How I Got Free Crypto To Use DeFi Blockchain Applications Like Yieldly From Coinbase
So far I have earned $28 in crypto just for passing quizzes and now I’m getting rewards from staking.
Okay, $28 doesn’t sound like a lot, but when you are using it to test out an application, it is enough to get you going with nothing to lose. Coinbase provides you with a free asset that in my case, increased in value. Good luck getting your local bank to do that.
In this article, I’ll show you how I was able to get the free assets, and how I was able to trade them from Coinbase to Yieldly to get DeFi rewards.
Recently, I have written a few articles about Yieldly, the world’s first no-loss lottery built on the Algorand blockchain. I used the funds I had collected from taking quizzes on Coinbase to be able to test out this new project without fear of losing my own money.
Yieldly — The World’s First No-Loss DeFi Lottery On Algorand
14 million dollars already staked and growing. Here is how to get started.
Decentralized finance (DeFi) applications like Yieldly run on gas (fees) that are collected in the form of crypto such as Ethereum’s ETH or Algorand’s ALGO. Trying them out for free isn’t possible.
It is like going to test drive a car and they have you pay for the gas.
Today, I received a notice I could earn $3 USD worth of the crypto BOND by taking 3 quizzes. BOND is the coin produced by BarnBridge. I jumped on it as quickly as I could because Coinbase limits how many can collect the reward. I have been waitlisted before by Kyber Network, so I didn’t want to miss out again.
Before I get into it.
Disclaimer: I don’t work for Coinbase, Algorand, Yieldly or BarnBridge. No links are affiliates. This is for information and entertainment only, not financial advice. Blah, now that is over with back to the show.
Here we go:
Log into your Coinbase account provided you have one.
(If not, go get one and come back. If you don’t want one, I’m not sure why you are still here, but keep reading anyway, I can use the reading minutes;))
Coinbase rewards can be found on the website by clicking on the little gift icon:
Once on the rewards page, click on the quiz button for earning coins. The quiz will pop up and you can scroll through to read about the platform sponsoring the quiz. Click on the answer (you can choose until you get it right) and you earn $1 in the coin, in this case, I got $1 of BOND.
Click next lesson and answer that question.
After the last question, click on the back to rewards button to take you back to rewards.
Once there you will see how much you have earned.
You can choose to keep your BOND or convert it to any asset listed on Coinbase. Click on the portfolio icon to see your new asset.
I wanted more ALGO so I could add it to the lottery on Yieldly. So I clicked on the trade icon and selected convert. This is what the convert box looks like. (I forgot to get a screenshot as I was trading.)
Here is what the convert box looks like before trading:(I had it on BTC, switched it to ALGO after screenshot)
Here is the post-trade box:
Now that I have my ALGO, I can either leave it in Coinbase and earn 4.00% APY or move it over to Yieldly through the MyAlgo wallet. If you don’t have a MyAlgo wallet, here is a walkthrough to get you there:
How To Set Up A MyAlgo Wallet
And how to get started using your ALGO for DeFi applications using the Algorand Blockchain
Once you have an address set up in MyAlgo you can go to the send/receive button on Coinbase and paste in your MyAlgo wallet address in the To box and click continue.
You will need to confirm your transfer and fee. Once this transaction takes place you will be able to see your funds in your MyAlgo wallet.
To return your funds to Coinbase, go into your MyAlgo wallet and copy in your receive address from Coinbase and send it. The fees have been consistently 0.001 ALGO for the transactions on Algorand which is nothing compared to what I was seeing using Ethereum.
Hopefully, Coinbase continues this feature as it has been a great way to dip my toes into the DeFi world without the fear of loss. There are other ways to earn rewards on Coinbase outside of the quizzes but it would require some sort of financial transaction either by you or someone else.
If I missed something let me know in the comments and as always…
Thanks for reading!