How to Buy Geist Finance Crypto (GEIST)
What is Geist Finance (GEIST)?
According to Coingecko, Geist Finance is : What is Geist Finance? Geist Finance is a decentralized, non-custodial liquidity market operating on the Fantom Opera blockchain. The core protocol is based on AAVE, the largest DeFi lending protocol by TVL. The staking and fee distribution system is based on Ellipsis Finance. How Geist Works? The core Geist protocol is a lending market that functions near-identically to Aave. Users may borrow and lend different assets with variable interest rates. These interest rates are determined algorithmically according to the utilization of the lending pool. Asset pricing is determined using Chainlink and Band oracles. When a lender falls below the required collateral ratio, a financial incentive is provided for the liquidator who repays the under collateralized loan. GEIST liquidity mining employs a mechanism first introduced by Ellipsis Finance. All rewards are vested for 3 months. During this vesting period, users are already earning a share of the revenue generated by the protocol. If a user wishes to withdraw their GEIST at any time during the 3 month vesting period, they may do so by paying a 50% penalty. The GEIST taken as a penalty is then distributed to users who choose to lock GEIST for 3 months. This mechanism ensures steady rewards for those who actively commit to the protocol by locking their tokens. What is GEIST token? GEIST is the native token within the Geist protocol. GEIST is a revenue sharing token, not a governance token. The protocol has no concept of governance or ownership, and also no treasury. Instead, 50% of all revenue generated through lending is distributed directly to users who stake GEIST. GEIST tokens can be obtained by buying them from exchanges such as SpookySwap. It can also be obtained as a reward for providing liquidity on Geist.Finance. Assets Supported - Geist is supporting the following assets: FTM, WETH, WBTC, FUSDT, USDC, DAI, CRV What are the fees to use Geist Finance? There is no platform fee to be paid when you borrow besides the advertised Borrow APY on the Markets page. https://geist.finance/markets PODL introduction - The Protocol Owned DEX Liquidity (PODL) is a module that buys LP tokens using 50% of Geist’s FTM treasury rewards. All purchased GEISTFTM LP tokens are locked forever to ensure healthy ongoing liquidity and effectively making less GEIST Tokens available over a long enough timeframe. Audit and Multisigs - A preliminary audit has been performed and can be found here: https://solidity.finance/audits/GeistProtocol/ Additionally, Geist Finance has recently completed an audit with PeckShield with no critical findings. Full report can be found here: https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-Geist-v1.0.pdf As Geist is based on Aave, many of the core contracts are upgradeable by the owner. The team understands that anonymous devs with the power to upgrade contracts may rightfully make some users feel uncomfortable. To mitigate these concerns, ownership of all Geist smart contracts will be placed behind a Timelock contract with a two day delay for any action. Meanwhile, the Geist multisig is a 3/5 safe with non custodial admin rights over the Geist protocol. The five people on the multisig are: ▪️Michael Chen (Fantom Foundation) ▪️Eerie (SpookySwap co-founder) ▪️0xngmi (co-founder DefiLlama) ▪️Aveen Hujiari (co-founder Geist) ▪️Charlie (Curve Finance)
Where can I buy GEIST Crypto?
You can buy Geist Finance on crypto on SpookySwap
Why should you buy Geist Finance?
Geist Finance is really one of a kind project. The roadmap is incredibly promising and if the dev team can keep up with the with it, it's only a matter of time for the market to catch up. It's a very risky play but one that can yield amazing profits. Do you own diligence and research the project further so you can make your own decision.
How to Buy Geist Finance Crypto?
Step 1 - Setting up a Metamask Wallet
Metamask is by far the most used walled in the world of Ethereum. Whenever you want to buy and sell cryptocurrencies or even use blockchain apps that run on the Ethereum Network, Metamask will be your best friend. Setting up the wallet is also very simple and easy.
Head over to metamask.io and click Download. You'll need to use Google Chrome, Brave Browser, Firefox, or Microsoft Edge for this to work. So make sure you are using one of these four browsers. Now at the end of the page, click on the browser you're using and install the extension.
You are now the Welcome Page of Metamask. Click on 'Get Started.' Now click on 'Create a Wallet.' Choose a strong password for your Metamask wallet and continue.
Very Important Part! Keeping your backup phrase safe is the difference between having millions in your account or be that guy on the landfill looking for his old hard drive.
Click on reveal your backup phrase and write every word down on paper. Make sure you don't save your backup phrase on anything digital. This is for your security. After you wrote down your backup phrase, you'll be asked to confirm it. Click on every word in the correct order, and you should be done.
Now since we are using the Fantom Chain, we’ll need to add the Network. I’ll go over this very quickly. Just go over to https://ftmscan.com/.
Bottom right corner click here:
Accept everything on your Metamask and you should have your Fantom Network configured and the network switched to it.
Alternatively you can add the network manually like this:
Click on the upper right corner where you see the image and then click Settings. Select Networks and click on Add Network.
Fill out the boxes with this info:
- Network Name: Fantom Opera
- New RPC URL: https://rpc.ftm.tools/
- Chain ID: 250
- Symbol: FTM
- Block Explorer URL: https://ftmscan.com/
Click Save, and now you have Fantom installed on your Metamask.
Step 2 - Buy Fantom on Simpleswap
Simpleswap is the easiest way to buy crypto today. Free from registrations, KYC and third-party custody. With Simpleswap we can buy FTM and receive it directly on our on-chain Metamask wallet, skipping most of the steps we'd have to take through a traditional exchange.
Click here to access Simpleswap
Just click the Buy/Sell Crypto tab, insert the USD amount you want to trade for FTM, and click "Exchange", just like this:
Now all you have to do is click the Metamask fox logo to directly copy and paste your Metamask Fantom address. It should add it automatically.
You can now choose between Google Pay or card to complete the payment:
Once you complete the payment, all you gotta do is wait a few minutes for the payment confirmation, and for the on-chain transaction to complete. Once all that is completed you should see your updated balance in Metamask.
Step 3 - Buy Geist Finance on SpookySwap with FTM
SpookySwap is currently one of the best Decentralized Exchanged for the Fantom Chain.
Before we head over to SpookySwap, we need to prepare your Metamask Wallet to receive Geist Finance. Open Metamask, scroll all the way down, and click here:
Select Custom Token and paste this token contract address there:
0xd8321aa83fb0a4ecd6348d4577431310a6e0814d
The rest should autofill, and you need to click next and then add tokens. Your account is now ready to receive Geist Finance( GEIST).
You can check the price and confirm the correct token address of Geist Finance on Coingecko.
Let's buy some Geist Finance!
Go to Spookyswap. On the upper right corner, click on Connect Wallet and select Metamask. A confirmation popup should open on Metamask (click on the "little fox logo" if you don't see it).Now you need to accept, connect, and your wallet should be connected to SpookySwap. Make sure your metamask says Fantom on the top.
Select a token and paste the Token contract address: 0xd8321aa83fb0a4ecd6348d4577431310a6e0814d
Click Import and accept the terms.
Now you have to select the amount of FTM you want to trade for GEIST. After you confirm it, another popup will appear from the Metamask extension and you should approve the transaction.
Wait a few minutes, and your GEIST should appear on your Metamask Wallet.
Congratulations! You are now a proud Investor of Geist Finance!
In case your transactions keep on failing, adjust your slippage tolerance. To do that, click on SpookySwap's gear icon, and put 5% here:
Check out Geist Finance links:
Website: https://geist.finance/
Twitter: https://twitter.com/GeistFinance
Telegram: https://t.me/geist_finance
Explorer: https://ftmscan.com/token/0xd8321aa83fb0a4ecd6348d4577431310a6e0814d
Please make sure you read our Disclaimer. We are not financial advisors.
