. In addition, users can borrow money from the platform as well for competitive rates.
Aave is mostly available in Ethereum but is also available in Polygon, Avalanche, Fantom, and many more with their newest release.
AnySwap
While Uniswap has the advantage of having a simple and easy to understand platform on the Ethereum network, AnySwap is a DeFi platform that allows you to trade from chain to chain. In other words, you can trade from USDC from Etehreum to Binance Chain for example. This is a must have application if you are trying to “bridge” coins from one chain to the other and are looking for something fast and easy to use.
AnySwap is one of the few multi-chain applications that allow for the support they have and the UI is easy to navigate for any beginner.
Conclusion
The crypto world is a very big space and there are thousands of applications, tools, and resources available. These tools and apps are great because they show the innovation that the space has brought in so little time, but also makes it confusing for beginners as they can be overwhelmed or susceptible to security risks. Having a trusted set of applications that are safe and easy to use reduces the learning curve and helps beginners to enjoy all the benefits of this exciting new world.
The post The Top 10 Essential Crypto and DeFi Apps For Beginners appeared first on Scaleswap.
]]>The post The ScaleSCORE Revolution — Fairness for the IDO Sphere appeared first on Scaleswap.
]]>“ScaleSCORE is the heart of our ecosystem, SCA is the blood that it pumps.”
Introduction
ScaleSCORE is a unique scoring system that determines who is selected to participate in exclusive fundraising rounds on our platform. Why did we create it?
Recently, the IDO landscape developed strongly into the same direction where ICO’s stalled some years ago. They’re only successful in hype markets, the barrier to entry is far too expensive and centralized, and the space is riddled with non-transparency (led by the IDO platforms themselves), exploitation of community members, pure luck-based lottery mechanisms, and non-sustainable motives.
However, we have a big plan to change the IDO landscape to a more sustainable construct, where transparency, authentic quality and substance, decentralized governance and most importantly, fair treatment and remuneration of loyal community members are of the highest priority. The first and essential step to that mission is the implementation and continued development of our ScaleSCORE system.
While other launchpads only take one or two purely budget-driven dimensions into account when determining who is allowed to participate in an IDO, ScaleSCORE is a multidimensional scoring system designed to honor and empower our users based on their commitment and loyalty, rather than buying power.
With ScaleSCORE, only 1 dimension is budget-driven. Therefore, with a commitment to Scaleswap, our SCA token, and the projects launching on our platform, anyone and everyone can significantly increase their ScaleSCORE over time.
ScaleSCORE is the key that unlocks doors to guaranteed IDO participation for the huge segment of the DeFi community that has been brushed aside and left behind by other IDO launchpads.
ScaleSCORE Benefits
ScaleSCORE (with the primary influence coming from our SCA token) is the very core element of our entire platform. The prominent drivers are:
- Guaranteed pool participations ?
- Early access to new features
- Future weighted airdrops
- Increased voting power in our decentralized governance structure that is being built
Another important point to consider: While ScaleSCORE is currently associated with Scaleswap and our current service landscape focused on IDO launch pools, we will significantly enrich and enlarge our services and features in the future, and ScaleSCORE will play a key role in accessing these new functionalities and getting the associated advantages and perks!
ScaleSCORE Dimensions Explained
The below table shows all 6 dimensions that combine to determine an individual ScaleSCORE. As you can see, the score determination does not take place in a linear way but with an individually tailored formula for each dimension to keep things fair and increase the appeal of climbing the leaderboard.
Important: Final ScaleSCORE rankings to determine guaranteed allocation for each IDO are determined by calculating the moving average of ScaleSCORE for a 3 day period prior to the IDO. With this implementation, it’s very important to note that any scoring increases that you make will occur gradually over a 3 day period. This measure was put in place to discourage manipulation in the day or days leading up to an IDO.
Please take this into consideration while building your score and remember to allow 3 full days before any scoring improvements reach their full expected value.
Now, without further ado, here are the ScaleSCORE dimensions explained:
Maximum ScaleSCORE if all condition are met: 4000 (only possible after 1000 days)
Important: Once you’ve finished reading this article, and understand how ScaleSCORE works, please be sure to refer to ‘ScaleSCORE Continued: Additional Resources, Updates, and More’ to prepare youself for ScaleSCORE success!
ScaleSCORE Example
Our 360° loyalty system has a certain complexity and therefore, we want to showcase how ScaleSCORE works with a simulation. The example is based on the following general assumptions:
Days since Scaleswap IDO/ launch: 180 days
Number of IDO’s on Scaleswap since launch: 26 projects/ tokens
The current SCA token price is: 10 USD (180 days after IDO)
- John bought in total 1,100 SCA tokens at different times, the first time on the day of IDO 180 days ago.
- He sold in total 100 SCA tokens at various times times (never reduced holdings to 0 SCA at any time)
- The maximum tokens ever held = 1,100 SCA tokens
- John also provides currently 1000 USD of value in liquidity provision at Quickswap (50 SCA tokens + an equal amount of value in WETH)
- Current SCA token holding = 950 SCA in wallet + 50 SCA in liquidity = 1,000 SCA token
(which corresponds to around 91% from the maximum tokens ever held individually) - From the total of 26 external projects, John currently holds 5 tokens that launched on Scaleswap (each > 50 USD worth of token at IDO value)
- On average, across all these external tokens, he still holds 100% of the maximum amount ever held
- John provided SCA liquidity starting 90 days after Scaleswap IDO/ launch (i.e., for a duration of 90 days and with a total LP token always over 50 USD worth SCA & 50 USD worth of ETH
This results in a ScaleSCORE calculation as follows:
ScaleSCORE Dashboard and Simulator
The ScaleSCORE dashboard and simulator can be reached via our app when clicking in the top menu on the diamond-shaped ScaleSCORE icon, or directly via the following link: https://app.scaleswap.io/scalescore.
The dashboard displays a graph with all ScaleSCORE dimensions. The orange line indicates your current scoring per dimension (of the address connected to the dashboard), and the green line indicates the simulated scoring based on the data entered into the simulator below.
Please note that not all dimensions can be achieved with overall maximum scores, which is only possible after 1,000 days.
On mouse-over of the single dimension lines/ data points, further information is displayed on the single points per dimension.
Next you’ll find the simulation module where you can simulate to see how certain actions will affect your ScaleSCORE.
Finally, on the bottom of the dashboard, the timely development of your ScaleSCORE is displayed in a classical line chart.
Advice and Further Information
Once you’ve finished reading this article, and understand how ScaleSCORE works, please be sure to refer to the article below for important ScaleSCORE resources and updates to help you with your ScaleSCORE strategy.
? ScaleSCORE Continued: Additional Resources, Updates, and More
Effect over Time
The effect and the mechanisms of ScaleSCORE differ over the course of time. Apart from your SCA token holdings, it’s crucial to hold these tokens once they are acquired, preferably for a maximum period of time. An additional and very effective method to boost your ScaleSCORE is to provide liquidity for SCA at Uniswap or Quickswap (50 USD worth SCA + 50 USD worth of ETH).
All in all, loyal and engaged ScaleSCORE holders will always be able to maintain a distinct advantage over casual users with a larger budget.
Over time and with more projects launching on our platform, further dimensions are gaining weight and can make a big difference for each individual. The more projects you support that launch on Scaleswap by obtaining and holding their tokens (min. 50 USD worth of tokens at IDO price) the bigger the boost to your ScaleSCORE over time.
And regardless of budget, no user can catch up on the holding period dimension (except when the maximum duration of 1,000 days is reached). From this time onwards, no additional ScaleSCORE points can be gained by holding longer (but points decrease according to the user’s selling behavior and if 100% of the holdings are sold at any time, the score counter goes back to 0).
FAQ
Why is my score not showing/increasing after I added tokens, provided liquidity, etc.
Please wait at least 4h and check your score again. Also, please check carefully that you are connecting to the app with the correct wallet address. Most reported issues of this nature are due to connecting to the dashboard with the wrong wallet address.
How many of each Scaleswap-launched token do I need to increase my ScaleSCORE?
You’ll need to hold a minimum of $50 USD worth (at IDO price) of each token. Please refer to this article for more details, exact token amounts, and official token contract addresses.
The ScaleSCORE simulator is showing a different amount of SCA than I have in my wallet.
Please note that the simulator is for simulating how different actions *could* affect your score and is not always an accurate reflection of your actual score. Your actual score is displayed above the simulator in this module:
I added Liquidity to the SCA-ETH pair on Quickswap over 7 days ago and I still didn’t receive an increase to my score.
Please verify that the ETH and SCA tokens that you provided are still valued at $50 USD each. It is important to note that the dollar value of the LP tokens isn’t likely to stay stable, and neither is the exact amount of each underlying asset that you provided.
Depending on the trading pair and the direction to the price of each asset, you will gain or lose one of the two tokens as well as dollar value. This is because the pool gets rebalanced as the price moves, people trade, and arbitrage traders help rebalance the pool.
Therefore, if you only provide the minimum amount of liquidity required, the amount of SCA or ETH you provided could easily drop below the $50 minimum for the ScaleSCORE LP dimension.
For your ScaleSCORE to be unaffected by these changes, we recommend monitoring regularly and providing liquidity with an initial amount that protects your assets from falling below the minimum ($50 USD ETH + $50 USD SCA).
How many SCA tokens should I purchase to have a guaranteed allocation in the next IDO?
First, stay tuned to our Telegram announcement channel for details about how many guaranteed allocation spots are available for the IDO you wish to participate in. Second, the ScaleSCORE system is about much more than your budget and the number of SCA tokens you hold. It is more beneficial to work on all dimensions in order to strengthen your position for guaranteed allocation.
References
SCA tokens can be bought on Uniswap (Ethereum network) and Quickswap (Polygon network):
SCA token liquidity provision: on Uniswap (Ethereum network) and Quickswap (Polygon network):
Additional Resources
What’s next? Be sure to read ScaleSCORE Continued: Additional Resources, Updates, and More
If you have any additional questions that weren’t answered, please drop by our official Telegram group and one of our admins will be happy to assist!
The post The ScaleSCORE Revolution — Fairness for the IDO Sphere appeared first on Scaleswap.
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