What is TokenFi and How it Works

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One of the most promising uses of crypto is the tokenization of assets. Tokenization is representing assets as tokens on a blockchain. However, the standard tokenization process can be long and expensive. TokenFi (TOKEN) solves this problem.

What is TokenFi?

Floki has been around for a long time now. They recently came out with a new token called TokenFi. TokenFi aims to give users all they need to tokenize an asset in a simple all-in-one platform without writing a single line of code.

In other words, TokenFi is an all-in-one tokenization platform for launching tokens or tokenizing assets in just a few clicks using a simple WYSIWYG interface without writing a single line of code.

Read More: SRC-20 Tokens Within the Bitcoin Blockchain

The TokenFi platform will allow users to:

1.     Launch a simple crypto token

2.     Launch advanced crypto tokens, (e.g., Burn functionality. Marketing/treasury fee, buyback and burn, etc.)

3.     Raise funds for your token

4.     Connect with market markers and exchanges for deeper liquidity

5.     Connect with influencers and thought leaders to help get the word out about your token

6.     Tokenize Real World Assets (RWA) that are not securities.

How Does TokenFi Work?

TokenFi makes it easy for anyone to launch tokens and smart contracts on EVM chains. With just a few clicks, you can create and launch ERC-20, ERC-721, or ERC-1155 tokens/smart contracts on the EVM blockchain, without having to write any code.

Here is a step-by-step overview of how TokenFi works:

  1. The asset owner creates a TokenFi account and connects their wallet.
  2. The asset owner uploads information about the asset they want to tokenize, such as a description, photos, and legal documents.
  3. TokenFi creates a tokenized version of the asset on the Ethereum blockchain.
  4. The asset owner can then sell or distribute the tokens to investors.

Investors can purchase tokens representing ownership of the asset. The tokens can be traded on exchanges.

How to Buy TokenFi

One way to buy TokenFi is through a decentralized exchange (DEX) which supports the blockchain where your TokenFi is.

This guide will show you how to buy TokenFi by connecting your crypto wallet to a decentralized exchange (DEX) and using your Binance account to buy the base currency.

Step 1: Download a Trust Wallet

Trust Wallet is one of the most integrated crypto wallets you can download. On your desktop, download Chrome and the Chrome extension.

If available, download the app from Google Play or the App Store. Make sure to download the official extension and app from Trust Wallet's website.

Step 2: Set up your trust wallet

Create a crypto wallet account by installing the wallet's Google Chrome extension or mobile app. You can find instructions on the wallet's support page. Be sure to keep your seed phrase safe and write down your wallet address. You will need it later.

Step 3: Buy BNB Chain

After setting up your wallet, log in to your Binance account and go to the Binance Crypto webpage to buy BNB Chain.

Step 4: Transfer your BNB Chain to your wallet

After purchasing BNB Chain, navigate to your Binance wallet and locate your BNB Chain holdings. Click “Withdraw” and complete the required fields.

Select the BNB Chain network, provide your wallet address, and enter the amount you wish to withdraw. Click “Withdraw” and await the arrival of your BNB Chain in your Trust Wallet.

Step 5: Choose a DEX

Before choosing a DEX, check that it supports the wallet you selected in Step 2. For example, if you use Trust Wallet, you can trade on PancakeSwap.

Step 6: Connect your wallet

To connect your Trust Wallet to a DEX, use your wallet address from Step 2.

Step 7: Trade your BNB chain

Use BNB Chain to pay for TokenFi

Step 8: Find a smart contract

If you do not see the coin you want on the DEX, you can go to https://bscscan.com/ and look up the smart contract address.

You can then copy and paste it into Pancake Swap. Be careful not to fall for scams and make sure you have the correct contract address.

Step 9: Apply the swap

You can now click on the Swap button after completing the previous steps. Your crypto purchase is now complete, from choosing where to buy TokenFi to making the purchase!

Conclusion

TokenFi is a promising cryptocurrency with new features for investors and blockchain enthusiasts. You can typically find it on popular cryptocurrency exchanges. Before investing in any cryptocurrency, conduct thorough research and consider the associated risks.

Tags:
Crypto
Category:Crypto

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