How to transfer CELO coins with ERC20 standard to Celo network? Learn the simple steps to transfer coins from another network to Celo here.
What to prepare to transfer coins to the Celo network?
To “skin in the game” on Celo, you need to prepare for gas fees; these are the fees you need to pay to the network. Currently, CELO’s gas fee is around $0.01 – $0.05/transaction.
Step 1: Buy CELO coins on the exchange
Currently, you can buy CELO on 4 exchanges: Kucoin, Binance, Gate.io, and Okex. Kucoin also supports trading cUSD (Celo Dollar), a stablecoin used as an alternative to USDT and USDC in the Celo ecosystem.
In the section below, I will provide more detailed guidance on which exchange you should buy CELO from.
Step 2: Store CELO coins on a supported Celo blockchain wallet
Currently, Celo ecosystem tokens can be stored in various wallets, including Coin98 Wallet. You can store CELO with the following simple steps:
- Step 1: Click on the CELO wallet.
- Step 2: Select Receive.
- Step 3: Copy the wallet address and send your Celo network tokens to the wallet.
Reference: Guide to creating and using a Celo wallet.
Cách chuyển coin sang mạng Celo
Chuyển coin sang mạng Celo bằng Cross-chain Bridge
Hiện tại, thị trường đang có 2 bridge hỗ trợ chuyển coin vào hệ sinh thái Celo bao gồm:
Moss Earth: Bridge hỗ trợ chuyển tài sản từ Ethereum sang Celo blockchain, hiện tại Moss Earth đang hỗ trợ 4 loại token là cMCO2, cUSD, cUSDC, cUSDT và không hỗ trợ CELO.
Optics Bridge: A bridge integrated on Mobius Money – an AMM platform for stablecoins on the Celo ecosystem. Currently, Mobius supports a total of 3 tokens: USDC, WBTC, and WETH, for transfers between Ethereum and Celo.
Dưới đây là đoạn văn đã được dịch: [To transfer ERC20 tokens from Ethereum to Celo, follow these steps (the steps for Moss Earth and Mobius Bridge are similar):
- Step 1: Select the sending chain (From) as Ethereum, and the receiving chain (To) as Celo.
- Step 2: Select the token and enter the amount you want to transfer from Ethereum to Celo. Currently, only WETH, WBTC, and USDC are supported, and CELO is not supported (This means that if you do not have CELO in your wallet beforehand, you will not be able to perform any actions with the tokens transferred to your wallet on the Celo network).
- Step 3: Enter the wallet address to receive the tokens (you can choose the address currently being used in Metamask). Then select Send and Approve the transaction.
See also: 03 Tips for Using Cross-chain Bridges Effectively
However, currently, the 2 bridges I listed above only support transferring assets from Ethereum to Celo. Meanwhile, most people participate in DeFi on BSC, Polygon, or Solana because the gas fees on Ethereum are too high.
Therefore, method 1 is not effective, so I encourage you to use method 2: Buy coins on a CEX exchange and transfer them directly to the Celo blockchain.
Buying coins on a CEX and transferring them to a Celo blockchain-supported wallet
First, you need to buy stablecoins (USDT, USDC).
After you have USDT, you will buy CELO on any exchange like Binance, Kucoin, or Gate.io and transfer the tokens to your Metamask wallet. However, with this method, you will not be able to transfer USD to the Celo network because no exchange supports USDT and USDC on the Celo network.
But don’t worry, as far as I know, you can use the Kucoin exchange, which is an exchange that fully supports the Celo network. You can transfer CELO or cUSD (Celo Dollar) to the Celo network very quickly.
To transfer coins to the Celo network, follow these steps:
- Step 1: Use USDT to buy cUSD (Celo USD) on Kucoin.
- Step 2: Send cUSD to your Celo wallet.
Adding Celo Blockchain Tokens to Your Metamask Wallet
When you transfer tokens from another location to your Metamask wallet on the Celo blockchain, your Metamask wallet may not display the transferred tokens. This can lead some people to mistakenly believe that they have lost their tokens.
Don’t worry; in this section, I’ll guide you on how to add tokens to your wallet so it can display them. Follow these steps:
Step 1: Go to the Celo explorer page here and paste the recipient’s wallet address.
Step 2: If you transferred to the correct wallet address, the token will be recorded in the Token tab.
Step 3: Copy the smart contract address of the token that is not displayed in your Metamask wallet.
Step 4: Go to your Metamask wallet, scroll down to the bottom, and click Add Token.
Step 5: Paste the Smart Contract you just copied into the Token Contract Address field and click Next.
After pasting the token’s Smart Contract into the wallet, the token will be displayed in the wallet.
Investing and Earning with Celo Ecosystem Tokens
As you can see in the image above, Celo’s DeFi sector is still relatively small. However, since the deployment of the $100 million Incentive Program, the Celo ecosystem seems to have more opportunities to earn than ever before.
In this section, I will guide you on how to find opportunities to “skin in the game.” Please note that this is just an example and not financial advice.
Learn more: Overview of the Celo ecosystem.
Lending
Lending is a way to lend your assets to earn interest. Currently, the largest lending platform in the Celo ecosystem is Moola Markets. However, Moola Markets only supports 3 assets: CELO, cUSD, and cEUR, and the interest earned is not significant enough for depositing savings.
Therefore, you should only use Moola Markets when you want to borrow CELO for farming and do not want to buy CELO yet.
Staking
Staking is quite similar to lending. While lending involves depositing assets into lending protocols for lending, staking is a way of staking assets with validators to earn interest.
Currently, you can use Rewards Studio to stake with an interest rate of 5.1%/year and receive sCELO (Saving CELO). The value of sCELO will gradually increase over time, and that is your interest when you unstake to receive CELO.
Yield Farming
Farming is a way to provide liquidity to AMMs in exchange for rewards. Farming offers much higher returns than lending and staking, but you will face the risk of impermanent loss.
For farming, you have a lot of options to choose from. Currently, the two most prominent platforms are:
- Ubeswap – AMM for tokens in the Celo ecosystem (can be considered the Uniswap of the Celo ecosystem).
- Mobius Money – AMM for stablecoins (can be considered the Curve of the Celo ecosystem).
Depending on the assets you are holding, you will have different farming strategies.
Hold cUSD
Method 1: If you only hold USD and do not want to buy CELO or any other tokens, you can farm cUSD and USDC at Mobius Money to earn MOBI.
Method 2: You can collateralize cUSD at Moola Market, then borrow CELO to farm with a higher interest rate at Ubeswap and earn MOBI and UBE tokens.
Hold CELO
If you only hold CELO and do not want to farm with other token pairs (due to the risk of impermanent loss), you can use the following method:
- Stake CELO in Rewards Studio to receive sCELO with an APR of 5.1%.
- Then farm the sCELO-CELO pair to earn UBE rewards with an APR of 31%.
- Or farm the rCELO-CELO pair to earn UBE + CELO rewards with an APR of 57%.
Conclusion
“Skin in the game” is a great way to earn in DeFi, but it also comes with some risks. Don’t miss the article “How to Farm and Play DeFi Safely, Avoid Getting Your Wallet Hacked”
Hopefully, after reading this article, you can easily access the DeFi market, as well as find the best ways to optimize your profits in the Celo ecosystem.
