Mint USDX with your BNB using Cosmostation Wallet
A Step-by-step guide on how to mint USDX from your iOS or Android device
Cosmostation has created an outstanding mobile experience for minting USDX with your BNB. This tutorial will walk you through the steps required to mint USDX from your BNB using the Cosmostation wallet.
1. Create Kava Wallet From New Install of Cosmostation Wallet
If you have already setup a Cosmostation wallet for Android or iOS before, then please proceed to Step 2 below.
After opening up the Cosmostation wallet from a fresh install:
a.) Left screen: Press the [Create] icon at the bottom of the screen to begin creating your wallet.
b.) Right screen: Press the [Kava Mainnet] icon at the bottom of the list to create your Kava wallet.
c.) Left screen: A Kava wallet will automatically be generated. Press the [Show Mnemonic] to begin the process of recording and storing your wallet mnemonic.
d.) Right screen: Cosmostation enforces that you create and safely remember a PIN for executing transactions. Enter the PIN twice, the PIN consists of 4 numbers and 1 letter.
e.) Once the PIN is successfully entered twice, you will be able to view your mnemonic for safe storage.
As the ⚠️ Warning indicates, you need to save your Mnemonic in a safe place. Losing your mnemonic may lead to permanent loss of your wallet assets. You should also store your Cosmostation PIN in a safe place as well.
Congrats! You have successfully created your Kava wallet. Bonus! You may proceed directly to Step 3!
2. Create Kava Wallet From Existing Cosmostation Wallet
Okay. Lets start by creating your Kava Wallet from your existing Cosmostation wallet app!
a.) Left screen: From the ‘Wallet’ menu, press the [Switch Wallet] icon in the upper right corner of your dashboard.
b.) Middle screen: Select [KAVA] then press the [+] button.
c.) Right screen: Create a new Kava wallet.
d.) Input your pin to create Kava Wallet. Remember to always safely store you wallet Mnemonics.
3. Create Binance Chain Wallet
a.) Left screen: From the ‘Wallet’ menu, press the [Switch Wallet] icon in the upper right corner of your dashboard.
b.) Middle screen: Select [BINANCE] then press the [+] button.
c.) Right screen: Create a new Binance chain wallet.
Enter your pin to create the Binance chain wallet. Remember to always safely store your wallet Mnemonic.
4. Get BNB Into Your Binance Chain Wallet
Cosmostation wallet give you two options to acquire BNB.
a.) Left screen: Press the [QR Code] icon in the upper right, then press [Copy] to copy your BNB address. You may use this address to transfer in BNB from another wallet.
b.) Right screen: Press [Buy BNB] icon. Select your desired currency and continue through the workflow to purchase BNB.
Return to wallet. Congrats you now have BNB tokens on your Binance Chain wallet!
5. Transfer BNB From Binance Chain to Kava
In order to mint USDX with you BNB, you must transfer the BNB from your Binance chain wallet to your Kava wallet. Yes, your Kava wallet can hold multiple coins!
a.) Left screen: From the ‘Wallet’ menu, press [Interchain] button in the main dashboard. Note: BNB is being transferred from your Binance chain wallet.
b.) Middle screen: Set destination chain as [KAVA Mainnet]. This is the Kava wallet we created previously. Press [Next]
c.) Right screen: Select recipient address. Note: You must have a Kava wallet created, if you don’t please see Step 1. Press [Next]
d.) Left screen: Enter amount of BNB to send from Binance Chain to your Kava wallet. Press [Next].
e.) Middle screen: Check transaction details and press [Confirm]. Enter your PIN to begin “interchain” transaction.
f.) Right screen: Do NOT close app while transactions are being submitted. Please note that interchain transactions may take longer than regular transactions.
Once the interchain transaction is complete you will see the transaction details.
g.) Left screen: Press [Check Destination Wallet] which will take you from your Binance Chain wallet to your Kava wallet. You can confirm your BNB is now on Kava.
h.) Right screen: Confirm your BNB is now on the Kava. You’ll see a small “K” icon on the top right of your BNB icon to indicated that your BNB is in your Kava wallet and ready to use for minting USDX!
Excellent. You now may have 2 coins in your Kava wallet: KAVA and BNB!
6. Create Kava CDP And Mint USDX
Now for the big payoff, minting USDX with your BNB!
a.) Left screen: Open your Kava wallet by pressing the [Wallet] icon in the bottom navigation. Press [CDP Market] in the main dashboard of your Kava wallet.
b.) Middle screen: Select [All Products] in the top menu toggle, then select [BNB : USDX].
c.) Right screen: Press [Open CDP].
d.) Left screen: Enter the amount of BNB you wish to collateralize. Press [Next]. Enter the amount of USDX you wish to mint and press the button in lower right to proceed.
e.) Middle screen: Read the pop-up carefully before confirming the transaction. On the next screen you may insert a memo but this is optional (likely not needed for you), press [Next] to proceed. Finally select the transaction fee, any amount should work, and press [Next].
f.) Right screen: Check transaction detail and press [Confirm]. Carefully read the pop-up prompt before continuing. Enter PIN to complete transaction.
Outstanding! You have now minted USDX with your BNB!
g.) Left screen: You may review transaction details and press [Dismiss] to proceed.
h.) Middle screen: Go to you Kava wallet screen by selecting [Wallet] from bottom navigation. Press [CDP Market] and select [My CDP] to check on the status of your CDP! You can view more details about your open CDP by pressing the CDP item itself.
i.) Right screen: Scroll down to ‘My CDP Information’ to read and manage your CDP.
From here you can deposit more BNB into your CDP, withdraw excess BNB from your CDP, borrow more USDX, or repay USDX!
To navigate back to your Kava Wallet, press [< CDP Status] in top navigation, and then press [< CDP Market]. Pro Tip: You actually have to press the [<] button in the “< CDP Status” to navigate back.
j.) Final screen: Go to the [TOKENS] tab to check the current balance of your minted USDX.
From here you can now send USDX and receive more USDX for whatever it is you want to do!
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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.
