DeFi – EXPLAIN IT TO ME LIKE I’M 5! What are LP Tokens? Bridging? Etc.

Professor Crypto Banana

DeFi – EXPLAIN IT TO ME LIKE I’M 5! What are LP Tokens? Bridging? Etc.

This is a quick tour of how to get into DeFi and why people are excited about the great yields. TOPICS INCLUDE: – Sending funds from a Centralized Exchange [Binance/Coinbase/etc.] to Metamask. – Different blockchains [ETH/BSC/FTM/etc.] – How to bridge tokens to different blockchains. – How to create LP Tokens. – Look at APR Rates. – Farming Strategies. – Auto-Compounders. [NOTE: I purposely omitted a lot of details to keep this shorter. Be aware mistakes may be extremely costly, so definitely watch other guides to reduce any mistakes!] WAYS TO FOLLOW ME: Twitter: B Discord [It’s Free]: G LINKS: Route 2 FI Twitter Post: /> Bridging using Spirit Swap [ @FTM Alerts ]: /> Bridging to other chains for the first time with ELK Finance [ @The Calculator Guy ]: /> How to setup Fantom on MetaMask: k CoinGecko: / Bridging on SpiritSwap: e Bridging on ElkNet: t Bridging on Anyswap [now MultiChain]: r LiquidDriver [Farming]: / ReaperFarm [Auto-Compounding]: / OpenOcean [Swap for cheapest fees]: R List of “EVM Compatible” Chains: / TIMESTAMPS: 0:00 – Intro 0:40 – Disclaimer 1:10 – Inspiration for this video – Route 2 Fi’s Tweet. 1:26 – Starting at a Centralized Exchange [Binance/Coinbase/etc.] 2:20 – Tokens can exist on multiple blockchains [ETH/BSC/FTM/etc.] 2:42 – How to setup multiple blockchains in Metamask. 3:26 – First time on a new blockchain? Make sure to have ITS TOKEN. 4:28 – Sending funds from a Centralized Exchange to Metamask. 4:59 – One way to bridge a token to a different blockchain. 5:41 – Metamask works with “EVM Compatible Blockchains”? ETH/FTM/AVAX/etc. 6:20 – Bridging token to another blockchain for the first time. 7:07 – SPIRITSWAP will help you bridge AND give FTM for the first time [for gas fees] 8:25 – @FTM Alerts shows how to bridge [in detail] with SpiritSwap. 8:34 – Bridging with ELK Finance. Can use $1 for gas fees on destination blockchain. 8:50 – @The Calculator Guy shows how to bridge with Elk Finance [in detail]. 8:55 – LP Tokens – 3 Steps. 10:54 – IL – Impermanent Loss [You can LOSE/PROFIT from it] 11:18 – Getting LP Tokens [The long way] 13:38 – Staking LP Tokens and collecting rewards. 13:56 – Liquid Driver Token & Price Action. 14:28 – Walking through Route 2 Fi’s Farming Strategy on Liquid Driver. 15:38 – Shortcut to create LP Tokens. [CORRECTION: You have to still STAKE it on LQDR after Zapping] 15:53 – How to withdraw your LP Tokens and split them to regular tokens. 17:05 – How to swap for one token for another on a Decentralized Exchange. 17:39 – Auto-Compounding with an Auto-Compounder [Reaper Farm]. 18:40 – OpenOcean – Checks best rates across multiple Decentralized Exchanges [DEXes] 18:47 – Look in FTM Scan to see what tokens you have in your wallet. 18:58 – How to add a custom token into your MetaMask. 19:16 – Summary/Concludy Time. #DeFi #Crypto #Bridging #Farming DISCLAIMER: I AM NOT A FINANCIAL ADVISOR AND I AM NOT PROVIDING FINANCIAL ADVICE. EVERYTHING IN THIS VIDEO (AND DESCRIPTION) IS PURELY MY OPINION AND BASED OFF SPECULATION. THE TOPICS DISCUSSED ARE EXTREMELY RISKY!!! I AM NOT A CRYPTO EXPERT BY ANY MEANS. MY STATEMENTS/RESEARCH/UNDERSTANDING MAY BE INCORRECT/INCOMPLETE, WHICH MAKES IT EVEN MORE IMPORTANT TO ALWAYS DO YOUR OWN RESEARCH!!!

5 thoughts on “DeFi – EXPLAIN IT TO ME LIKE I’M 5! What are LP Tokens? Bridging? Etc.”

  1. CORRECTION: After Zapping, you still need to manually STAKE your LP Tokens. [I stated you can Zap and walk away. There is just one extra step.]

  2. After that video parents credit cards could be spend more on DeFi then Fortnite/Brawl Stars)

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