Chainge, how does it work?
Alright, so the Chainge App is finally live and in testing. So it’s time to share some first impressions of what Chainge really is and how it works and what you should think about when testing it.
First of all, it’s currently only available on Android in an installation made with an .apk file downloaded from the Chainge website. In order to install it you need an Android device running in dev mode, with 0 security. So use an old, device or a new device you specifically attained for testing. Personally I got myself a Chrome OS tablet and had use of this guide in getting myself into dev mode. I also downloaded something called Solid Explorer for which I changed security setting to allow anything to be run from there and installed the file from there.
Once you actually install Chainge, you need to identify yourself through your phone number. Your phone number is, at least currently, your unique identifier in Chainge, which ties your web version account to your app version account and SMS-verification is needed to get things going.
After you are in, the first thing you should do (in my opinion) is to install a wallet that you know the keys/seed words to. Ideally it should be a wallet with some supported assets on Fusion, Ethereum Binance Smart Chain, Tron, BSC, HECO and probably not too much assets since the app is still in quite early testing. You can also manually move in assets into the pre-installed wallet. But one where you know the keys will make certain you can reinstall it if something goes wrong, and if you already have assets there it’ll save you gas moving stuff around.
The next thing you might want to do is claim your Chainge from your Chainge Web account. This is done by clicking the little Chainge Icon, and will ask for access too your camera. You need to do allow this, since the method of claim is scaning a QR-code found on your web-account on chainge.finance. So log in there find the QR-code and then scan it, to claim your Chainge. (Though it might actually be safest to hold this part off until later, when the app is more properly tested).
Once you have your CHNG, it’s probably interesting to look at other assets. Apart from a few preinstalled ones, the other ones are a bit tough to find.
The list of available assets, is actually quite impressive. Currently: CHNG, FSN, USDT, ETH, BTC, TRX, BNB, HT, JST, UNI, CAKE, MDX, LINK, AAVE, ENJ, HOT, ALPHA, SNX, LRC, 1INCH, SUSHI, COMP, YFI, MANA, GRT, BAT, ZRX, UMA, CRV, BAL, SXP, BADGER, BAKE, DODO, XVS, FILDA, BAGS, FORTH, SHIB.
The majority of these assets are based on Ethereum and BSC, so that your wallet contains some amount of regular ETH and BEP20 BNB is highly reccomemended.
So, what is the point of this? What is the benefit of having assets in your Chainge wallet? In the future there will be more benefits, but at the moment there is one thing you can do and this is time framing until your assets Jan 01 2022. Currently the reason you’d want to do this is to earn interest. Each asset has a specified amount of interest it can yield.
To see this, click on “Banking” and “Earn interest”. Each asset that you can time-frame will have an APY listed next to it.
Before you actually decide to do this or not, let’s look at what it does, specifically.
I would not recommend creating too much of these TF-assets quite yet. They’ll become much more useful once the Chainge Future and Options DEX exists. Until then keep most of your assets as full, to see what your “options” are later. But do play around with doing this, on all kinds of networks and assets and networks available. An interesting aspect is that Chainge kind of “covers” the gas-fee here. I’m promised more ETH in the future than I originally had, even though some of it had to be used as gas right way. With Ethereum being so heavy to move stuff around on, this can actually be quite an effective way to get assets off of there. Paying the fee in “time” instead of “money”.
Lastly I want to point to the fact that the “wealth” section also has an “orders tab” where you can go back and review individual orders. It’s also advisable to check on what actually happens on the different blockchains through etherscan.io, bscscan.com and fsnex.com etc. fsnex.com does as of yet not support frc758 and time-framed assets, so the best way to see these is currently through the Chainge app itself. With time this needs to be brought into visibility though, as there should be quite a bit of activity here in the not too distant future.
To end this I want to sum up a bit about what Chainge is. Basically I guess you can say it’s currently a staking app. You can stake a wide range of assets and earn decent interest on them. You can do this both on the web version which is pretty much 100% centralized, or you can do it in the app which does it in a more decentralized way and utilizes the Fusion blockchain to accurately account for all the action.
Later on, however, Chainge will also be a DEX where trading and providing liquidity for all these different time-framed and staked assets becomes possible. There will also be the Options DEX, which is what will bring things to entirely different level that is currently a bit tough to see exactly how it will work. I think it will only be 100% clear once it is available.
