Borrow USDX on Kava with Trust Wallet
Step-by-step guide on how to borrow USDX on Kava web app using assets in your Trust Wallet
We’ve got some exciting news — the Kava web app now supports Trust Wallet.
Not only can USDX be spent at 60 million+ merchants worldwide through Swipe, USDX borrowers are entitled to rich returns. You can check out the current rates at kava.io/kava-protocol.
Grab your smartphone and computer, because we’re about to mint some USDX!
1. Download Trust Wallet
Let’s get started by downloading Trust Wallet to your mobile device.
a.) Download the Trust Wallet mobile application from either the App Store or Play Store:
- App Store (iOS): Trust Wallet
- Play Store (Android): Trust Wallet
b.) Set up your Trust wallet by following the prompts. Make sure to write down your mnemonic in a safe place.
2. Enable KAVA Management in Trust Wallet
Open Trust Wallet on your mobile device.
a.) Left screen: Search for ‘Kava’ and enable management by flipping the switch green.
b.) Right screen: A view of your current KAVA balance will be added to your wallet.
3. Send Assets (Binance Chain) to Trust Wallet
a.) From the Tokens page select [BNB].
b.) Middle screen: From the BNB page, select [Copy] to copy your Binance Chain address.
c.) Send BNB to your Trust Wallet account by using the copied address as the transfer recipient.
You may confirm receipt of BNB to your Trust Wallet by confirming your BNB balance increased in the ‘BNB’ page.
4. Connect Trust Wallet to Kava Web App
a.) Navigate to the Kava web app at app.kava.io.
b.) Middle screen: On the Connect Wallet prompt, select [Trust Wallet]. A WalletConnect QR code screen will then be displayed.
You will connect your Trust Wallet by scanning this WalletConnect QR code from within your Trust Wallet app.
c.) Left screen: Open to your Trust Wallet and press the settings gear on the right side of the bottom navigation. Then press [WalletConnect]
d.) Middle screen: Your mobile devices camera will be opened, scan your WalletConnect QR code using your camera. After scanning, press ‘Connect’ to connect your Trust Wallet to the Kava web app.
e.) Right screen: Once connected, you should see the status, URL you’re connected to, and a history of any signed transactions. Double-check the URL to make sure it’s app.kava.io.
5. Fund Kava Address with assets from Binance Chain
Once your Trust Wallet is connected to the Kava web app the Fund Account screen will automatically open.
You can navigate to the Fund Account screen anytime by pressing [Balances] in the top right navigation and then pressing [Load].
This transaction is transferring assets in your Trust Wallet Binance address to your Trust Wallet Kava address. Your Kava address can hold multiple coins.
a.) Left screen: Enter the amount of collateral you wish to transfer or press [MAX] to transfer your full balance. Then Press [Fund]. The recipient address defaults to your Trust Wallet Kava address.
b.) Right screen: On your Trust Wallet application, press [OK] to confirm the transaction after reviewing the details.
Your BNB is automatically transferred to your Kava address.
c.) Right screen: Press [Done] once the transaction is complete.
Congrats! You are now ready to borrow USDX.
d.) Middle screen: Back on the main screen, you can press [Balances] to confirm that your BNB balance has increased.
In this case, we’ve transferred 1 BNB and received 0.999615 BNB, with the difference due to transaction fees.
6. Borrow USDX
a.) Press the ‘Borrow USDX’ button in the center of the main screen.
b.) Left screen: In the Borrow USDX screen, enter the amount of BNB to lock and the amount of USDX to borrow, then press [Borrow].
c.) Right screen: On your Trust Wallet application, press [OK] to confirm the transaction after reviewing the details.
In your balances, you’ll see that your Kava address now holds USDX.
Congrats - you have successfully borrowed USDX!
Note: Liquidations occur when the current market price of your locked asset falls below the liquidation price of your borrow balance. Your borrow balance becomes safer as your liquidation price decreases relative to the current market price. Check your borrow balance often on the Kava web app. To make your borrowing more safe, you can either lock more collateral or repay USDX. Read more about liquidations here.
7. Managing your Borrow Balance
The Kava web app is the control center for your borrow balance. It shows your locked balance, borrowed balance, current market price of your locked assets, and your borrow balance liquidation price.
The following operations will tend to decrease or increase your borrow balance risk accordingly:
Decrease risk (green): [Lock] more assets or [Repay] more USDX
Increase risk (red): [Withdraw] more assets or [Borrow] more USDX.
Stay in touch!
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- Join the conversation on Telegram: https://t.me/kavalabs
- Check out our code: https://github.com/kava-labs
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.
