Unlocking Quick LUSD Minting: A Step-by-Step Guide for Nimbora Users
The world of DeFi can be swift and complex, but Nimbora is here to simplify the process for you!
In this guide, we’ll show you how to mint $LUSD quickly on Starknet, streamlining your DeFi experience and maximizing efficiency.
To get started, make sure you have a Starknet-compatible wallet, such as Argent X or Braavos. If you plan to bridge your assets to use as collateral, ensure you have an Ethereum-compatible wallet e.g. Metamask.
Step 1: Visit Nimbora’s Front End
Visit Nimbora’s front end at https://www.nimbora.io/ to connect Starknet to Ethereum, reducing gas costs for your interactions with Ethereum.
Feel free to explore the platform, but now let’s head straight to the ‘Integrations’ page, and scroll down the integration list to find Liquity.
Click on “ABOUT THIS COLLAB” and you will be directed to https://www.nimbora.io/liquity
Step 2: Explore Liquity Integration
Before proceeding, we recommend reading the extensive FAQ section to understand what you’re getting into.
Once you’re well-informed, it’s time to connect your wallet.
Step 3: Connect Your Wallet
If your wallet isn’t already connected, click “Connect Wallet” and select your preferred option. We’ve chosen Argent for this demonstration (see detailed steps in the video below)
Step 4: Bridge Assets to Starknet
Before borrowing, you may want to bridge some assets from Starknet to Ethereum. We recommend using Starkgate for this purpose. Connect both your Ethereum and Starknet wallets and bridge your assets conveniently. The exact steps are shown in the video below.
Step 5: Start Borrowing
Now, let’s dive into the borrowing process. Please note that the collateral ratio and the assets you can borrow are predetermined. Currently, the ratios are 453 and 300, but they may change with the fluctuating ETH price. If you find yourself asking more questions, please return to FAQs section.
Step 6: Select Your Asset and Borrow
Pick your desired asset, such as ETH, and choose your borrowing amount. Keep in mind that the LUSD amount you receive is tied to the amount of ETH you input, following the predetermined collateral ratio. The gas fees are relatively lower on Starknet, making the borrowing process more cost-effective.
Step 7: Confirm and Wait
After selecting your asset and borrowing amount, click “Borrow.” Your Starknet wallet will appear, and once the calculations are complete, click “Confirm.” The transaction is now pending, and your LUSD is on its way. However, it’s essential to understand that it might take some time due to the batching and Starknet finality process, which usually takes between 8 to 12 hours.
Step 8: Be Patient and Stay Informed
While your transaction is pending, we recommend reading the FAQ section and seeking answers to your questions. If you have technical questions about this integration or Starknet in general, you can join Nimbora Discord. If you have questions about borrowing or Liquity in general please join the Liquity Discord.
To report any issue, please click on “FEEDBACK” button directly on https://app.nimbora.io/ (see image below)
Have fun navigating DeFi with Nimbora and enjoy the efficiency of the Starknet integration!
Stay patient while your transaction processes, and in no time, your LUSD will be in your wallet.
HERE’S A DETAILED STEP-BY-STEP VIDEO TUTORIAL👇👇👇
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About Nimbora
Nimbora is a Starknet-based cross-chain yield strategy platform that enables users to engage with Layer 1 protocols at a fraction of the cost. Discover the best of Ethereum protocols and optimize your DeFi strategies with Nimbora.
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