Flash Trade: A Deep Dive into Trading and Earning
Aug 12th, 2024 at 17:30
Flash Trade is emerging as a prominent player in the Solana DeFi ecosystem.
1️⃣ Getting Started:
- Open the Flash Trade website and connect your Solana-compatible wallet.
- ❗️Mint Your Pass.
2️⃣ Trading on Flash Trade:
- Select the desired market and asset you wish to trade within the Trade tab.
- Configure your trade by choosing between long or short positions, specifying the asset, position size, and leverage.
- Important: Take the time to understand each setting within the trading terminal to mitigate potential risks. Flash Trade, being a decentralized platform, might operate differently than centralized exchanges.
3️⃣ Managing Positions and Understanding Wash Trading:
- Open positions can be monitored and managed under the Positions tab.
- To close a position, click Close or set up order types like limit orders for automated execution at specific price levels.
- Important: Avoid immediately closing positions after opening them, as this might be interpreted as wash trading, an unethical practice that artificially inflates trading volume.
4️⃣ Exploring Liquidity Pool Opportunities:
- Flash Trade offers liquidity pools where users can deposit assets and earn APY.
- Navigate to the Earn tab, select your preferred pool and the asset you want to deposit, and then click Mint.
- Important: Before supplying liquidity, thoroughly research and understand the specific mechanics of Flash Trade's liquidity pools, as well as the inherent risks associated with DeFi protocols.
5️⃣ NFT Flash Beasts and their Utility:
- The Flash Beasts NFT collection grants holders various benefits, including:
- Reduced trading fees based on the NFT's level.
- The ability to generate referral links.
- For in-depth information on Flash Beasts mechanics, refer to the official documentation.
Despite a potential decline in hype among "airdrop hunters," Flash Trade continues to witness growth in Total Value Locked (TVL) and trading volume. This suggests genuine user participation beyond simply chasing airdrops.
The Flash Trade team actively discourages using the platform solely for airdrop farming and remains committed to providing a robust platform for genuine traders. Consider Flash Trade as a long-term opportunity within the evolving DeFi space.