Crypto What is DeFi?

[Victorial]

Decentralized Finance (DEFi) is the second exchange after the Centralized Finance (CEFi). This is used by people because DEFi aims to build an open-source and transparent system. More importantly, the user has full control over the assets and owns the key pair for their wallet. Users who want to party in participate in Defi need to use the Decentralized apps (Apps). built on the blockchain to perform the services.

With DEFi, you do not need to complete a KYC verification to access the services. DEFi users do not need to share any personal information or deposit some money before using the services. The most important benefit of using Defi services is that you don't need to trust that the service will perform as expected.
Sadly, you can not trade on DeFi apps unlike CeFi apps like coinbase as it is not supported. To trade using Defi app, you need to get the tokens you need from Binance Smart chain which uses BNB (BEP-20) to be able to buy. Then you will need a wallet with a dApp broser to be able to trade tokens in exchanges like pancakeswap etc.

Wallets that offer the App feature are Trust wallet and Metamask. Then you connect the wallet to the exchange site to buy and exchange your tokens.

 

[Yugocean]

It is said about the trust wallet that it supports the defi platforms, that whenever you want to connect the trust wallet to the defi, it shows asset as zero.

Now I think this is happening due to not having Bep20 token in my wallet. But cannot we swap other cryptos to BEP cryptos?

 

[Victorial]

It is said about the trust wallet that it supports the defi platforms, that whenever you want to connect the trust wallet to the defi, it shows asset as zero.

Now I think this is happening due to not having Bep20 token in my wallet. But cannot we swap other cryptos to BEP cryptos?

Yes, you need to have some BEP 20 toens in your wallet for youro carry out the transaction of buying or swapping your tokens fro BNB or any other asset you want. I used to face the same problem and I got to find out the answer when I missed out on Manchester United airdrop. The Manchester United airdrop was kinda real and it was distributed to people who completed the tasks. But they will not send to a wallet that has zero transaction on BNB. They needed an active BNB wallet address.

I also used Metamask to get and connect but it failed. The major problem is getting some BNB coins into your wallet especially if you using Binance. Tye minimum is a bit high and I think it is around $11 worth of BNB

 

[Yugocean]

I don't have much BNB, and if I reduce a little BNB from my Binance account, my investment in Binance will be affected. But I believe that to gain something, one has to lose something, so I will transfer some from Binance to Trust.

Query
Will swapping from trust wallet to defi cost BNB or will we be able to keep BNB and use other cryptocurrencies as well?

 

[Victorial]

You are not swapping your trust wallet to defi. Trust wallet is just like a gateways to access all the decentralized token as they can store them for you while you carry out the exchanging on where the token is listed. If the token is listed on pancakeswap or any other exchange, you just need to access pancakeswap using the dApp browser and connect to pancakeswap under the block chain the token is being built. Please know that you are actually using the real website to avoid phishing. Once you are connected, search for the token and proceed to swap. The amount of fee will be removed from your trust wallet BNB

I don't have much BNB, and if I reduce a little BNB from my Binance account, my investment in Binance will be affected. But I believe that to gain something, one has to lose something, so I will transfer some from Binance to Trust.

Query
Will swapping from trust wallet to defi cost BNB or will we be able to keep BNB and use other cryptocurrencies as well?