RAI Finance, now known as SOFI, is a decentralized finance (DeFi) protocol that provides a social trading system and aggregated swaps across multiple blockchains. It aims to offer a wider range of assets, higher liquidity, and diverse financial use cases, eliminating fragmentation in the DeFi ecosystem through cross-chain compatibility.
RAI Finance (SOFI) is a decentralized finance (DeFi) project that combines DeFi with social trading. The RAI Finance token, rebranded from RAI to SOFI in November 2021, is primarily used for governance purposes. SOFI holders can participate in voting on new proposals that affect various aspects of the platform, such as transaction fees, liquidity, mining, vault management, and future development.
To store RAI Finance (SOFI) tokens, you have several options:
Hardware Wallets: These are highly secure and recommended for long-term storage. They are offline devices that store your private keys, protecting your assets from unauthorized access.
Official Coin Wallet: You can use the official RAI Finance wallet, which is designed specifically for the token. This wallet is optimized for the token's functionality and security.
Third-Party Software Wallets: There are various third-party software wallets that support RAI Finance, such as Atomic Wallet, which allows you to manage multiple coins and tokens, including SOFI. These wallets are often user-friendly and offer additional features like coin swapping.
- Ethereum Wallets: Since RAI Finance is an ERC-20 token, you can also store it on any wallet that supports Ethereum, such as MetaMask.
Regardless of the wallet you choose, make sure to follow best practices for securing your private keys and keeping your wallet up to date to ensure the safety of your assets.
To buy RAI Finance (SOFI) tokens, follow these steps:
Choose a Centralized Exchange (CEX): Select a reliable and trustworthy crypto exchange that supports RAI Finance (SOFI) purchases. Consider factors like ease of use, fee structure, and supported payment methods.
Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) for added security.
Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require government-issued identification documents. This step ensures access to more features and services on the platform.
Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
Buy a Supported Cryptocurrency: Purchase a popular cryptocurrency like USDT, ETH, or BNB using fiat currency. This will be used to buy RAI Finance (SOFI) later.
Transfer to a CEX Supporting RAI Finance (SOFI): If the initial exchange does not support RAI Finance (SOFI) trading, transfer the purchased cryptocurrency to a CEX that does.
- Buy RAI Finance (SOFI): Use the transferred cryptocurrency to buy RAI Finance (SOFI) in the spot market.
Alternatively, you can also use a crypto wallet that supports RAI Finance (SOFI) purchases. Download the wallet app, create a new wallet address, and purchase RAI Finance (SOFI) using a supported payment method. If the wallet does not support direct fiat-to-SOFI purchases, you can first buy a popular cryptocurrency and then exchange it for RAI Finance (SOFI) through the wallet or on a decentralized exchange.