Make over $100 reward monthly on Stonfi: A Step-by-Step Guide for New Users
Embarking on your journey with STON.fi is both exciting and straightforward. This guide will walk you through the essential steps to get started, from setting up your wallet to executing your first token swap. Also check out a similar article I wrote sometimes ago; https://akinibikunle.medium.com/exploring-the-benefits-of-dex-exchanges-why-ston-fi-shines-on-the-ton-network-8b27377c3ec4
Step 1: Setting Up a TON Wallet
To interact with STON.fi, you’ll need a TON-compatible wallet. Here’s how to set one up using Tonkeeper;
Download Tonkeeper
Well you can choose any wallet on TON Blockchain and install the application on your smartphone. In this guide, we’ll create a wallet in the desktop version of Tonkeeper – other services have a similar interface and functionality, so you shouldn’t encounter any issues. Visit the official Tonkeeper website https://tonkeeper.com/ and download the app compatible with your device.
Install and Launch
After installation, open the app and select "Create New Wallet."
Secure Your Seed Phrase
The app will provide a 24-word seed phrase. Write this down and store it securely. The seed phrase is the most important key to your wallet. Never share the seed phrase with other users. Only a user who knows the seed phrase will have access to all funds in this wallet. Losing the seed phrase = losing the wallet and all funds on it.
Confirm Seed Phrase
Verify your seed phrase as prompted to ensure you’ve recorded it correctly.
Set a Password
Create a strong password for accessing your wallet on your device. It is required to access the wallet from the device and confirm transactions. In many wallets, you can also enable biometric authentication (fingerprint, face scan). If you forget this password, you can regain access using the seed phrase.
Step 2: Connecting Your Wallet to STON.fi
Once your wallet is set up, connect it to the STON.fi platform:
Access STON.fi
Navigate to the STON.fi website — https://ston.fi/ and click on "Go to App."
Connect Wallet
Click on "Connect Wallet" at the top-right corner and select your wallet provider (e.g., Tonkeeper).
Authorize Connection
Approve the connection request in your wallet app. If you use a wallet on a mobile device, simply scan the QR code with the scanner built into any TON wallet. If you use a desktop version or browser extension of a TON wallet, open "View all wallets" and find it in the list of available wallets. Confirm the connection to STON.fi on your device. Click "Connect wallet".
Step 3: Swapping Tokens on STON.fi
With your wallet connected, you can now swap tokens:
Select Tokens
Choose the tokens you wish to swap from the dropdown menus. In the 'You Send' box, choose 'All assets' and select the token you want to swap. As an example, let’s sell TON, so we’ll pick that.
Enter Amount
Specify the quantity of tokens you’re selling (or buying), and let the algorithm do all the calculations. Remember, you still need to have TON in your wallet to cover transaction fees.
Review Details
Check the transaction details, including fees and expected output. Also, double-check the details, and confirm the transaction by pressing the ‘Confirm Swap’ button.
Confirm Swap
Click "Swap" and confirm the transaction in your wallet.
If you’ve made it this far in this article that means you’ve signed yourself up for a good deal. I want to immediately introduce you to Liquidity pools on STON.FI, how they facilitate instant trades, and how liquidity providers get a percentage of transaction fees.
A liquidity pool is a kind of "reservoir with cryptocurrencies", or more precisely — two scales, where an equal amount of tokens is on each side in terms of value. These liquidity pools are managed by DEX smart contracts: during a swap, the required amount of Token A is taken from one side of the scale, and the amount of tokens given by the trader, Token B, is placed on the other side. The liquidity pool ensures that transactions are executed as quickly and safely as possible: users do not need to wait for someone with the required amount of tokens — the assets are always available in the liquidity pool. Without funds in the liquidity pool, there would be nothing to trade.
The tokens in the liquidity pool are deposited there by liquidity providers because it can be useful. Often, token creators, by adding their token to DEX for trading, themselves provide liquidity — otherwise, no one would be able to buy it. Trading is impossible without liquidity pools, and therefore, the operation of DEX itself.
Liquidity providers earn income — they receive a percentage for each transaction within the pool. On STON.fi, this is 0.2% of the transaction amount. These 0.2% are distributed among all liquidity providers in proportion to their share in the pool (for example, whoever provided 50% of all liquidity will receive half of 0.2% of each transaction in that pair).
To earn rewards, consider providing liquidity:
Step 4: Providing Liquidity
Navigate to Pools
Click on the "Pools" tab on STON.fi. In the “Pools” tab, choose the desired liquidity pool, for example, STON/TON. Review the TVL, Volume, and APR indicators and click 'Add liquidity.’
Add Liquidity
Select the token pair and enter the amount for the first token, and the algorithm will automatically calculate the amount for the other. Click 'Provide Liquidity’.
Approve Transaction
In the popup window, view the monthly APR, your share in the pool, and the blockchain fee size. Confirm the transaction by clicking 'Confirm liquidity provision.’
Confirm the addition of liquidity in your wallet.
You can also add to your knowledge reading “Adding Liquidity on STON.fi” at https://guide.ston.fi/en/how-to-provide-liquidity-on-ston-fi
Conclusion
I want to believe this guide is simple enough for you to understand how to set up your wallet, Connect your wallet to Ston.fi, Swap token on Ston.fi and Provide liquidity to earn rewards. Begin your decentralized finance journey today by exploring the features of STON.fi https://ston.fi/.
