Secured Finance User Guide
Borrowing with Simple UI
Test-Pilot Trading
Let’s borrow some cryptocurrency using Simple UI. The first half of this guide can be skipped if you have enough ETH and test tokens and deposited collateral.
Connect the app with your MetaMask wallet.
Choose MetaMask and click ‘Connect Wallet’. (WalletConnect does not work for our test environment)
Your wallet is now successfully connected.
Currently, your wallet address doesn’t have ETH to interact with the smart contract.
Your portfolio also shows as being empty.
Let’s get some ETH from Goerli Faucet.
You’ve received some ETH. Let’s get other test tokens.
Go to our Test Token Faucet and mint some test tokens. You can follow this guide on how to get and import test tokens.
You now have enough test tokens for all currencies.
The custom tokens are imported into your MetaMask wallet. You can see the exact token amounts within MetaMask.
You can also check your test token amounts in the MetaMask wallet. In the web app, the symbols used are those of the native currency but within the smart contract, we use a wrapped token.
Depositing collateral is mandatory before borrowing any currencies. Let’s put all USDC into the collateral contract. You can mint USDC from our faucet if you need more.
This is a safety feature which sets a contract spending limit.
Now that enough collateral is deposited, let’s start borrowing!
Let’s borrow Filecoin. You want to have a maturity of up to 2 years.
You can click the Yield Curve’s point or toggle the maturity. I chose a lower interest rate term for borrowing, in order to save on the borrowing costs.
Set the amount you want to borrow.
Check the confirmation. (We are updating this confirmation info, so click OK to place an order)
Once ‘OK’ is clicked, you need to confirm execution using your MetaMask wallet.
A few seconds later, you’ll get confirmation that it succeeded. Let’s check where the borrowed assets are.
You can see on the left ‘Asset Management’ tab, under Non-collateral Assets. Filecoin and Bitcoin are not eligible for collateral at this moment due to their volatility.
Below is the booking section. Under Active Contracts, you can see the executed trades which are currently active. Since you are borrowing, the value is booked as a negative. FV is Future Value that includes interests and you will need to repay this amount in full (repay = lend in the system). PV is Present Value, the amount that you currently borrowed.
My Transactions section is similar but it also includes inactive trades (your trade history).
Now, you realized your MetaMask hasn’t received the borrowed assets. So let’s show you how to withdraw them.
Your borrowed assets are kept in the smart contract, so let’s withdraw them all.
The withdrawal succeeded.
Now you should see your borrowed assets within your MetaMask wallet. This entire borrowing execution to settlement process is very fast compared to traditional finance, where settlement usually takes at least 2–3 days.
Step-by-Step Guide Series
DeFi Apps Onboarding Guide
This guide will walk you through the steps you need to take to start using DeFi apps. You’ll learn how to set up your MetaMask wallet, connect it to DeFi apps, and get test ETH from Sepolia faucets.
- Setting up MetaMask Wallet
- Connecting Your Wallet
- Getting Test ETH from Goerli Faucets (We have moved to Sepolia!)
- Getting Test ETH from Sepolia Faucets
Secured Finance User Guide
This guide will show you how to use Secured Finance, a platform for borrowing and lending cryptocurrency. You’ll learn how to prepare test tokens for practice, manage collateral, and borrow or lend using a simple UI.
