HackerNoon’s DeFi Writing Contest with SORA Network: XSTUSD Use Cases

HackerNoon’s DeFi Writing Contest, in partnership with SORA Community, provides prize cash in a stablecoin referred to as – SORA Artificial USD aka XSTUSD.

A few of you is likely to be 100% degens and already know what to do.

This submit is NOT for these of you.

For the remaining, let’s use this chance to higher acquaint ourselves with the XSTUSD stablecoin, HackerNoon’s DeFi writing contest, and even the Polkadot Community on the whole. This one’s gonna be an eye-opener!!

HackerNoon’s DeFi Writing Contest Particulars

By merely writing a DeFi story on HackerNoon, you develop into eligible to win prize cash.

• Learn extra about HackerNoon Writing Contests here.
• Begin writing tales here.
• Be taught extra about submitting tales on HackerNoon here.

The prize cash is sponsored by SORA Community – a Polkadot Layer-1 for DeFi.

In case your story wins, you’ll obtain an electronic mail from our group asking in your Polkadot pockets tackle and a few particulars equivalent to your title and electronic mail tackle.

Easy methods to Get Polkadot Pockets on Desktop?

The DeFi degen approach is to get your pockets straight from the supply – polkadot.js.org.

For those who’ve learn this far, you’ll in all probability be greatest served by clicking on the choice that says- extension. This can set up a polkadot pockets as a browser extension – kinda like Metamask.

There are alternatives to obtain for Chrome or Firefox on the time of writing.

On profitable obtain, you’ll be requested to create a brand new account:

Subsequent, save your mnemonic, give your account a reputation, and for true-blue polkadot magic, decide – ‘Permit use on any chain.’

Selecting ‘Permit Use on Any Chain’ principally helps this pockets to resolve addresses throughout any of the Polkadot parachains. SORA Community is one such Polkadot parachain.

Alternatively, for those who’re the traveler kind, get the SORA pockets on cellular as an alternative of your desktop -or get each!!

Now, while you get that electronic mail from HackerNoon asking in your pockets tackle (despatched to all winners each month), for those who’ve received our DeFi writing contest, decide pockets kind as ‘Polkadot Pockets Deal with’ after which copy-paste your pockets tackle (obtainable on the browser extension on the highest proper of your chrome browser).

HackerNoon sends out all funds over the weekend together with an electronic mail with the transaction hash to the e-mail tackle offered by you. For those who get that electronic mail, it means your XSTUSD has been efficiently despatched to your pockets tackle.

You possibly can stake it, convert it into one other token and stake that, convert it to a different stablecoin, and bridge it to the Ethereum community.

Since lots of you’d be first-time SORA Community customers, HackerNoon shall ship you $10 value of XOR alongside together with your winnings (by deducting $10 out of your winnings) to assist cowl the primary few transactions! This can prevent the step of getting XOR first!

Easy methods to Stake your XSTUSD on Polkaswap?

1. Go to Polkaswap.io and join your Polkadot pockets to your account
2. Click on on ‘Staking’ and select the token that you simply wish to stake
3. Since you have got XSTUSD, the best could be staking XSTUSD however you may also swap your XSTUSD for different tokens (defined later) and stake these tokens as an alternative

Easy methods to Swap your XSTUSD to a different token on Polkaswap?

1. Go to Polkaswap.io and join your Polkadot pockets to your account

2. Click on on ‘Swap‘ and select the XSTUSD within the ‘from’ part

3. Enter the quantity of XSTUSD you wish to swap

4. Select the token you wish to swap to within the ‘To’ part

5. Click on ‘Swap’ after which assessment the pop up which is able to look one thing like this – (I picked DAI within the ‘To’ part for this instance)

6. Click on ‘Verify’ to finish the swap

Easy methods to Bridge my Tokens to the Ethereum Community?

For all of the tokens that additionally exist on the Ethereum community, as they do on the SORA Community, you’ll be able to bridge them to the Ethereum Community to make use of them on Ethereum dApps, switch to Metamask wallets, or just transfer them to centralized exchanges for off-ramps to FIAT cash.

1. Go to Polkaswap.io and join your Polkadot pockets to your account
2. Click on on ‘Bridge’ and select the token you wish to bridge over to the Ethereum community
3. Join your Metamask pockets tackle to Polkaswap
4. Select the asset you wish to bridge over to the Ethereum Community
5. Professional-Tip: Swapping your XSTUSD to DAI after which bridging over DAI to Ethereum is claimed to be the most effective wager resulting from liquidity constraints on the opposite tokens
6. Click on ‘Verify’ and also you’ll be prompted to signal the transaction on each, the SORA and the Ethereum networks (you will want to have some ETH in your metamask simply as you want XOR in your Polkadot pockets)

I bridged 2 XOR from SORA to Ethereum, and it was accomplished in about 3 minutes, costing me $5 GAS on ETH and 0.7XOR on SORA

Click on on ‘Add <Bridged_token_name> to Metamask’ to indicate your bridged token’s steadiness in your Metamask account. In my instance, it was ‘Add XOR to Metamask.’

Additional Studying on SORA Community

Take a look at the SORA Website, Twitter, and, Reddit for extra particulars.

For devs, try their GitHub and their wiki.