January 4, 2022
It not only allows the user to borrow synthetic assets, but also enables them to short and long a single synthetic asset!
In the future, we'll explain how to use this tool in detail on our blog and Twitter.
In this post we will focus on how to use borrowing in our app.
On the beginning, the page may look complicated, but take it easy, we'll explain everything to you in a moment, step by step.
🔹 First, choose the pair. Each pair consists of two tokens - collateral, which you will deposit and the token you want to borrow.
🔹 Next, choose a collateral ratio.
The lower it is, the more you will be able to borrow.
However, the likelihood of being liquidated and losing 8% of your collateral will also increase.
The higher it is, the less you will be able to borrow, however the liquidation risk will decrease.
🔹 If you have already selected a pair and the collateral ratio, click the Add / Borrow button.
Borrowed token, should already be in your wallet :)
Once you have created a position, it appears under the panel, which you chose to set up the borrow terms. You can see all necessary information there, including the amount of the deposited collateral and the current debt.
To repay your position,
🔹 Click the repay button in the upper left corner.
🔹 Select the pair and the amount you wish to pay back, then click the repay button.
Once you pay off your debt, you are able to withdraw your previously deposited collateral.
Select the amount and click the withdraw button.
🔹 Enter the amount of the token you borrowed and currently want to repay, and click the button repay.
If the repay was successful you will be able to withdraw your collateral.
🔹 This time select the amount and click withdraw.
Currently 3 pairs are available:
We will add new ones on a regular basis. You will decide which one will be next. Stay tuned and check out our Twitter
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