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How to Buy Moons (Simply Explained for N00bs)

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by COINS NEWS 110 Views

Yesterday I published a post about selling Moons, and many of you asked me for a tutorial on how to buy them.

As promised, here it is!

First: What's Your Profile?

First, you need to decide what's your goal with buying Moons:

  • Profile A) I want to buy Moons
  • Profile B) I want to buy Moons and show them off on Reddit next to my username

The only difference is in the first step - from step 2, everything is the same for both profiles.

Note: it's also possible to buy Moons on the CEX called MEXC, but I wouldn't encourage keeping funds on centralized exchanges, as they're technically not yours.

1 (Profile A). Set Up MetaMask

Install MetaMask from https://metamask.io/download/.

Click "Create new wallet" and write down your seed phrase on a piece of paper.

Never share this with anyone, ever! If a scammer has it, they'll steal your Moons.

1 (Profile B). Set Up MetaMask and Link it to Reddit Vault

Get your 12 words seed phrase from your vault:

Vault -> Settings -> Recovery Phrase

Never share this with anyone, ever! If a scammer has it, they'll steal your Moons.

Install MetaMask from https://metamask.io/download/.

Click "Import Wallet" (not "create new wallet") and paste your seed phrase from step 1 there.

Now you control your Reddit vault address through a MetaMask wallet.

2. Buy ETH on Your Exchange

You're probably a user of Kraken/Binance/Coinbase.

Deposit FIAT and buy some ETH on your exchange of choice.

The amount you should buy is as much as you want to buy MOONs with.

3. Withdraw the ETH to Your MetaMask Wallet

Get your Ethereum address from MetaMask (format "0x...").

Withdraw the ETH from your exchange.

Make sure that the network is ArbitrumOne (not Ethereum). Ethereum fees are expensive and we don't want that.

4. Bridge the ETH from ArbitrumOne to ArbitrumNova

Once the withdrawal is complete, go to https://www.orbiter.finance/ and do the following:

  1. Select Arbitrum One as the network you're bridging from
  2. Select Arbitrum Nova for the network you're bridging to.
  3. Click send and approve everything MetaMask asks you to approve.

At the end of this step, you will have ETH on Arbitrum Nova, ready to buy Moons with it.

5. Swap ETH to MOON on SushiSwap

Go to https://www.sushi.com/swap and select the network Arbitrum Nova in the top right corner.

Select ETH and MOON.

Click swap, and you'll get that much Moons in your wallet.

Pro tip: Make sure to leave a dollar worth of ETH in your wallet for future transaction fees.

Aftermath

Now you have Moons on your MetaMask wallet on the ArbitrumNova network.

Congratulations! ????

You can now decide to just hold them or to provide liquidity in the MOON/ETH pool (this is optional, more details here).

If you decided that you're Profile B (adding Moons in your Reddit vault), the amount of Moons will now be visible next to your username on Reddit.

And of course, remember that you can also earn Moons by getting karma, so make sure to provide helpful comments, engage in the community, and upvote so that you're upvoted back.

Enjoy DeFi! ❀️????

submitted by /u/BusinessBreakfast3
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