User Guide of Borrowing and Leveraged Trading on Vee.Finance
Vee.Finance is a decentralized cross-chain lending platform for traditional financial users and crypto users, dedicated to bridging the gap between traditional finance and DeFi and providing users with better digital asset management services, where users can participate in deposits, lending, long and short positions, etc.
Before borrowing or trading on Vee.Finance, you need to install MetaMask wallet in advance (Website: metamask.io/).,Users can also receive test tokens (ETH, BTC and stablecoins) by clicking on “Faucet “ and after verification, you can receive them repeatedly.
Supplying Assets to Vee.Finance
1.Before supplying crypto assets, make sure that your MetaMask wallet is already associated with Vee. Click on “Supply” on the left side and select the crypto asset you want to supply.
2.For example, if you want to supply 100 USDT, click on the crypto asset USDT, and then fill in 100 in the blank box on the pop-up page, the information displayed on the pop-up page includes total market supply, interest rate, etc., and click “SUPPLY”. f you want to change the deposited asset temporarily, you can select the corresponding asset in the drop-down menu bar on the upper left side.
3. In order to supply the asset, you need to allow the Vee smart contract to link to the USDT account and Confirm the transaction in the MetaMask pop-up window.
4. A pop-up page will appear again, showing the amount of gas fees generated by this transaction. Continue to click “Confirm”. Note: If this page does not pop up, click on the little fox icon in the extension (the gray polygon icon in the upper right corner).
5. Wait for the transaction to be confirmed. After the transaction is confirmed, you can see the type and quantity of crypto assets deposited in the “Dashboard” or “Supply Market” page.
During the process of supplying crypto assets, you can find a “Withdraw” button to the right of the “Supply” button, which is used to withdraw money.
1.In order to verify whether there is really interest, we take out the deposited 100 USDT, there is a “MAX” button in this dialog box, it will automatically calculate the deposited principal and interest. Click “MAX” and find that it is already a little more than the 100 previously deposited.
2. Continue to click on “Withdraw”, then you can take out the principal and interest together.
Borrowing Assets from Vee.Finance
Vee.Finance allows users to borrow crypto assets, but before users borrow them, they need to supply other crypto assets backed by Vee as collateral. The pledged crypto assets earn interest on the platform but cannot be redeemed or transferred during the time they are used as collateral.
1.Click “Borrow” on the left menu bar and select the crypto asset you want to borrow. For example, borrow AVAX, but before that, let’s see how much you can borrow. In the previous operation, I have already deposited 100 USDT, which makes my “Borrow limit” not 0 anymore.
2. In order to avoid being liquidated, we borrow 1 AVAX, click on the asset “AVAX”, fill in 1 in the blank box on the pop-up page, and click “BORROW”. Ps: If you want to change the loaned asset, you can change it through the drop-down menu in the upper left corner.
Note: When the price of the asset you have pledged falls or the price of the asset you have borrowed rises, it will cause the user’s “Borrow Limit Used” over 100% and the account will be liquidated. Please pay attention to the loan limit at any time. Users can follow the used loan limit on the Dashboard.
3. Confirm the transaction in MetaMask and wait for the transaction to be confirmed in the network.
4. After the transaction is confirmed, you can check the type and amount of crypto assets borrowed through the “Dashboard” or “Borrow Market” page.
Repayment is the opposite of borrowing, and it is also done on the “Borrow” page. Click on the crypto asset you want to repay or click on any asset and select the repayment asset from the drop-down menu on the pop-up page.
1.For example, to repay the 1 AVAX loan, click on AVAX, and on the pop-up page, click on “Max”, which will automatically calculate the principal and interest to be repaid. Click “REPAY”. When repaying, please make sure you have the corresponding crypto assets in your wallet and the amount you hold is greater than the repayment amount.
Note: If you are repaying other assets, you need to allow the Vee smart contract to manipulate the corresponding account and “Confirm” the transaction in the MetaMask pop-up window.
2. A pop-up page will appear, showing the amount of gas required for this transaction. Click “Confirm”.
3. The payment is completed. You can check whether the borrowed assets are repaid on the “Dashboard” or “Borrow Market” page.
Leveraged trading on Vee.Finance
If you want to conduct leveraged trading on Vee.Finance, you must first supply assets supported by Vee.Finance as collateral, and you can get the corresponding interest after supplying.
1.Click on “Trade” in the left-hand menu bar and select the crypto asset portfolio you wish to trade. Before trading, you can check the maximum amount of equivalent crypto assets that can be borrowed via the “Borrow Limit”.
2. For example, if you strongly expect the price of AVAX to rise in the short term, you can borrow stable coins on Vee and exchange it for AVAX by selecting USDT in the drop-down menu bar at the top of the page and choosing the “USDT & AVAX” combination pair.
3. Vee supports leveraged trading and offers up to 3x leverage to open positions. For example, if you borrow 60 USDT, you can open a position with 3x leverage. The stop-loss and take-profit points are set to 20% (click “Limit/Stop” to open), and you can set the automatic settlement time in the “Expired” dialog box, of course, you can also end the transaction at any time.
4. Click “Create Trade” to confirm the trade in MetaMask and wait for the trade to be confirmed.
5. Go back to the “Dashboard” page or “Trade List” to see the transactions in progress.
6. Vee supports automatic repayment, when the transaction time is over, you can make a repayment on the “Borrow” page. Of course, you can also make early repayment, but you need to close the transaction in progress first, click “Close Trade”. Then confirm the transaction in MetaMask and wait for the transaction to be confirmed.
7. Refer to “Repay” for the subsequent repayment process.