How to use Demeter
Login to https://demeter.xyz/app/ and link your wallet, as shown below, by clicking the “Connect wallet” button in the upper right corner. Select the corresponding wallet, for example MetaMask or WalletConnect. This tutorial will use the MetaMask wallet as an example.
Metamask download link:
Choose the BSC network.
Network Name：Smart Chain
Block Explorer URL：https://bscscan.com
I. Making Deposits in Demeter
On the Market page, click Supply to view the assets currently supported for deposit and as collateral and the corresponding deposit yields.
Next, select the asset you want to deposit. Let us take USDT as an example. Click the supply button, enter the amount you plan to deposit, then click “approve USDT” and finally confirm the authorization in your wallet, as shown below.
After the authorization, click the green “Supply” button to finalize the deposit and confirm the transaction in your wallet, as shown below.
Once the deposit is completed, you can check your personal deposit status from the Market page, this includes the expected deposit yield and the DMT bonus you can obtain.
II. Collateral lending in Demeter
When Demeter users have made a deposit, they can choose to use their deposit as collateral and take out a loan.
1. Use the deposited assets as collateral.
Let’s take USDT as an example. On the “Supply” page, click on the “Collateral” slide button next to your deposited USDT and confirm this choice in your wallet, as shown below.
After completing the collateral making process, the “Collateral” slide button will turn blue.
Select the “borrow” page at the top, you can see the current supported assets, their liquidity quantity as well as the borrowing rate.
Let’s take USDT as an example. Click the corresponding currency line to start a borrowing operation. Enter the amount you want to borrow in the quantity field, then you can see the “Borrow limit” appear. Borrowing must happen within a safe limit to prevent liquidity problems.
Click the “Borrow” button and confirm the operation in your wallet.
Once the borrowing is complete, the Borrow page will display your current borrowed assets, their quantity and interest rates. In the upper right corner you will find your available credit, borrow limit, average yield and rewards.
3. Repay the borrowed money
Click the line of the currency you want to repay on the Borrow page, then select the “Repay mode”, enter the amount you want to repay, click the “Repay” button and confirm the transaction in your wallet.
After finishing the repayment, it will show you the changes in your available credit, borrow limit and available DUSD, as shown below.
III. Minting DUSD in Demeter
DUSD is a USD stablecoin minted by Demeter after being collateralized by other cryptocurrencies. Similarly to borrowing, where the amount is agreed upon according to the collateral’s value and available credit, the corresponding amount of DUSD will be minted, i.e. mined, in Demeter. Currently the yield for minting stands at over 30%.
Click the “Mint” page on the Market site, in order to start a DUSD minting or repayment operation. The Mint page will show you the current maximum amount of DUSD you can mint, the rewarded APY and the interest rate.
- Minting DUSD
Enter the amount of DUSD you want to mint, click the Mint button and confirm the operation in your wallet. When you select the SAFE MAX option, the current maximum amount of DUSD you can mint without triggering liquidity problems will appear. You can then view the expected yield (green numbers) and interest rate (red numbers) for the proposed mint operation. Interest will be charged at the time of repayment. So make sure you have extra DUSD in your wallet to pay for this interest when your repayment is due
2. Repay DUSD
On the Mint page you can select the Repay DUSD field, then enter the amount of DUSD you want to repay, click the Repay button and confirm the operation in your wallet. When you repay for the first time in DUSD, Demeter will ask for authorization, as shown below.
IV. Liquidity mining in Demeter
Click the Stake site in the top left to enter the liquidity mining page. Here you will find the current supported liquidity mining pools and their corresponding APY, TVL and rewards.
Let’s take the DUSD-DMT trading pair as an example for liquidity mining. The current DUSD-USDT stablecoin LP mining yield stands at over 30% with almost no impermanent loss which is why we term it a cost-free mining pool.
- Providing liquidity
Demeter issues mining rewards for users who provide liquidity in the DUSD-DMT mining pool on Mdex. Click “Add DUSD-DMT LP liquidity” and Mdex’s “Add Liquidity” page will open.
Enter the amount of DUSD/DMT liquidity you want to provide and click the “Approve” buttons to complete the authorization. Then select Supply and confirm the liquidity provision.
2. Deposit LP for mining
After you finish your liquidity provision, go back to Demeter and your LP balance will be displayed. Enter the amount of LP you want to deposit, click the “Deposit” button and confirm the operation in your wallet. The first time you make a deposit, the page will ask you for authorization. Click “Approve DUSD-DMT LP” and confirm the operation in your wallet..
3. Finish mining and withdraw your liquidity
On the LP page, first select the corresponding mining pool and then click “Withdraw” after which you need to confirm the transaction in your wallet. This choice stops your mining operation and withdraws the corresponding tokens from MDEX.
For more information you can follow the pages/communities below:
Demeter’s official website: https://demeter.xyz/#/
Telegram group: https://t.me/Demeter_Official
DMT Smart Contract: 0x3Eb05a201817F87C198930B86F40C6829340b4B7
DUSD Smart Contract: 0x22fDa23aED456F2de139c6240F0776Ef031c8B6b
Demeter code has been audited by accredited auditor PeckShield. Their audit results can be consulted in the documentation below: https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield- Audit-Report-Demeter-v1.0.pdf