PLS is the coin of PulseChain, launched on May 13. PulseChain is a fork of Ethereum, and everyone who owned something on Ethereum at the time of the snapshot on May 10 can now enjoy very cheap transactions on Pulse. But even if you have your tokens and NFTs waiting for you on the other side, you need some PLS first to be able to do anything with them, so here is a guide on how to buy PLS in the easiest possible way.
Direct on-ramp from fiat to PulseChain
Coast recently launched its product, where they provide a direct on- and off-ramp to PulseChain from fiat. Through their banking partnership and digital account creation, they can bridge money from your bank account directly to Pulse. This involves the conversion of USD to a fiat-backed stablecoin – CST. This stablecoin is not algorithmic but has 100% collateral in your fiat.
Creating an account is very easy, and even if you need to complete a KYC process, it’s very fast. In a few minutes, you can already convert your USD to CST and trade it on PulseChain. By locking up your WAIT token, you can get a discount on fees. There’s also a referral programme with WAIT tokens given out for free.
With Coast, users can buy PLS using a credit or debit card or by sending a wire and then swapping their CST for PLS.
CST is PulseChain’s first native stablecoin. It is always redeemable for 1 USD at the Coast dApp. To redeem USD, users burn their CST.
CST is traded on a DEX only, and it can initially trade at more or less than $1. This is different from “de-pegging” and depends largely on liquidity. The discrepancy in value is an arbitrage opportunity, as CST is always redeemable for $1. Arbitrage (and deep liquidity) are the mechanisms that keep most known stablecoins at $1.
CST has already been paired with Bridged Stablecoins on PHUX.
The advantage of using Coast rather than a CEX is that a CEX can deactivate your account for some reason, while with Coast, your CST stays on PulseChain and you hold your keys. Off-ramping is straightforward, very fast, and KYC easy. Buying PLS with CST is as simple as going to PulseX and swapping one for another.
But here’s the crux: if you are new to PulseChain, you still don’t have gas to make your first CST to PLS swap. You need PLS for it, so here’s how you buy PLS.
How to buy PLS
Pulsecoinlist provides a comprehensive one-pager where you can find all available ways of buying PLS so you don’t need to look any further. Other than indicating the place to buy or sell PLS, type of service, they also show the fee and the KYC requirements.
Go to gopulse.com and BUY PLS with ETH, BTC, XML, USDT, USDC, XRP, or many other coins. Once you have PLS, you can go back to CST and trade your fiat for PLS, or you can just go directly to PulseX and trade your free tokens for anything else.
Go to one of the listed CEXes and buy PLS directly from the platform. Bring it on PulseChain and trade it on PulseX.
4. PulseChain Bridge
Bridge WPLS from Ethereum to PulseChain and receive PLS. You first need to swap ETH for WPLS on Uniswap, and once you have WPLS, you can bridge it easily using the PulseChain bridge. Just send WPLS and then change your network in MetaMask to PulseChain, and you will receive your PLS on your account. Read our guide.
Verify if you’re using the right WPLS contract address
Do a cross-bridge on Xenify. Xenify is an aggregator of aggregators, and it will automatically find the best route for you. By doing swaps, you will also get to participate in an airdrop, which will give you a chance to participate in their DeFi based on XEN.