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👩💻 Interacting with DUSD
Interactions with the DefiDollar App explained in a step by step fashion.
Connecting your Web3 wallet
Connect your Web3 wallet on the DUSD web app. We currently support Metamask, Fortmatic and Portis. It is possible to use your hardware wallets by connecting them through Metamask. Jump to our discord if you'd like us to integrate another wallet of your choice.
How do I mint DUSD?
- Select assets: Currently you can use either of DAI, USDC, USDT, TUSD or a combination of those to mint DUSD. In case you want to mint using multiple assets click on “Add more tokens”. You can also use yCRV & yUSD directly to mint DUSD. This operation is also very gas efficient and doesn't incur a fee.
- Approve assets: You have to approve the coins before you can initiate the mint transaction. Single approval is needed if one coin is selected and multiple if otherwise.
- Initiate minting: Post granting approvals click on the ”Mint” button and confirm the transaction, upon the transaction getting mined on-chain your DUSD balance will be reflected in your wallet and on the web-app. We currently support the sUSD pool on Curve, once we add more peaks, support for additional stablecoins such as sUSD, BUSD, PAX etc can be added.
How do I Stake / Unstake my DUSD?
Staking is currently disabled!
Stakers contribute to the overall security of the DUSD ecosystem and are rewarded for bearing risk. They are also eligible to claim the protocol income generated: trading fee and lending interest from the underlying protocols.
We launched the protocol with staking enabled via DUSD , on collecting data points since launch we decided to revamp the staking mechanism. Staking will be enabled via DefiDollar's governance token - DFD. We are currently evaluating a hybrid model that can having staking via a combination of DFD and DUSD to have a more robust protocol.
How do I redeem my underlying Stablecoins?
If you decide that you want to forgo the safety of holding your assets in DUSD, you can always redeem your assets in the underlying Stablecoins.
- Navigate to the "Redeem" tab.
- Selecting a Stablecoin: You can choose to withdraw some or all of your DUSD balance. DUSD can be redeemed in either: USDT, TUSD, USDC, DAI or a combination of those. You can also choose to withdraw in yCRV or yUSD. Enter the amount you want to withdraw. Click on “Add more tokens” if withdrawing into multiple assets.
- Initiate redemption: Click on the "Redeem” button and confirm the transaction, upon execution on-chain your DUSD balance will be updated and the Stablecoins will get credited to your wallet.
Last modified 1yr ago