Welcome to the world of Cardano! As a newcomer, you may be wondering what you can actually do with your ADA tokens. Well, there are plenty of exciting opportunities, from yield farming to shopping for NFTs to staking your coins. Read on as I guide you through getting started on Cardano!
One popular activity on Cardano is yield farming. This allows you to put your ADA tokens to work and earn interest on them. Cardano has a surprising amount of dapps that offer yield farming options. You can provide liquidity to decentralized exchanges and liquidity pools to earn yield. The interest rates can be quite attractive, often much higher than traditional savings accounts. It does take some learning to understand how to provide liquidity properly. But once you get the hang of it, yield farming can be an easy semi-passive income stream for your ADA.
Shop for NFTs
Another exciting thing you can do is shop for non-fungible tokens (NFTs) on Cardano. The NFT scene here is really taking off. There are marketplaces like CNFT where you can browse digital art and collectibles. Some of the artwork is breathtaking. And Cardano NFTs often sell for lower prices than on chains like Ethereum. So if you want to pick up some unique NFTs or even sell your own creations, check out CNFT or other Cardano NFT platforms. You can likely find some great deals compared to other blockchains.
Stake your ADA
And of course, you’ll want to stake your ADA to earn even more rewards. This is super easy to do. Just transfer your tokens to a Cardano wallet like Yoroi or Daedalus. Then you can delegate your stake to a stake pool operator. Over time, you’ll earn around 5% APY on your ADA just for holding it in your wallet. The more ADA you stake, and the better performance of your selected pool, the higher your rewards. Staking is one of the simplest and most secure ways to earn passive crypto income.
Get Involved in the Community
Another idea is to get involved in the passionate Cardano community. There are forums, social channels, meetups, conferences, and more. Connecting with other ADA fans can be informative and exciting. You’ll discover new projects and opportunities. You may even make some valuable business connections. Check out community hubs like the Cardano Reddit channel or Cardano Discord server. Introduce yourself and start networking with those who share your interest
Use DeFi Apps
You can also tap into the emerging decentralized finance (DeFi) ecosystem on Cardano. Services are still limited but expanding rapidly. Some DeFi apps to check out include Liqwid, a lending protocol; MinSwap, a decentralized exchange; and Revuto, a subscriptions manager. There are also wallet apps with DeFi integration like Nami. Playing around with these DeFi apps is a great way to see the potential of Cardano. You’ll be on the cutting edge watching the services and use cases multiply before your eyes.
Build Something Yourself
If you’re technically inclined, you may even build a project on Cardano yourself. The blockchain is specifically designed to make development easy. Using languages like Plutus and Marlowe, you can create dapps, NFTs, DeFi products, DAOs, and more. Not only can you help expand the ecosystem, but potentially profit from your own innovations too. Check out developer resources from IOHK and the Cardano Foundation to dive in. With some dedication, you could be the next pioneer on this massively scalable network
With your ADA you can yield farm, buy NFTs, stake your coins, get involved locally, use DeFi, or even build your own project! Cardano has awesome developing utility. Hopefully, these ideas get you thinking about places to start! Enjoy exploring this exciting blockchain.
Harper Harrison is a reporter for The Hear UP. Harper got an internship at the NPR and worked as a reporter and producer. harper has also worked as a reporter for the Medium. Harper covers health and science for The Hear UP.