In the world of cryptocurrencies, many individuals and businesses are concerned about safeguarding their funds. Shentu presents itself as a blockchain-based insurance platform operating on the Cosmos network. Its primary objective is to offer a reliable, decentralized, and efficient insurance solution.
Now, let’s explore the steps involved in creating a DeepWallet, which grants access to decentralized insurance for your CTK tokens.
Let’s get started!
Note: Before you start, please install the KEPLR wallet by following our step-by-step guide.
- Creating a Deep Wallet on the Shentu Platform
First, navigate to the Deep wallet platform and complete all the necessary information, such as email and password to create an account.
A seed phrase will be generated, which serves as the key to recover your funds when necessary. Keep it safe. Do not copy it into emails or share it on social media, and avoid taking photos of it. Instead, manually copy it and store it securely.
The seed phrase need to be confirmed by entering some of the words as following :
The second layer of security is two-factor authentication (2FA). If you haven’t used it before, now is the perfect time to start. It adds an extra layer of security to access your account. This feature is increasingly prevalent today, and it is recommended that you start using it. Essentially, it generates a frequently updated code accessible from your phone that you will need to log in. You can find more information about it here.
Remember to keep your backup code as safe as the wallet seed phrase.
Once you install Google Authenticator, it will prompt you to scan the QR code displayed on the screen.
Follow the instructions and a new line will be generated on your app. This line will produce a code. Enter this code into the designated field. Note that the code is only valid for a few seconds, so submit it promptly after entering.
Congratulations, the wallet has been successfully created. Now let’s send some funds to it.
2. Obtaining CTK Tokens
Go to the Osmosis Frontier application and swap some USDC for CTK tokens. If you are unfamiliar with adding liquidity to Osmosis Frontier, don’t worry. We have provided an article that explains all the necessary steps : Add funds to KEPLR from Binance
Once you have the CTK tokens on your wallet KEPLR, you need to transfer them to the Shentu Chain since CTK coins currently reside on the Osmosis Blockchain. To do this, use the “Withdraw” button as follows:
If this is your first time sending to this blockchain, a pop-up will appear, asking for approval to connect with this blockchain. Simply approve to continue.
You will now see the Osmosis blockchain on the left side and the Shentu Chain on the right side.
Your Shentu address has been automatically generated and will remain the same from now on.
Enter the amount of tokens you wish to transfer and click “Withdraw CTK”.
A new pop-up will appear, and a transaction needs to be executed to complete the transfer.
Now open your KEPLR wallet and select the Shentu Chain. You should see your CTK tokens there, as shown below.
3. Sending CTK Tokens to Your Deep Wallet
Now that we have CTK tokens on the Native Chain, let’s transfer them to the DeepWallet.
Open your previously created portfolio and locate your wallet address, as shown below:
There is a small button on the right side of your address that can be used to copy it.
Paste the address into your KEPLR wallet on “Recipient” Field and send the CTK tokens to this copied address.
Open KEPLR, select the Shentu Chain, and click the “Send” button. Paste the address into the recipient field, as shown below.
Enter the amount you wish to transfer and click the “SEND” button.
A transaction will need to be executed. By now, you understand that each interaction with the blockchain requires the execution of a transaction. Press “Approve” to proceed.
In your portfolio, you should now see your updated balance.
4. Staking Your CTK Tokens
To get access to insurance services from Shentu, you need to stake some CTK tokens as collateral.
Don’t view this as a negative aspect; in fact, it offers the benefit of generating automatic yield while your funds remain in your wallet.
Click on the “ADD LIQUIDITY” button, as shown below:
A collateral pool window will appear. Press the “Add Stakes” button.
Press the “VIEW ALL VALIDATORS” button.
Search for one of the best validators, such as Aviaone 🟢, and click the “Delegate” button.
A new window will appear where you can enter the amount of tokens you want to stake. Confirm by executing a new transaction.
Congratulations! You have successfully staked your CTK tokens, which will begin generating yield immediately. Pretty cool, right?
If you’re curious, you can check your transaction on the Shentu explorer.
5. Collateralizing Your Staked CTK Tokens
Now, you need to collateralize your staked tokens. To do this, go back to your portfolio on the Shentu platform and click the “ADD LIQUIDITY” button again. A window will open, where you can enter the amount of staked tokens you want to put in collateral.
Enter the amount and continue.
6. Purchasing Insurance for a Specific Network and protocol
On the top menu of the platform, click on the “Shield” button. In this example, we will select the SHENTU CHAIN protection pool to get insurance for the Shentu Chain. However, you can choose from various other networks, as shown in the following picture.
When the protection pool is selected, a new window will appear, prompting you to enter the address for which you want insurance. You can choose any of your wallets, not just the one you are using on the Shentu app. In this case, we will select another wallet. Open your KEPLR wallet, select the SHENTU chain, copy the address, and paste it there, as shown below.
Then enter the amount of tokens you want to protect. In this example, we will choose the minimum amount, which is 50 tokens.
Once purchased, We can send 50 CTK tokens to this protected wallet (see below), and these funds will be safeguarded by the Shentu Shield protocol.
You Are Protected! Congratulations!
After purchasing your insurance, a popup will appear, indicating that your funds are protected. Note that there is a specific date until which the protection will remain active. After that date, you will need to purchase another protection.
If you return to your portfolio, you should see the following:
Your staking are generating rewards in CTK tokens, and you can see your protected assets with their corresponding amounts.
In summary, this tutorial demonstrates how easy it is to obtain protection from the Shentu Shield for your token CTK in different network and protocols. The total cost of the executed process is 0.3845 CTK, in addition to the gas fees required for transaction purposes. By doing so, you generate yield and ensure the safety of your tokens. Feel free to give it a try with different pools and Networks.
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