How to use Aries Markets
Aries Markets is a decentralized platform where you can lend, borrow, swap, and trade cryptocurrencies. Here's a simple guide to using it:
1. Set Up an Aptos-Compatible Wallet: To start, you'll need a digital wallet that works with the Aptos blockchain, such as Petra or Pontem. This wallet will store your cryptocurrencies and connect to Aries Markets.
2. Obtain Aptos Tokens (APT): You'll need some APT tokens to pay for transaction fees (gas). You can get APT by:
Using the Aptos Foundation Faucet: This service provides a small amount of APT for free to get you started.
Withdrawing from Exchanges: Purchase APT on a centralized exchange like coinbase or crypto.com, then transfer it to your wallet.
3. Connect Your Wallet to Aries Markets:
Visit ariesmarkets.xyz.
Click "Connect Wallet" and choose your wallet provider.
Ensure your wallet is set to the Aptos mainnet for real transactions.
4. Initialize Your Aries Account:
After connecting, click "No Account" at the top right and select "Initialize Account".
Approve the transaction in your wallet to create your Aries account.
5. Manage Sub-Accounts (Optional):
Aries Markets allows you to create sub-accounts to separate different trading strategies.
Click "Add Account" and name your new sub-account. Remember, names can't be changed later.
6. Lend and Borrow Assets:
Lending: Deposit your assets to earn interest. Go to the "Lending" section, select the asset, enter the amount, and confirm.
Borrowing: Use your deposited assets as collateral to borrow other cryptocurrencies. In the "Borrowing" section, choose the asset and amount, then approve the transaction.
7. Swap Cryptocurrencies:
Navigate to the "Swap" section.
Choose the asset you want to exchange and the one you want to receive.
Enter the amount, review the details, and confirm the swap.
8. Trade with Margin (Coming Soon):
Aries Markets plans to offer margin trading, allowing you to trade with borrowed funds for greater exposure.
Important Notes:
Security: Always keep your wallet's private keys secure. Losing them means losing access to your funds.
Risk Awareness: Borrowing and margin trading involve significant risks. Only use these features if you understand the potential consequences.
For more detailed information, refer to the Aries Markets Documentation.