In the previous post, I explained how to buy TUT for dummies. This new post is focused on holders who already have tokens and want to do TUT farming to support the protocol and get more rewards for...
How to buy TUT tokens?
Getting started in the DeFi world is not an easy task, that's precisely why we teach and offer the DeFi Bootcamp. In this post I will explain in the simplest possible way to buy TUTs, and it will be accompanied by a course in Tutellus with the same objective. Let's get started.
1. TUT token, ¿what is it and used for?
TUT is the Tutellus utility token that serves to incentivize the community, boost growth and capture the value generated by users. The TUT is a token available on the Polygon network (Ethereum sidechain), so we can interact with it with the same tools we work with in Ethereum.
The TUT also incorporates DeFi staking and farming services (we will see later what they are), and allows companies and projects in the Tutellian ecosystem to fund themselves and grow. For all these reasons, the TUT is much more than a token: the TUT is a protocol that can be used both inside and outside Tutellus, in any university or educational center. Read the whitepaper to understand its potential.
2. The dAPP, ¿how does it work?
Tutellus' dAPP (decentralized application) is the interface we use to - connected with our Metamask - interact with the token and the blockchain. The dAPP works by interacting against 8 vaults and smart contracts that are deployed on the Polygon network. We will add new contracts, such as LaunchPad. From Tutellus we do NOT control anything that happens, it is the smart contracts that drive the operation and the tokenomics, as we have collected in the whitepaper. Let's look at each point to better understand the project:
- The token address. The first time we will copy it to be able to add the token in our Metamask (Assets > Import token > paste the adress). NEVER buy a TUT that does not match this adress, there could be fake copies. If you always interact from the Tutellus website, you will have no problems.
- TUT token balance. The amount of TUT tokens you have in your wallet.
- Liquidity token balance (LP token) we have in our Metamask. We express the unit in µLP tokens (i.e. 1 LP token = 1,000,000 LP tokens). WARNING: we should not have LP tokens in our balance, they should always be in farming, producing more TUT! we have added it so that the clueless can easily notice it.
- Quantity of TUT in the Staking contract (a kind of deposit by which we encourage you to leave TUTs with new TUTs).
- Quantity of TUT in the Farming contract (the liquidity pool where you contribute the LP token, i.e. the same amount - in value - of TUT as BTC to reinforce the protocol to be more liquid).
- Rewards for Farming, today with an annual return of approximately 150%.
- TUT tokens claimable by holders who could buy in the private sale. They are unblocked each block during the first 8 months.
- Rewards for Staking, today with an annual return of approximately 30%.
This information will appear when you connect your Metamask. The dAPP does not know who you are until you connect. And be careful: for the dAPP you are an adress, here there is no traditional user registration of the webs. Let's continue.
8. Rewards that the protocol gives for Farming. They change depending on the amount of money blocked in the contract.
9. TUT price. It varies every time there is a transaction in the liquidity pool (buy or sell), or when Bitcoin changes price (since the pool is created against BTC).
10. Rewards that the protocol gives for Staking. They change depending on the amount of money blocked in the contract.
11. TUT statics. In Details, you have all the info about vaults and contracts.
12. TVL or Total Value Locked in the protocol, both in Staking and Farming.
13. MarketCap of the protocol: the number of tokens in circulation times the price of the token.
3. ¿How to buy TUT?
To be able to buy TUT tokens you need to do several things first:
- Have Metamask (recommended) or WalletConnect installed. Metamask is the most used wallet in DeFi to interact against dAPPs and web3 services, download it from here.
- Have the Polygon-Matic network configured in your Metamask. As the TUT works in Polygon we have to add this network to our Metamask. You do it from here, search for it and once you have connected your Metamask, add it (the 1st one, Chain ID=137).
- Have some MATIC in your Metamask, in the Polygon network. A lot of people get lost here: transactions on any blockchain have a cost, which are paid in the native token of the network. In the case of Polygon, they are paid in MATIC. They are really cheap (approx. $0.005 for the simple ones), so with 1-2 MATIC you get a lot of money. But if you have 0 MATIC in your balance you can't do anything. Now, how do I get MATIC?
- In an Exchange, like Binance: you buy MATIC and send it to your Metamask through the Polygon network.
- At any DEX or AMM if you are already a DeFi user, and you can use a bridge like this one.
- Finally, have "money" with which to buy TUTs. Any token in the Polygon network will do: MATIC, USDC, USDT, WBT, ETH... whatever we want. Once we have some MATIC and "the little money", we can buy the TUTs.
The TUT was listed on Sushiswap on October 14 at 19h UTC+2 at $0.25, but it barely held at that price and I honestly don't think we'll ever see it again (I know about "never say never", but trust me... we bore it). As it gets more use both on and off the shelf the need to own it will increase.... but that's another movie. Now let's move on to how to buy it.
When we click on the buy button we are redirected to Sushiswap, one of the most important AMM (Automated Market Makers) in the world. The TUT is listed in Sushiswap, and the first thing we have to do is to give Sushi permission to let us interact with the TUT and import it:
Once we import it, we go to Sushiswap and we can already buy the TUT against any token: notice that by default it loads WBTC, but we can change it for the token we have in our Metamask:
Once we add the amount we confirm the transactions and .... That's it! we already have the TUTs in our Metamask, and we will see them in the dAPP Balance, in Tutellus.
4. And after I buy, what do I do with the TUTs?
I always say that "the unwise thing to do is to do nothing with your tokens, you should put them to work". You have 2 options:
- Staking. We have told you before, you only need TUT.
- Farming. You also need WBTC to provide liquidity to the pool. This is more complicated and we will see it in another post.
Nothing more for now! Thank you for your support of the project and we are convinced that we have laid the foundations of something very, very big.
Let's keep going!