When I got my first Cardano wallet, I thought the only thing it was good for was holding and staking ada. It turns out there’s a lot more it can do!
Fungible Tokens - a definition you won’t hate!
Cardano’s currency is ada, but there are many different fungible tokens available on the network!
So what is a fungible token? You already know – In the real world, you handle lots of different fungible tokens! Quarters and dimes in the US or pounds and pence in the UK. Special tokens to run childrens’ rides and arcade games. Poker chips are a type of token; one blue chip is worth the same as any other. A movie ticket could be considered a fungible token, even though it’s not token-shaped.
Fungible just means that one is as good as the next - they are not unique, and if they have any value, they all have the same value.
Same thing for blockchain tokens! Different Cardano projects have gaming tokens, membership tokens, voting tokens, and tokens that represent a share of some value. Like ada, tokens are trackable on the immutable blockchain ledger. Some have real-world value, and others, like the kid at the carnival, only have value to you.
So – wanna get some tokens?
Play the Lido Nation Every Epoch challenge!(https://www.lidonation.com/en/delegators#everyEpoch) Every five days (known as an “epoch” in Cardano), we present a quiz question or easy task for users to try and earn FREE Cardano tokens.
If you’d like to collect the hottest doggy meme coin on the Cardano network, join a pool in the $HOSKY “rug pool” network. The Hosky project is both serious and fun: serious because it helps pool operators like Lido Nation, and fun because it’s all about collecting millions of low-value coins that feature a pixelated pup. If you are staked to any pool in the rug pool network (LIDO is one!), you can get millions of $HOSKY tokens every epoch (every five days). It’s not quite free, but it only costs a fraction of one ada to participate, so it’s almost free (and totally fun)!
To try it, follow these steps.
- Be sure you delegate your wallet to a Rug Pool like Lido Nation. If you only recently delegated, wait two weeks for your delegation to be fully active on the network.
- In your wallet, click “Send”
- In the wallet address bar, type $rugpool
- In the amount field, enter 2 ada
- Enter your spending password to confirm the transaction
DripDropz.io provides token distribution as a service.
As a user on the DripDropz site, enter your $adahandle or stake address from your wallet and click “Check my Dropz.” Then choose up to 10 different coins and click “Claim my Dropz.”
Trade for Tokens
If you have some ada in your wallet, or $HOSKY, or any other fungible token, you can trade it for other fungible tokens on a Cardano DEX. Popular DEXes on Cardano include MuesliSwap, SundaeSwap, and Minswap.
Let’s say you are a newcomer who opened a wallet, but you don’t have any ada. You also don’t want to buy any - you’ve got rent to pay! But you start playing the Every Epoch quiz at Lido Nation every five days. After ten quizzes, you’ll have earned 80M $HOSKY tokens. You then go plug in your wallet at MuesliSwap, and at today’s prices, you could trade 80M $HOSKY for six ada! That’s not enough to pay the rent, even if you have a very hip landlord, but it’s enough to stake and let your ada start earning rewards or buy your first NFT.
For the full article with links, and the Every Epoch quiz visit Lido Nation: