dForce endeavors to develop and promote decentralized finance (DeFi), with USDx being our first synthetic and indexed stablecoin protocol that offers simple trust model with unlimited scalability while maintaining decent level of decentralization.
This article will provide you a step-by-step guidance on the mintage/disaggregation of USDx with/into a basket of components stablecoins at a pre-determined weighting, i.e by depositing constituent stablecoins (USDC / TUSD / PAX / DAI) to mint USDx and vice versa.
Perquisites:
1. Ensure that your Browser already installed MetaMask plug-in
2. Get testnet faucet by joining our Telegram (https://t.me/dforcenet) and provide your wallet address to dForce admin to receive free test coins (ETH, DFN, USDC, TUSD, PAX and DAI).
Mintage of USDx
- Visit our testnet (https://testnet.dforce.network/) and login with your MetaMask account.
2. Connect your MetaMask account to ‘Kovan Test Network’.
3. Your test tokens will appear on right-hand side of the screen — Please note these are NOT real coins and can ONLY be used for the test.
4. Constituents Pending Pool represents outstanding amount of constituent stablecoins waited to be minted. USDx will be minted on a FIFO (first-in-first-out) basis. Please note we charge no fee for the mintage but customers need to pay gas fee to facilitate the transactions in the Ethereum Mainnet.
5. Select type and enter amount of constituent stablecoin you wish to aggregate into to USDx in the left-hand bar (drop list).
6. The amount of USDx allocated to you from total generation will appear in the right-hand bar.
7. Click on the ‘Deposit’ button to start the generation.
8. Confirm the transaction in your MetaMask account.
9. Changes of balance will be displayed in your wallet on right-hand side of the screen. You have successfully locked 500 PAX into the smart contract and generated 500 USDx in return.
Disaggregation of USDx
- Go to testnet (https://usdx.dforce.network/) and login with your MetaMask account.
2. Connect your MetaMask account to ‘Kovan Test Network’.
3. Enter the amount of USDx you wish to disaggregate (into a basket of constituent stablecoins). It should be no more than the USDx balance in your wallet.
4. Please note a small amount of transaction fees will be applied for USDx disaggregation (roughly ~0.2%).
5. Click on the ‘Disaggregate’ button to start the process.
6. Confirm the transaction in your MetaMask account.
7. Now you will be returned with a basket of constituent stablecoins at a pre-determined weighting.
Reminder
- All collaterals will be locked in the smart contract with no human intervention;
- Outstanding USDx (on bottom right-hand corner) always equals to the total balance of collaterals, smart contract ensures its transparency and auditability which can be verified through Ethereum browser.
