Beginner's Guide | How to Create an On-chain Wallet, Withdraw Coins, and Buy Coins?

By: blockbeats|2025/01/21 18:30:02

Original Title: "Beginner's Guide: Step-by-Step to Play with 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 buy popular on-chain tokens, and having some on-chain data analysis capabilities have become key ways to seize money-making opportunities.

As Bybit Co-Founder and CEO Ben Zhou stated in a post on Platform X, "Last weekend, all CEXs saw a large amount of SOL and USDC flowing out to go on-chain to buy TRUMP. Moonshoot + Meteora/Jupiter created over 30 billion TRUMP meme coins in less than 10 hours and did not rely 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 pointed out in a post on Platform X that Solana's decentralized exchange (DEX) trading volume hit a historic high, with a daily trading volume of 33.6 billion USD. Specifically, the trading volume of the Trump Family token was 9.6 billion USD, the SOL-USD trading pair volume was 10.4 billion USD, and the stablecoin exchange volume was 0.85 billion USD. This data fully reflects the vibrancy 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 has increased by 3.13 billion USD, showing the market's continued optimism towards the Solana ecosystem.

Beginner's Guide | How to Create an On-chain Wallet, Withdraw Coins, and Buy Coins?

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

For "veterans" familiar with centralized exchanges—demonstrating how to withdraw funds on an exchange and explaining how to complete transfers through cross-chain methods when SOL withdrawals are suspended;

For pure newcomers outside the crypto circle—introducing the creation and use of Web3 wallets, how to buy on-chain projects, and recommended common on-chain tools.

Owning an On-Chain Wallet is a Prerequisite

Unlike centralized exchanges, users participating in on-chain cryptocurrency trading need to have a dedicated on-chain wallet. For "on-chain newbies," this is the first step to entering the crypto market. Currently, the Phantom Wallet and OKX Web3 Wallet are the two most common on-chain wallets, especially Phantom, whose ranking in the U.S. iOS App Store surpasses Coinbase, demonstrating its wide popularity. Since most newbie users primarily trade through mobile devices, the following will show detailed steps on how to create an on-chain wallet on a mobile device (similar steps can be followed on a computer).

Phantom Wallet Creation

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

STEP 2. Save the seed phrase, preferably handwritten, as this is the only way to recover your wallet. Do not tell it to strangers.

STEP 3. Obtain your wallet address.

OKX Web3 Wallet Creation

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

STEP 2. Click "Manual Backup" to record the seed phrase.

STEP 3. Obtain your wallet address.

(Odaily Planet Daily Reminder: The seed phrase is very important, so make sure to keep it safe.)

Exchange Withdrawal to On-Chain Wallet

Withdrawing SOL from Exchange to On-Chain Wallet

Go to a centralized exchange (using OKEx Exchange as an example), select "Withdraw," then choose "Withdrawal," select the SOL token, enter your wallet address (some currencies, like USDT, have multiple chain versions, so be sure to check the correct network when withdrawing).

How to Obtain SOL through Cross-chain Transfer when Withdrawals are Paused

For most users looking to purchase popular tokens in the Solana ecosystem, the typical process involves first buying SOL on a centralized exchange and then withdrawing it to their on-chain wallet. However, during events like the "Trump Couple Token Airdrop," a surge in users withdrawing SOL can lead to delays in withdrawals or even a pause in withdrawals. At this point, knowing how to perform cross-chain transfers becomes crucial to ensure timely purchase 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 the Avalanche chain to the Solana chain (Avalanche chain is recommended due to general transaction confirmation times on Ethereum layer 2 solutions, which can take significant time during congestion, sometimes over half an hour).

STEP 3. Once you have successfully transferred 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

As of January 19th, according to DeFiLlama data, Raydium's 24-hour trading volume has surpassed that of Tether, ranking first. Raydium's 24-hour trading volume is $25.24 million, while Tether's is $17.65 million. It is evident that most purchases of tokens on the Solana ecosystem occur on the Raydium platform, with its official link being: https://raydium.io/swap/. Connect your wallet and select the desired token to proceed with the transaction.

On one hand, when a project's trading activity is high, relying solely on Raydium may not always result in smooth and timely buy/sell operations. On the other hand, since newly launched on-chain projects lack fundamental analysis basis due to their recent listing, investors can only assess their trends by observing factors such as token distribution, smart money inflow, and potential project manipulation. Investing blindly in meme coins carries high risks, but by mastering basic on-chain analysis techniques, one can significantly increase their success rate. Therefore, to better engage in on-chain trading and profit from it, 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 site, connect your wallet, enter the token contract address you want to buy in the search bar, and input the amount of the token you wish to purchase (or sell) on the right side of the interface.

The above is just a simple introduction to the GMGN operating interface. For more GMGN operating tutorials, please refer to the following two articles:

100x Overnight? How to Use GMGN to Play with Meme Coins (Beginner's Guide)

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

Original Article Link

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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