I'm new to Alephium: Where TF do I Start?

MowreezMowreez
9 min read

Quick TL; DR: The BSC bridge is here, and this article is designed to help newcomers get started. We'll guide them in setting up a wallet, exploring DeFi opportunities like DEXs and yield farming, introducing our tools, and inviting them to join our community channels. This article is also helpful for those who have recently joined but are still exploring and trying to find their footing.

Welcome to Alephium, where Proof of (Less) Work meets the power of decentralized finance (DeFi) and a vibrant community. The ecosystem has grown significantly with the launch of our first bridge to Ethereum, resulting in increased TVL, more wallet activity, and new enthusiastic community members and builders. Now, with the upcoming launch of the second bridge, the BSC Bridge, which allows seamless integration with Binance Smart Chain (BSC), it's the perfect time for newcomers to explore the Alephium ecosystem.

I know this place is new to you, so I’m sure you’d be asking ‘where tf do I start?’ so let me show you around and let’s break down everything you need to get started—from setting up a wallet to discovering groundbreaking DeFi projects, NFTs, and more. LFG.

Alephium in a Nutshell

Alephium is a unique Layer 1 blockchain that combines the security of Proof-of-Work (PoW) with the efficiency of sharding. This design offers infinite scalability and robust security, positioning Alephium as a powerful platform for the future of decentralized applications (dApps) and finance.

For more context, in set theory, the Hebrew aleph (א) glyph is used as the symbol to denote the aleph numbers, which represent the cardinality of infinite sets. This notation was introduced by mathematician Georg Cantor. For the nerds, here’s the sauce.

Circling back to the topic, the upcoming BSC Bridge will enable cross-chain compatibility, making it just as easy for BNB holders to participate in the Alephium ecosystem as it was in the Ethereum ecosystem.

Setting Up Your Wallet

To interact with Alephium, you’ll need a compatible self-custodial wallet. Rumor has it, Alephium Wallets are the best crypto wallets available today. Here’s a quick guide for you:

  1. Download a Wallet: Choose a software wallet that supports Alephium, like the official Alephium Wallets (Desktop, Extension, or Mobile for both Android and iOS) or compatible wallets like the Sesame Wallet, FxWallet, Zelcore, and Linx Labs Wallet (upcoming). For best practices when downloading a crypto wallet, always start by visiting their official Twitter (X) handle: Ex. alephium. Do this when you're alone, and install the wallet on a freshly installed operating system.

  2. Setup & Backup: Follow simple setup instructions and ensure you back up your recovery phrase. This is crucial for keeping your funds safe.

  3. Fund Your Wallet: You can get $ALPH from many exchanges - from Gate.io, MEXC, and Uniswap. Take note that there are many more exchanges, but these three I mentioned have the highest trading volume. You may proceed with this link from Coingecko and scroll down to Alephium Markets for more details.

Hardware Wallets: Currently, Alephium is integrated with Ledger and OneKey. Tangem has recently announced their roadmap, which includes plans for Alephium integration. SafePal will support ALPH by the end of this month! (end of November!)

Exploring DeFi on Alephium

DeFi is one of the most exciting aspects of Alephium’s ecosystem, providing users with opportunities to earn passive income with LP yields (Liquidity Pool), trade, and just participating in decentralized finance in general. A few highlights include:

  1. Launchpad. AlphPad is the one and only premier launchpad of Alephium. This is the community's chosen method for raising funds for a project. So far, they have helped 7 projects launch with an initial Decentralized Offering. So, if you're interested in investing on IDOs, be sure to check them out here.

    Image Credit: https://x.com/ron_kda/status/1854985887995580444/photo/1

  2. Decentralized Exchanges (DEXs): Currently, there are FOUR live dapps where you can swap ALPH for tokens. We have our version of Uniswap v2 and is also the very first Dapp in Alephium, AyinCoin. Next, we have two Ve33 Dexes (DEX model popularized by Andre Cronje), Elexium Finance and Swapa. And finally, we also have a Limit Order DEX, Called CandySwap.

    Actually, there’s five if you will include the upcoming very powerful Concentrated Liquidity AMM DEX (CLAMM) called Invariant, which is already live in the testnet.

  3. Yield Farming & Staking. If you're into yield farming like I am, head straight to the documentation of Ayin, Elexium Finance, and Swapa. (direct links to the documentations provided!) As of now, Elexium Finance offers the highest APYs. However, be sure to check back with AYIN before Christmas, as they will start releasing a series of updates every Wednesday (We-Got-You-Wednesdays) until Christmas.

    On top of the DeFi platforms, we also have Phoenix Finance by Mgpai - Decentralized degen finance for Alephium & Ergo blockchain. It is a hodling game where you tend to earn more ALPH as you hold longer than other participants. The hodlALPH was launched in March 2024. Check out their website and don’t forget to check the HodlCoin Game Paper.

  4. NFTs: Alephium isn’t just about DeFi—it’s also home to a diverse world of NFTs. Check out:

    • NFT Marketplaces: Explore Alephium’s NFT marketplaces where you can buy, sell, and trade digital collectibles. We have Alphaga NFT Market-

      and Deadrare.io.

    • Creating Your Own NFT: For those who want to get creative, you can even mint your own NFTs directly on the Alephium blockchain! Oh, here’s a guide if you want to create your own NFT collection. Here.

  5. Games and Entertainment on Alephium

  6. Analytics and Tools: For those who like to keep track of the numbers, here are some top tools to stay informed.

  7. We also have a Developer Marketplace which recently launched on Alephium. If you want to build on Alephium and has the right amount of experience and capital building Dapps, you can look into AlphDevs for inquiry.

Lastly, if you want to have all of these projects in one page, head out to Alph.Land. And if you’re a builder, don’t forget to register your creation there!

The Most Anticipated Launches on Alephium

Before I send you to the coolest hangout places around, let me first introduce our pride and joy. These projects are the most awaited launches on Alephium. Every OG is involved with this, and we’d love for you to join us on this journey. Please note, the following projects are not launched yet, and we will all be harnessing their power at the same time on their designated launch dates.

In no particular order: (articles included)

  1. AlphbanX - AlphBanX is a decentralized lending platform where you can borrow AlphBanX Dollars (ABD) using Alephium as collateral. Their most anticipated IDO (or ICO for the old school folks) will happen on AlphPad. Learn more with our blog: AlphBanX: Behind the Code, and the docs here.

  2. Mined.Fi - The first DePIN to launch on Alephium. A liquid mining platform that democratizes ASIC mining by decentralizing operations and redistributing mining rewards to individuals via vaults. Head out to their docs here.

  3. Linx Labs is a massive protocol boosting DeFi with a platform for trading, lending, earning, and spending on the Alephium Blockchain. Their intro project, P2P Swaps, is live at linxotc.com/trading, allowing users to trade coins and tokens easily. Soon, they will launch their P2P Lending, which is already being audited, offering flexibility with or without liquidation terms. Additionally, they will also be launching their own Lending Protocol, touted as the 'AAVE of Alephium,' which will enable borrowing collateralized by your assets. Furthermore, the Linx Wallet will support ALPH, offering a feature-rich experience for managing loans, sending gas-free transactions, and the use of their DEX aggregator to swap inside the wallet and get the best deal for you from AYIN and Elexium Finance! Hold up, we’re not done yet. They will launching a physical card that will enable users to pay at any merchant that accepts card payment. What it does is it converts crypto to fiat at the point of sale. I suggest you head out to their website to learn more: https://linxlabs.org/

  4. Ralph Builder - The upcoming AI project on Alephium which helps new builders to create and audit smart contracts built on Ralph programming language.

  5. Onion - As of now, there are no specific details available, and the project remains quite mysterious! Discover more about this project by following them on Twitter (X): https://x.com/onionalph and on Telegram here: https://t.me/onionalph.

Joining the Community

The Alephium community is vibrant, with something for everyone. Whether you’re looking to join discussions, stay up-to-date with the latest news, or share your latest NFT, here’s where the cool kids hang out:

Final Thoughts

Alephium’s ecosystem is expanding quickly, especially with the addition of the $BNB community via the BSC Bridge. From DeFi to NFTs and games, there are countless ways to get involved and take advantage of what Alephium has to offer.

Welcome aboard, and enjoy your journey through Alephium! Once you're onboard, don't forget to say hi on Twitter. Feel free to grab some of our PFPs (amolyus) and add the Aleph symbol (ℵ) to your name! Cheers! 🥂

***Disclaimer:***The information provided in this article is for informational purposes only. It should not be considered financial advice. You should consult with a financial advisor or other professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first conducting their own research and due diligence. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. Remember that investing in crypto involves risk, and past performance is no guarantee of future results.

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Mowreez
Mowreez

Your friendly ALPH neighborhood.