Defi is the new buzzword in crypto, the availability of non-custodial financial instruments that can help you earn interest on the coins you're holding is appealing to a lot of folks.
A lot of people prefer earning interest in Defi as you can easily earn 10% interest on your coins without having to trade them which is risky for some people.
Most defi tokens are ETH based, as they are ran on smart contracts so today, I'm going to show you how to use BCH to buy defi coins via Uniswap decentralized exchange.
We are going yo use RENvm, one of the best crypto projects out there that helps bring BTC, BCH, and ZEC on to the ETH blockchain.
First, you will need an eth based wallet like metamask. If you already have a wallet then you can import it into metamask using your private key or hardware wallet.
The link to the site is https://bridge.renproject.io/
After you connect your metamask, you will need to select the coin you want to convert, in this case BCH.
Put in your amount and click next and you'll see the fee and the amount of RenBCH you get
Click Next and you'll be provided with an address to send your BCH to so you can recieve renBCH.
Once it's sent to the address, wait for a couple of confirmations and check your metamask wallet for your renBCH. To convert your renBCH back to BCH all you have to do is go to the release section and convert your renBCH back to BCH
Now you can go to https://app.uniswap.org/#/swap and use your renBCH to buy defi tokens like comp, lend or you can earn interest by providing liquidity to a pool.
To learn more about how to swap on uniswap, check out this article https://read.cash/@thesatoshistore/are-you-still-living-in-the-past-how-to-use-uniswap-0a317cc5
Disclaimer:
I hope you found this post useful? If you did then smash the subscribe button and upvote for more posts like this. Cheers guys!
This is good. I'll try. The Minimum is 0.1 BCH ? Or less