Decentralised Finance for Beginners

Fri Jun 23 2023 01:00:00 GMT+0000 (Coordinated Universal Time)

Youves is a way to earn alternative income. The smart contracts have been independently audited and no critical issues found.

Use Youves to:

uUSD is a token that has tracked the value of the US dollar within a tight range of 0.02 cents.

Earn YOU tokens for doing this; make sure you have enough collateral in case Tezos price falls.

Share in the profits of the platform by staking the YOU token. There's a finite amount capped at 4,680,000.

Things to know

Before setting up Tezos wallet you must know that the #1 way people lose their funds is by giving their seed phrase to an imposter. The seed phrase is a bunch of random words that are critical to the account security. Before depositing any funds to the wallet make sure you have multiple backups of these words and keep the words in the correct order.

The youves website can be a bit slow to load. This is because it's pulling smart contract information from the Tezos network, which is very decentralised.

Also - accounting for DeFi transactions can be tricky. Make sure you take a screen shot of every DEX trade you do. There's work being done for better reporting but for now your life will be much easier if you keep all the DeFi screenshots in a separate folder.

Setting up a Tezos wallet

Choose Naan for mobile or Temple Wallet browser extension.

If you're putting in a large sum of money, reduce your stress by using a dedicated hardware wallet - Ledger Nano S or Ledger Nano X. It works like this:

  1. Plug in the Ledger Nano.
  2. Press both buttons to proceed.
  3. Set it up as a new device.
  4. Write down the random words in order shown on the Ledger device screen.
  5. Install the Tezos wallet through the Ledger Live application on your computer.
  6. The Ledger device works well with Temple wallet and you can use it for Tezos DeFi.

Using Temple wallet with a Ledger Nano

When you set up the Temple wallet for the first time, it gives you a new seed phrase and this seed phrase is associated with the accounts inside Temple wallet.

For a faster experience, use your Ledger Nano (which has a different seed phrase) with Temple wallet (rather than Ledger Live). Here's how to add it:

Here's how to connect your Tezos wallet to Youves

Convert your Tezos to uUSD and put it in a savings contract

Choose tez and click Buy and Stake button

Confirm the transaction!

Make sure to check your stake at least once a month in case there's any changes to the pools. If you have any questions about youves jump into the Discord!

Diclaimer: Please note that none of the information provided here constitutes financial advice, and no products or services related to finance are being offered or endorsed. The information provided is for educational and informational purposes only. You should consult with a qualified financial advisor or professional before making any financial decisions. The use of any information provided here is solely at your own risk.

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