😃 How to use Venus Protocol Explained!
A Decentralized Marketplace for Lenders and Borrowers with Borderless Stablecoins built by Team www.swipe.io on top of Binance Smart Chain. Venus enables the decentralized stablecoin, VAI, that is backed by a basket of crypto assets without centralized control.
How to supply an asset to earn interest ?
- First of all visit https://app.venus.io/dashboard
- Then go to supply market and click on the asset you want to supply and then screen will pop asking you to enable the asset to supply so please click on enable and confirm the transaction.
- After supplying the asset a sliding button will turn orange in collateral row which indicates the specific asset is enabled to supply.
4. After the sliding button is turned orange you are all ready to supply your asset so again click on the asset you enabled to supply, then a screen will pop up asking you to supply/Withdraw asset.
But you wanna supply right! So enter the amount you wanna supply and confirm the transaction.
Oh Congratulations you have supplied the asset to earn interest and Mint VAI.
How To Mint VAI a decentralised stablecoin backed by various cryptos ?
If you have supplied any asset you can mint VAI just go to Mint/Repay VAI ⬇️ .
Enable the mint option after enabling. Just enter the amount of VAI you wanna mint but remember your VAI amount you wanna mint should not be more than Available VAI limit.
How to borrow a loan 💵?
Before borrowing a loan remember you can only be a borrower if you have supplied any asset. If you supply an asset you will get a credit limit and you can not borrow funds beyond your credit limit and you cannot borrow the assets you supplied.
Go to borrow markets click on the asset you want to borrow and then a screen will pop up asking you to borrow or repay but you wanna borrow so enter the amount you want to borrow and confirm the transaction and you will recieve you borrowed amount in your wallet.
The article is powered by Bitcoinees Project and written by satoshifi team.
Repay VAI,Withdraw asset supplied and Repay loan will be explained in the part 2 article.
Have a happy lending/borrowing with venus protocol 😃 😃 !
