Newbie Tutorial | How to Create an On-chain Wallet, Withdraw Coins, and Buy Coins?

Original Title: "Newbie Guide: A Step-by-Step Guide to Navigating On-Chain Meme Transactions"

Original Author: Asher, Odaily Planet Daily

In today's cryptocurrency world, mastering the creation and use of Web3 on-chain wallets, understanding how to purchase popular on-chain tokens, and possessing some on-chain data analysis capabilities have become key ways to seize money-making opportunities.

As mentioned by Ben Zhou, Co-Founder and CEO of Bybit, in a post on Platform X, "Over the weekend, all CEXs saw a large amount of SOL and USDC outflows heading on-chain to buy TRUMP. Moonshoot + Meteora/Jupiter created over 30 billion TRUMP meme coins in less than 10 hours without relying on any CEX. We are accelerating the development and promotion of on-chain wallets, monitoring tools, etc. If we do not join this revolution, we will be left behind."

Today, Blockworks' data analyst Dan Smith posted on Platform X, stating that Solana's decentralized exchange (DEX) trading volume hit a historic high, reaching $33.6 billion in daily trading volume. Specifically, the transaction volume of the Trump Family token was $9.6 billion, the SOL-USD trading pair volume was $10.4 billion, and the stablecoin exchange volume was $850 million. This data fully reflects the activity level of the Solana ecosystem and the high level of user participation in decentralized platforms.

Meanwhile, according to Lookonchain monitoring, in the past 7 days, the total amount of stablecoins (USDT and USDC) on Solana increased by $3.13 billion, demonstrating the market's continued optimism towards the Solana ecosystem.

Due to the high demand for tutorials from newcomers, Odaily Planet Daily will take SOL as an example (also where most wealth opportunities occur):

For those familiar with centralized exchanges - Demonstrate how to withdraw funds from an exchange and explain how to complete transfers through cross-chain methods when SOL withdrawals are paused;

For pure newcomers to the crypto space - Introduce the creation and use of Web3 wallets, how to purchase on-chain projects, and recommend commonly used on-chain tools.

Owning an On-Chain Wallet is a Prerequisite

Unlike centralized exchanges, users participating in on-chain coin transactions need to own a dedicated on-chain wallet. For "on-chain newbies," this is the first step into the crypto market. Currently, Phantom Wallet and OKX Web3 Wallet are the two most common on-chain wallets, especially Phantom, whose ranking in the US iOS App Store has surpassed that of Coinbase, demonstrating its widespread popularity. Since most novice users mainly trade via mobile phones, the following will show the detailed steps to create an on-chain wallet on a mobile phone (the same applies to a computer).

Phantom Wallet Creation

STEP 1. Download the Phantom App from the corresponding app store on your phone, click on the software, click "Create New Wallet," and then click "Select Seed Phrase Wallet."

STEP 2. Save the mnemonic phrase, preferably handwritten. This is the only way to recover your wallet, so do not share it with strangers.

STEP 3. Obtain your wallet address.

OKX Web3 Wallet Creation

STEP 1. Enter the "OKEx" App, click on the top to switch to "Web3 Wallet," and then click "Create Wallet."

STEP 2. Click on "Manual Backup" to record the mnemonic phrase.

STEP 3. Obtain your wallet address.

(Odaily Planet Daily Reminder: Mnemonic phrases are very important, so be sure to keep them safe.)

Transferring from Exchange to On-Chain Wallet

Transferring SOL from Exchange to On-Chain Wallet

Enter a centralized exchange (using OKEx Exchange as an example), select "Withdraw," then choose "Withdrawal," select the SOL token, enter your wallet address (for some currencies, such as USDT, there are multiple chain versions, so make sure to select the correct network when withdrawing).

How to Obtain SOL through Cross-Chain Transfer in Case of Withdrawal Suspension

For most users who want to purchase popular tokens in the Solana ecosystem, the typical process involves first buying SOL on a centralized exchange, then withdrawing it to their on-chain wallet. However, when events like the "Trump Couple Coin" occur, where a significant number of users simultaneously withdraw SOL, it may lead to slower withdrawal speeds or even withdrawal suspensions. In such cases, knowing how to perform cross-chain transfers becomes crucial to ensure timely acquisition of high-demand tokens. The specific steps are as follows:

Cross-Chain Website: https://portalbridge.com/usdc-bridge/

STEP 1. Withdraw USDC from a centralized exchange to the Avalanche, Arbitrum, or Optimism chain.

STEP 2. Using the aforementioned cross-chain website, transfer USDC from Avalanche or other chains to the Solana chain (Avalanche chain is recommended due to general time confirmation on Ethereum layer 2 networks, which can be delayed during congestion and may take over half an hour to confirm transactions).

STEP 3. Once you successfully transfer USDC to the Solana chain, you can swap it for SOL (Demo: https://raydium.io/swap/).

How to Purchase Popular On-Chain Tokens

Direct Purchase on a DEX

On January 19, according to DeFiLlama data, Raydium's 24-hour volume has surpassed Tether, ranking first. Raydium's 24-hour volume is $25.24 million, while Tether's is $17.65 million. It can be seen that most purchases of tokens in the Solana ecosystem are conducted on the Raydium platform, with its official link being: https://raydium.io/swap/. Connect your wallet and choose the corresponding token to initiate the transaction.

On one hand, relying solely on Raydium may not guarantee smooth and timely buy/sell transactions when the project is trading frequently. On the other hand, since newly launched on-chain projects lack fundamental analysis basis, investors can only assess their trends by observing factors such as chip distribution, entry of smart money, and potential project manipulation. Investing blindly in meme coins carries extremely high risks, but by mastering basic on-chain analysis techniques, the success rate can be significantly improved. Therefore, for better participation in on-chain trading and profitability, it is recommended to use GMGN for transactions.

Using On-chain Tool GMGN

GMGN is a website that combines a Meme Coin data dashboard with a trading tool. To use GMGN, visit the official GMGN website, connect your wallet, enter the token contract address you want to buy in the search bar, and input the amount of the token you want to buy (or sell) on the right side of the interface.

The above is just a brief introduction to the GMGN interface. For more information on how to use GMGN, you can check out the following two articles:

1. Hundredfold Overnight? How to Use GMGN to Play with Meme Coins (Beginner's Guide)

2. How to Become a Meme Coin Trading Expert? (GMGN Advanced Guide)

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