ɴᴏᴛᴇ: ɪғ ʏᴏᴜ ᴀʀᴇ ᴀɴɴᴏʏᴇᴅ ʙʏ ᴅʀᴀᴍᴀ ᴀɴᴅ ᴡᴀɴᴛ ᴛᴏ ɢᴇᴛ ᴛᴏ ᴛʜᴇ ᴍᴇᴀᴛ ᴏғ ɪᴛ, ʏᴏᴜ ᴄᴀɴ sᴋɪᴘ ᴛʜɪs sᴇᴄᴛɪᴏɴ ᴀɴᴅ ɢᴏ sᴛʀᴀɪɢʜᴛ ᴛᴏ ʀᴀɴᴅᴏᴍʙʀᴜᴛᴇ’s ɢᴜɪᴅᴇ ᴛᴏ ᴛʀᴀᴅɪɴɢ sʟᴘ ᴜsɪɴɢ ғᴛx. ғɪɴᴅ ᴏᴜᴛ ᴀʙᴏᴜᴛ ᴛʜᴇ 𝟾% ᴛʜᴇʀᴇ.
Backstory
Backstory TLDR:
Binance got banned in my country * boohoo * but I stumbled on another exchange - FTX while looking for an alternative to cashing out SLP on Binance. Found out that there were 2 apps related to FTX - one which I will recommend (in the guide after this backstory) for HODLing and another for trading SLP/AXS. I wanted to share because I think these apps would suit the needs of any Axie Infinity player.
Hi! Wanted to start my first article a little differently. Come walk in my shoes to find out how I stumbled on FTX for my SLP trading needs. Ready? 1.. 2.. 3.. * Snap In *
So, you’ve been happily playing Axie Infinity and cashing out your SLP earnings via Binance for months. You have a neat system for cashing out in place, and everything works without a hitch. One fine day you wake up to news that Binance is going to be banned by regulators in your country * HORROR!! *
To hell with them! This is not gonna make you quit Axie Infinity.. No way! You'd march up to Trung's house and bang down the door if that's what it takes to cash out your SLP. But... better leave that as the last resort 😆 You frantically search around for an alternative trading platform to trade your SLP and stumble upon one called FTX. You have never heard of it before, given the fact that Binance has always served your needs so well. You just never had any reason to look for another exchange, not to mention the fact that the people around you have always sworn that Binance is THE BEST exchange out there.
You dig around and find out that FTX is actually quite well known. You give it a try and transfer your hard-earned SLP into the exchange, selling PART of it for USD and keeping PART of it unsold in case this was one of those exchanges with too little liquidity and you get ripped off. It sells fine. You, however, murmur at the fact that the withdrawal to fiat options are limited * bah! * guess you have to transfer your USD to one of those 'regulated exchanges' (where neither SLP nor AXS is listed) to cash out your earnings.
You decide to explore further. You use the USD you received from the SLP sale to buy ETH. No problems. You withdraw and transfer the ETH to Metamask, then back through the bridge to Ronin. No issues whatsoever. You’re relieved, you’ve worked out a new system for trading SLP, AXS and ETH so that you can continue to feed your Axie Infinity addiction. Plus, you found a new platform for all your other trading needs, since your existing one that you love is about to be banned in your country. End of story.
NOT… Two weeks later, you read that FTX offers you up to 8% APY on deposits. (Whut?!! Returns for just HODLing crypto in their app??!) Smells scammy! BUT you are even more annoyed at the fact that your unsold SLP that had been SITTING in the app for 2 WEEKS DIDN’T earn anything.
You count the seconds as the app installs. KYC is required for trading, you sigh and go through the necessary. The app bugs out a few times while you go through the process * angers * but you survive in the end. In spite of your better instincts, you transfer your unsold SLP from FTX Pro to FTX. It arrives instantly, and no fees are charged, nice! You stare intently at the app expecting something magical to happen. Nothing.
You come back after an hour to discover that you had gained a fraction of an SLP. You’re amused. So it’s true, you do earn 8% APY on coins deposited!
Amazing! It's like staking SLP WITHOUT staking
You come back after a day to find that you have gained 1 SLP. You are surprised at how delighted you are over something so measly like 1 SLP. Not much, but you think: “SLP is SLP, those who feel like it are more than welcome to throw their SLP at me!”
You're still skeptical. You withdraw your SLP just so you can make sure that the app allows withdrawals. It withdraws to FTX Pro immediately with no fees and no delay. You're not satisfied yet, one more thing left to test. You transfer AXS into the app to see whether the 8% APY works on that as well. Hoho, it works! You want to shout it on the rooftops, but decide to wait a day to see whether you continue receiving rewards. Next day. Still receiving rewards!
Receive rewards on SLP and AXS deposited in the FTX App.
You decide to write on Axie Buzz to share the news with other Lunacians. * Snap Out *
Haha.. ok.. You must be tired by now walking through my story this way. We’ll cut the drama here and jump into the ‘how tos’ of earning 8% APY for HODLing your SLP/AXS. I also introduce FTX pro in this article because I think users have very little control when selling SLP on FTX.
Guide TLDR:
- Use FTX (Blockfolio) for HODLing SLP/AXS
- Use FTX Pro for Trading SLP/AXS
How to: FTX App (formerly Blockfolio)
This is the app that gives you 8% APY on your deposits. I’ll start by showing you how to deposit your SLP into the FTX (Blockfolio) app.
Step 1: Download the FTX (formerly Blockfolio) App
Visit https://blockfolio.com/ and download the FTX app.
Step 2: Register
After the App has been downloaded and installed.
Tap ‘Start Investing’ and go through the registration process.
Step 3: Enter Referral Code (Optional)
Before you make a trade, enter a referral code if you have one. Using a referral code will entitle you to receive a random crypto coin with every trade you make over that has a value over $10. The referral code must be entered in BEFORE making your first trade if you want to enjoy the perk. If you don’t have one, feel free to use mine: 35075952
Tap on ⓵ Invest > ⓶ Gift Icon > ⓷ Enter your referral code
Step 4: KYC
You will need to go through a detailed KYC process before you are allowed to trade on FTX. Have your Government issued ID close by because you will need it for the KYC.
Tap on ⓵ Invest > ⓶ Deposit > ⓷ the app will prompt you to do the necessary
Note: The app bugged out a few times while I was trying to do this. It was quite infuriating, I tried a few times and failed. Weirdly, the thing told me that my KYC was successful when I opened the app again after 10 minutes.
Step 5: Activate your 8% APY rewards
Tap on ⓵ Invest > ⓶ Deposit > ⓷ Earn Up to 8% on your funds > ⓸ Start earning
Once you complete this, anything you have deposited + will deposit in the future will automatically earn rewards.
Step 6: Deposit your SLP from your Metamask account*
*Don’t know how to get your SLP to your Metamask account from the game? Check out Grenfunkel’s comprehensive guide.
On FTX: Tap on ⓵ Invest > ⓶ Deposit > ⓷ Cryptocurrencies > ⓸ Search for SLP > ⓹ Copy the ERC-20 address for SLP
On Metamask: Enter the copied address into your Metamask > Send your SLP to FTX
Pay attention to gas fees when sending SLP from Metamask. If it is more than what you're willing to pay, it might be better to wait until the Ethereum network is less congested. Use the trusty https://axie.live/ And of course, you need ETH in your Metamask to send SLP.
As soon as your SLP is deposited into the wallet, they start earning rewards every hour 🤑 The rewards you receive are the same in kind as the coins held, i.e., If you have SLP you receive SLP and if you have AXS you receive AXS. Psst.. It applies to all coins that the app supports.
The first $10,000 USD value in your deposit wallets will earn 8% APY. Amounts held above the $10,000 USD value will still earn but at a lower rate of 5% APY. If you exceed $10,000 an average rate will be calculated based on the total value of your deposits and applied to all your coins. $10,000 cap too low for you? What are you whales doing here wading in the kiddie pool? 🤣
Step 7: Choose to HODL or Sell
Once you have received the SLP in your FTX App, you can choose to HODL it to receive rewards or sell it.
There is a risk to HODLing your SLP/AXS, DYOR, and be responsible for your own financial decisions. It can be quite risky to HODL SLP because its value could drop more than the rewards you receive.
Step 7 (Option 1): HODL SLP
Some suggestions on whether HODLing SLP might be for you. NFA.
✔️𝓨𝓔𝓐
- You can afford to lose all your SLP (SLP might drop back to $0.04 or less)
- You’re a punter (Yeah, I’ve seen your messages everywhere saying SLP will hit $1😆)
- You take responsibility for your own financial decisions
❌𝓝𝓐𝓨
- You rely on SLP cashouts to feed mouths, buy diapers and pay bills
- You spend every waking moment on discord and twitter screaming at the Axie team, replying to every post they make accusing them of destroying the price of SLP
If you choose to HODL, do nothing. Your deposit will earn rewards automatically PROVIDED you have completed Step 5. No staking needed.
To HODL AXS, just repeat Step 6 but search for the AXS deposit address instead of SLP. Rewards are paid in AXS, I tried 😊
Some suggestions on whether HODLing AXS in FTX might be for you. NFA.
✔️𝓨𝓔𝓐
- You have AXS lying around somewhere doing nothing
- You don't plan to sell, anyone who wants it will have to pry it to from your cold dead fingers
❌𝓝𝓐𝓨
- Axie Infinity's AXS staking has gone live (Stake there instead! Duh!🤦♂)
Step 7 (Option 2): Sell SLP
If, however, your intention is to sell your SLP, good for you! You can do so in this app and receive a random coin for trades above $10 IF you entered a referral code before making your first trade.
Just tap ⓵ Invest > ⓶ SLP > ⓷ Sell > ⓸ Insert no. of SLP to sell > ⓹ Review > ⓺ Slide to submit and sell
Having shown you the steps, I would recommend FTX Pro for selling SLP instead. Any seasoned trader would cry when they see the limitations of the FTX App while trading. All you can do is * boop * key in the amount of SLP you want to sell and slide to sell. Not very versatile tbh...🙄
That’s why I also introduce you to FTX PRO!
How to: FTX PRO
This article has an expiry date: when Ronin DEX goes live 😍
As stated in the section before, it is much better to use FTX Pro for trading SLP/AXS. If you don’t intend to HODL your SLP/AXS, you can transfer them straight to FTX Pro from Metamask. No need to bother about FTX (Blockfolio).
Step A: Register
Register for an account on the FTX website. If you’d like to you can use my referral link to enjoy 5% off fees forever: https://ftx.com/#a=32384325
Prefer to register without a referral? Hop on to https://ftx.com/en
Step B: Download FTX Pro
Click on the phone icon on the website and it will direct you to download the FTX Pro App
To download FTX Pro:
On the website ⓵ Tap the phone icon > ⓶ Choose the type of download > ⓷ Install
Step C: Sign in and complete Level 1 Identity Verification
Level 1 Identity Verification will enable you to trade. No ID is needed but they will prompt you for some information.
Step D: Deposit SLP
If you are depositing SLP from Metamask, the process is the same as Step 6 in the FTX (Blockfolio) app. Only difference is where to find the deposit address.
If, for whatever reason, you have been HODLing your SLP in the FTX (Blockfolio) App, withdraw it from FTX (Blockfolio) and deposit them into FTX Pro then go to Step E.
To find the SLP deposit address in FTX Pro:
Tap ⓵ Wallet > ⓶ Deposit > ⓷ Search for SLP > ⓸ Copy the ERC-20 Address or Scan the QR Code
Deposit your SLP into FTX Pro from wherever you have your SLP using the ERC-20 address.
Step E: Sell SLP
The interface is not as flashy and attractive as the Binance app, but it does the job just as well.
To Sell SLP:
Tap ⓵ Wallet > ⓶ SLP > ⓷ Trade > ⓸ Select Spot SLP/USD > ⓹ Sell Tab > ⓺ Select the type of order you want > ⓻ Key in your desired selling price > ⓼ Enter the amount of SLP to be sold > ⓽ Sell > ⓾ Confirm
Visuals are bigger for this step, too many taps involved
If you selected a limit order as I did, a sell order will be created and your SLP will sell when it reaches your desired price. Market orders sell immediately but you can't specify the price of the trade and there might be slippage.
Once you have sold your SLP for USD you can find it in your wallet and withdraw it in fiat from FTX Pro or transfer it to a regulated crypto exchange in your jurisdiction to withdraw it to cash.
There is a $75 fee * cough cough * for withdrawals from FTX below $10,000. All the more reason to buy ETH and send it back to use in the game, instead of cashing out 😜 If you have no pressing needs of course..
You made it to the end of my yapping 😱 You're a tough one, many have died listening to me ramble, but you survived this far! 😆 Thanks for taking your time! If I ever write articles that are non-gameplay-related in the future, I'll file them under this series I'm calling 'The Savvy Lunacian'. Hope to write some articles about gameplay if I have any good ideas.
That's all for today folks, hope this article was beneficial. Got handy tips on cashing out or managing your SLP/AXS? Leave a comment down below and share it with all of us, let’s THRIVE together =)
*This article is not an endorsement of FTX. Simply my sharing of a platform I stumbled on while looking for an alternative to Binance when it got banned in my country. And of course this is NFA, please DYOR.
**This article assumes that you are familiar with the process of withdrawing SLP from Ronin to Metamask. If you are not, check out this awesome detailed Ronin Bridge Tutorial by @Grenfunkel. If you prefer using Binance or Uniswap, Grenfunkel also gives you the rundown here.
Need referral links? Feel free to use my referral links to enjoy some cool perks.
FTX App (formerly Blockfolio) – get a random crypto coin with every trade over $10
My referral code: 35075952
FTX Pro – Get a 5% discount on fees
My referral link: https://ftx.com/#a=32384325Also, I've recently landed on Twitter https://twitter.com/randombrute_axs
You can be my first follower 🤣
Wowzers! I love the drama! But I did not like the 75$ upon withdrawal. At least I have a new option to use incase Binance gets banned here as well.
Haha, my attempt to make something quite dry more readable. Thanks for your useful guides! Could just link them here instead of write additional (longer!!) content. The $75 withdrawal to cash is quite a bummer I agree 🤣 The HODLing for 8% is quite nice though.
Woah! love your formatting, gotta up my own formatting game as well.🤣 Great info, thanks!
Thanks! Lot's of googling and headaches in the process 😆
Hello, @randombrute! This is @anggreklestari from @OCD team. We saw that you already posted your first post here in Hive! Congratulations and welcome! However, it would be awesome if you do an introduction post. As a sample of what an intro post is, you can refer to this intro post for reference:
Keeping Up With the Buzz - My Introduction to the Hive Community
There's no specific format on how you do your intro post, but there is some suggested content that we would love to see in your post. Information like who are you and where you're from, how did you discover Hive or who invited you, what types of content you want to see here and the types that you want to produce, and what are your expectations in this platform. There's no pressure on this. You can choose whatever information you would like to share.
You can tag me @anggreklestari on your intro post then if you have done with it.
Well, you can explore the communities that are suitable for your content. You can read some of the communities in this post: OCD Communities Incubation Program
If you are looking for tips and information as a Hive newbie, click here: newbie guide.
If you have questions, you can hop into OCD's Discord server and we'll gladly answer your questions. For now, @lovesniper will follow you and we are looking forward to your intro post!
Thanks @anggreklestari for the welcome! Appreciate the informative links provided, will take time to read them =)
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Nice content man, great alternative for binance.
Thanks for the comment! I looked at your previous posts, looks like you're the meme king 🤣
LMAO, I want people to laugh
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