How to enjoy passive income with Alluo
Background
At Alluo, our mission is to bring DeFi to everyone and to do that, we want to make earning in DeFi incredibly simple, here is how you can do it.
There are 2 ways to enjoy Alluo, our mobile app and our decentralised web app.
- Our mobile app which is available on alluo.com. It is a non-custodial wallet deployed on polygon. Non-custodial means that the private keys of the wallet remains with the user so we (at Alluo) do not have access to the funds of the users unlike a centralised entity (e.g. bank or centralised exchange)
- Our decentralised web app, which is available on app.alluo.finance and can be used by people who have access to a non-custodial wallet such as metamask.
Today, we will focus on the decentralised web app on app.alluo.finance
What do you need
All you need is:
- A-non custodial wallet such as Metamask — note that you can always import your Alluo mobile app wallet in metamask directly (see below).
- Some stablecoins such as USDC or USDT on the polygon blockchain.
If you have stablecoins on another chain, please read below on how you can bridge your stablecoins and other assets to the polygon blockchain.
If you don’t have stablecoins yet, please see the section below how you can easily get stablecoins on chain using a centralised exchange like Binance. Make sure that the exchange supports crypto withdrawals to the polygon network otherwise you will need to bridge your coins to the polygon blockhain (see below the section on bridging tokens).
Note that anyone depositing at least $500 into our farms before the 15th of May and keeps the funds in until at least the 15th of June will be eligible for our airdrop, to read more about it, feel free to read this article.
Are you ready?
It’s going to happen very fast
First, go to https://app.alluo.finance
Then connect your wallet by clicking on the “Connect your wallet” button in the top right.
If you don’t have the polygon network already added to your metamask, you should see a prompt in metamask asking you to add the network, otherwise you can add it manually (see below on how you can add the polygon network manually).
If everything is working well, you should be able to see your investable assets, in this case we have $500 USDC in our wallet.
Now simply click on Farm next to the US Dollar farm for instance.
You can then select the coin you want to invest (either USDC, USDT or DAI), by default the interface will select the coin with the highest balance, in this case I have 500 USDC.
Then click Approve to allow the coins to be spent on the farm. A transaction should appear in your metamask which you can confirm.
Once this transaction is approved, you should see the button change to Deposit.
After you click on Deposit, approve the transaction in metamask and you should be all set.
You can see now that your balance is now $500. You will see your balance gradually increase as you earn yield.
Note that Alluo’s yield is auto-compounding, there is nothing for you to do other than watch your funds grow in real-time.
To withdraw, simply go to the withdraw section, select an amount and click the Withdraw button.
Additional sections
Importing your Mobile app wallet in Metamask
For those who don’t already have a non-custodial wallet, alluo.com is a great option and once you have completed the registration process, go to your profile section.
At the bottom, you should see a red button: View private key.
It is red because anyone who has access to your private key can transfer your funds out of your wallet so you definitely want to handle you private key with care
You can then click Show private key and you will be prompted to login as a last security check.
You can then go to your browser (Chrome/Brave/Firefox/Edge) and download Metamask: https://metamask.io/download/
Once you have launched Metamask, click on Create wallet and once the process is complete, launch metamask, click on the bubble top right then Import account towards the end of the menu.
You can then enter the private key that you have copied from the previous step we did in the mobile app.
After you click Import, the account should now be visible in Metamask.
Note that your private key is very sensitive, it shouldn’t be shared with anyone, sent in an email etc.
If you want to easily see the tokens in your wallet, go to Metamask, click on the bubble top right then click on Settings.
Click on Experimental, and toggle on the “Use Token Detection” feature.
Add the polygon network manually in Metamask.
To add the polygon network in Metamask, open Metamask then click on the bubble in the top right then click on Settings.
Once you are in the Settings screen, click Networks.
Once you see this screen, click on the button Add Network.
Enter the following:
- Network name: Polygon
- New RPC Url: https://polygon-rpc.com
- Chain ID: 137
- Currency Symbol: MATIC
- Block Explorer URL: https://polygonscan.com
Bridging Stablecoins from another chain
If you already have stablecoins but on another chain, for instance Binance Smart Chain or Ethereum mainnet, you will need to bridge those stablecoins from the blockchain where they are located to the polygon blockchain.
Hop.exchange is an easy-to-use bridge that lets you send a few different tokens from one blockchain to another: https://app.hop.exchange/#/send
For instance, if you wanted to send USDC from Ethereum to Polygon, you would select the following settings.
As usual, you would need first to Approve the spend of your USDC on Mainnet by hop.exchange then approve the transaction itself.
