Crypto Basics: Navigating the World of Solana - Part 2

In this video, we'll quickly cover:

1. What is a secret recovery phrase?

2. Seed phrase & secret recovery phrase are the same

3. What is a private key?

My name is Seb Monty, and this is part of the course designed to take you from 'Zero to Hero,' providing all the blockchain skills needed so you can excel in the Solana ecosystem and hopefully make some profitable crypto trades.

This video will cover the following: 

• How does Marginfi work?

• What are Mrgn points?

• UXD - Stablecoin

• Which is the safest stablecoin?

• How to lend & earn annual percentage yield (APY)?

• How to swap USDC to UXD?

• How to lend by depositing SOL/USDC?

• How to borrow SOL/ETH?

• Tips to maintain a good health factor

• Find out if this is a non-taxable event

• Aave - Lend/Borrow on ETH network

• How to pay back your loan?

• How to claim UXP?

Keeping it nice and easy in this lecture by covering the following:

• How to create your Twitter profile?

• How to brand your identity using a consistent PFP?

• Discord & Telegram Solana domain names

This lesson, we will go over the following:

• Wallet management tips for staking SOL

• How to stake SOL?

• Stages involved in staking:

• What is stake rent?

• Earning potential:

• How to choose who to stake your SOL with?

The two main things you need to consider when choosing who to stake with: 

• Choose one with less than 5% commission

• Choose one with fewer delinquencies

How to unstake your SOL.

• To unstake Solana and get it back in your wallet, click on the stake account, and then click "unstake." This will deactivate the stake.

• After unstaking, the Solana will remain deactivated until the end of the epoch, which can be tracked on Solanabeach.io

• An epoch takes about two and a half days, and you can unstake or stake at any point during it.

• To withdraw the unstaked Solana, click on your Solana stakes, locate the inactive stake, and withdraw it manually.

• Unstaking involves a two-part process of deactivation and withdrawal in the next epoch.

Using Solscan & Other Solana Explorers:

1. Introduction to Solscan:

   • Visit solscan.io.

   • Copy your Solana address from the Phantom wallet.

   • Paste the address into Solscan and click search to view transactions and other related details.

   • View a specific transaction's details including its signature (transaction ID), block details, timestamp, and result (e.g., success/failure).

2. Recognizing and Removing Scam Tokens:

   • If you notice unfamiliar tokens, they might be scams.

   • Click "Burn Token" in the Phantom wallet to remove such tokens.

3. Using Other Explorers:

   • Official Solana Explorer: Offers in-depth data which can be complex for some users.

   • X-Ray: Has a user-friendly interface, highlights compressed NFTs.

   • Solana Beach: Useful for staking-related insights, showing epochs, validators.

   • Solana.fm: Shows net worth in SOL & USD, transaction details, TPS (Transactions Per Second) info, and other account details.

4. Understanding Transactions:

   • View transactions from your wallet.

   • Click on a transaction to see its details on Solscan.

   • Check the signer, transaction fee, token transfers, Solana balance changes.

   • Recognize the role of the rent reserve and how it affects Solana balances when creating token accounts.

   • Understand the fee structure and how fees are applied to transactions.

5. Swapping Tokens (e.g., Using Jupiter):

   • View the details of a swap transaction on Solscan.

   • Understand how the transaction interacts with a DeFi protocol and how tokens are transferred between addresses.

6. Staking Solana:

   • View staking transactions and interactions with the staking program.

   • Understand the concept of instructions in transactions (covered more in-depth in an intermediate course).

7. Interacting with NFT Marketplaces (e.g., Magic Eden):

   • View NFT purchase/sale details.

   • Understand how the Solana and the NFT token balances change as a result of a transaction.

   • Recognize bots attempting to make quick profits on listings.

8. Summary & Future Potential:

   • Encourage users to practice by inspecting transactions on Solscan.

   • Highlight the potential benefits of a public ledger system for increased transparency and accountability.

1. Getting Started:

   • Navigate to "bonfida" on Twitter and click on "sns.id".

   • Connect to Phantom wallet.

2. Why Short Addresses:

   • Traditional Solana addresses are long and challenging to remember.

   • Short addresses can act as a more user-friendly alternative.

3. Choosing a Domain:

   • Potential options include personal names, business names, or even quirky terms.

   • Search and checkout a chosen domain, like "Solana school".

4. Customizing Domain Storage:

   • Increase storage for a fee if needed.

5. Payment Options:

   • Can pay in USDC or convert to "feeder" for a discount.

6. After Purchase:

   • Domain is specific to the Solana network.

   • I Recommend to have a web 2 domain, like "sebmonty.link".

7. Linking and Using the Domain:

   • Use "solskan.io" or Solana Explorer to link and view domain names.

Here's what I'll be covering:

• History of Magic Eden Wallet

• Management tips

• Magic Eden walkthrough

• How to buy and sell an NFT

• How to manage orders

• Magic Eden Loyalty program

How to detect and avoid crypto scammers: 

1. Beware of Fake Websites:

   • Never input your seed phrase or private key into any website unless you're 100% sure it's the legitimate site of your crypto wallet.

   • Always double-check the website's URL. Scammers often create websites that look identical to legitimate ones with slightly different URLs.

   • Use tools like browserling.com to check out a website without actually visiting it.

2. Be Suspicious of Social Media:

   • Do not trust Twitter or Reddit accounts offering support for wallets like MetaMask. Always go to the official website for support.

   • Beware of fake companies on Twitter, even those with verification ticks. Look for signs like misspellings, suspicious links, and blocked comments.

   • Never trust DMs from people posing as project founders or prominent figures in the crypto community.

3. Never Share Your Seed Phrase:

   • Your seed phrase is the key to your crypto holdings. Sharing it with anyone can lead to loss of all your assets.

   • If you're asked for it, it's likely a scam.

4. Use Reputable Wallets:

   • Use well-known wallets like Phantom for Solana, Ethereum, and Polygon. Always download from the official website or app store.

   • Consider using hardware wallets like Ledger for added security.

5. Beware of Scam NFTs and Tokens:

   • Scammers might send you NFTs or tokens. Always double-check before interacting with them.

   • Avoid clicking on links within the NFTs, even if they seem legitimate.

6. Be Cautious with Files:

   • Avoid downloading files, especially .zip, .rar, Microsoft Office documents, .pdf, .img, and .iso. They can contain malware.

   • If you must open a file, use tools like Google Docs for PDFs and ensure your computer has updated antivirus software.

7. Protect Your Personal Information:

   • Use privacy settings on platforms like Discord to prevent unsolicited messages.

   • On Telegram, ensure your phone number is set to "nobody" to prevent it from being shared.

8. Use a Password Manager:

   • This tool helps you maintain strong, unique passwords for each site and can assist with two-factor authentication.

9. Stay Educated:

   • Continue to educate yourself about the latest scams, and always be cautious.

   • When in doubt, ask a trusted source or community before taking action.

10. Operate with Vigilance:

• Don't make transactions when you're tired, intoxicated, or distracted. Mistakes can be costly.

• Double-check wallet addresses, especially when transacting large amounts.