Get Started with AirDAO
This article is a living document, and will be updated periodically as updates come. The last edit to this article took place on September 30, 2022.
This is the AirDAO homepage, in case you haven’t seen it.
The September 15th AirDAO launch was a very exciting time for the Firepot Finance team. Not only because of the launch of FirepotSwap, the first DEX on the ecosystem, but because of the birth of the ecosystem itself.
AirDAO as a self-contained and self-governed ecosystem is very promising, and recent interest in the project reflects that. The L1 is amazing: it has very high decentralization, great throughput, extremely cheap transactions, the Atlas Public Data Storage layer, and so much potential on top of that. When we heard the blockchain was considering opening up to DeFi, we were very interested; and having made it all the way here together, we can safely say it was a great decision. Being the first here is not only an honor, but an exciting opportunity.
So what does this mean — Opening up to DeFi? The idea behind DeFi is a very simple one. It has enormous overarching implications, but in and of itself, it’s not hard to understand. You can take your tokens, $AMB in this case, and Stake them, get Derivatives, Swap them, Farm, use Leverage, participate in an ICO, automate these things, simplify them for the end user, and so much more — That’s what DeFi enables… that is DeFi.
FirepotSwap launched exactly one week ago, and it did so with the primary $AMB-$USDC LP. This means you can currently go to https://airdao.io/firepot/swap and trade your $AMB for $USDC on the AirDAO blockchain, AMB-NET. We’ve written other guides on using the dApp which you can read here. This guide is for people who don’t have any $AMB on the network.
Maybe you hold $AMB since 2018, or maybe you are an unfamiliar Central Exchange user who ended up here after all the movement of this last month. If you want to get in on the AMB-NET DeFi action, this guide should make things easy.
Step 1: Get your funds on the Network.
There’s no way around it, you need a wallet and you need to know how to use it. Read this guide by Coingecko if you need help with that. The guide is a little bit old, but the process is exactly the same today, and it addresses the main questions people usually have, so it’s a good one.
Now that you have a wallet, there’s two ways to approach this. Which one makes the most sense for you is going to depend mostly on if you want to go through a decentralized method, or through a Central Exchange.
a) Get your tokens to BNB Chain and bridge them to AMB-NET. You can get your funds on AMB-NET through a decentralized network, using the BNB-Chain bridge available on AirDAO.io You will still need to get some $AMB to pay for bridge and gas fees.
b) Withdraw your funds to the Ambrosus Blockchain directly. If you decide to go through a Central Exchange, then the process is quite straightforward, as all exchanges that list $AMB have integrated the L1 for withdrawals.
Going through BNB Chain
Currently the most support exists for Bridging $USDC, so that’s what we’ll go with. You can withdraw the tokens from your CEX, you can Bridge from another Blockchain and Swap for them, you can get a friend to send them to you directly… It doesn’t matter, but you have to have the funds you want to bring to the AirDAO ecosystem in $USDC on BNB Chain. You’ll also need little bit of $BNB to Bridge your funds over. For the Bridge you’ll need about $5 USD worth of BNB, plus a bit for tx fees… $6 worth of $BNB should be enough.
Alright, now go ahead and visit https://airdao.io/. You’ll get a prompt to switch networks, and once you approve it and switch, you’ll be connected to the Ambrosus Mainnet. Click on Bridge, and you’ll land here:
This is the AirDAO Bridge. It allows you to safely bring your funds from BNB Chain to the Ambrosus Mainnet.
What you have to do in the bridge is not too complicated, but it’s out of scope for this guide, however, a great one has been put together by the Ambrosus L1 team, and you can read it here.
If you decide to go this way, you’ll still need some $AMB to actually do anything on AirDAO, including your first Swap, so you’ll have to follow the section right below this one as well.
Withdrawing to the Ambrosus L1 directly.
If you have your funds on a CEX, this is definitely the easiest way.
First, go ahead and visit https://airdao.io/. You’ll get a prompt to switch networks, and once you Approve it and switch, you’ll be connected to the Ambrosus Mainnet. Click your Metamask add-on, and click on your wallet’s name. I named mine Guide — For this guide.
Your wallet address is that string of characters starting with 0x. Click here to copy it.
Now all you have to do is withdraw your funds to that wallet address. The process is slightly different everywhere, but what you need to do is tell your Central Exchange you want to withdraw your $AMB to Ambrosus Mainnet; more precisely, you want to withdraw your funds to your wallet in the Ambrosus Mainnet. On Binance, it looks something like this.
Your wallet address goes in the Address field.
All you have to do now is set the right address, amount, and wait for the confirmation. You’ll be able to see your funds in Metamask as $AMB.
Step 2: Swap. (Or Stake).
Regardless of how you got here, you probably don’t hold precisely the proportion of $USDC and $AMB you want, and need to fine tune to match the LP requisites on FirepotSwap’s Pool.
I’ll leave this guide we put together for the Swap tab here. It’s pretty short and sweet, but we didn’t want to be repeating ourselves.
Another possible path here, is to simply Stake your $AMB on AirDAO’s Staking, helping secure the AMB Network while earning more $AMB. The guys at Ambrosus have a great guide for this as well. Read it here
The Hera pool is open to anyone, and automatically spins up validator nodes once an $AMB threshold is reached.
However, if you want to explore the DeFi ecosystem further, there’s two more tabs for Firepot Finance.
Step 3: Pool.
See, we’ve actually written a guide about this as well. You can find it here, and it should answer all your questions.
Step 4: Farm.
What did you think? We wouldn’t be prepared? Here’s the guide you’re looking for.
Step 5: Profit.
That’s it, you’ve done it! You’ve figured out DeFi, at least what there is to do in AirDAO so far: moving tokens from here to there, Bridging, Staking, Liquidity Pools… Vitalk’s looking a bit silly from up here.
And on top of all that, you’re earning great returns on your funds! See? We told you it’d be worth it.
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