Timeswap
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Timeswap

Timeswap Mainnet User Guide

Welcome Time Travelers!

Fasten your seat-belts as we embark on a journey through space, to travel in Time & explore the World of DeFi 2.0

For first-time explorers, we bring to you our user guide.

But before we start, let us brief you on how our Dapp works!

Enter Timeswap’s spaceship:

For the uninitiated, Timeswap is the world’s first fully oracleless and permissionless money market protocol.

Timeswap’s 3 variable AMM is motivated by Uniswap’s constant product AMM. It provides flexibility to the end-user by allowing the user to decide their risk vs return profile by setting the interest rates & collateral for each lending/borrowing transaction.

As a DeFi primitive, Timeswap’s permissionless pools can be used to create fixed income markets, options, and various other financial products, given the fixed maturity design of the pools.

Our Alpha version is available currently on Polygon. Check it out here.

How to connect Metamask wallet?

NOTE: Timeswap Mainnet is on the Polygon network. Please change to Polygon Mainnet before connecting to Metamask. Click here to learn how to configure Polygon Network on Metamask. You can “Add Network” on Metamask by following the steps as shown in the screenshots below:

Add this info after clicking on “Add Network”

Network Name: Matic Mainnet
New RPC URL: https://polygon-rpc.com/
Chain ID: 137
Currency Symbol: MATIC
Block Explorer URL: https://polygonscan.com/

NOTE: You need MATIC to transact on Polygon mainnet.

  1. Click on the “Connect Wallet’’ option provided on the top right corner.

2. Clicking on Metamask will take you to your Metamask wallet.

We will soon be adding other wallets to our UI.

Where can you see the active pools?

Once you land on our Dapp, the first thing you’ll see is a lending dashboard where you’ll be able to choose the asset to lend / borrow, the Collateral and the Maturity time of the pool.

The pool naming convention for a pair is such that the first token is the asset being lent/borrowed and the second token is the collateral.

For eg: DAI-ETH pool means DAI is the asset and ETH is the collateral.

Here is a screenshot showing how the pools look like:

In the below screenshot, the asset to lend is DAI and the collateral is ETH with a maturity of 31st March 2022, time shown is local time.

NOTE — If you want to see all the available pairs to lend/borrow from, then you can click on the Info section to see all the available pools.

(In the above image there is only one pair i.e DAI-ETH which has only one pool. There can be multiple pairs with multiple pools in each pair on mainnet)

Now, Click on ‘’ toggle icon to see all the available pools for a pair. There can be multiple pools with different maturity dates for the same pair of tokens.

NOTE — You can also see the amount of assets available to lend/borrow under the liquidity section.

Walkthrough of Lend & Borrow transactions

Lend

There are 2 modes in which you can lend: Recommended and Advanced.

Default Lending (Recommended) :

In the “Recommended” lending model to simplify the user experience, we have kept the interest to insurance token ratio at 50/50 which means you are in the middle of the risk & return profile i.e., a balanced approach to start with.

Step 1: Choose the Asset you want to lend, the Collateral token and the Maturity of the pool.

Step 2: Enter the amount of tokens you want to Lend in the “Amount to lend” section.

Step 3: The box on the right hand side explains your transaction in detail. ‘APR’ tells you the fixed annual interest rate you’ll receive on the tokens you lend. ‘CDP’ refers to the current collateral coverage for this pool under the recommended setting. You can see the amount of asset you’ll receive after maturity of the pool under “Amount to receive” and the collateral you will receive in case of 100% borrower default under the “Amount protecting” section.

Step 4: Click on the “Approve” button and confirm the transaction through your Metamask. This transaction approves the token to be lent into the pool. Next, click on the “Lend” button and approve through Metamask to complete your lending transaction.

Step 5: Once confirmed on your Metamask, you’ll be able to see Your Lend Positions under the Lend section on the Dapp.

Custom Lending (Advanced)

In the “Advanced” lending model, lenders can customise their risk vs return profile.

Step 1: Click on the “Advanced” button on the right side to customise your risk-return profile.

Step 2: You’ll be able to see a bar you can scroll which represents your risk from Low to High.

Step 3: According to the risk you choose, you’ll be able to see your estimated ‘APR’, ‘CDP’, ‘Amount to Receive’ & ‘Amount protected’ change in real-time. The higher the risk, the higher is the amount to receive and lower the amount protected, and vice-versa. To learn more, click here.

Step 4: Once you’ve selected your risk profile, you can complete your lend transaction by clicking on the “Lend” button. If you’re doing this for the first time, you’ll have to first do an approved transaction before you can do the lend transaction.

How to claim assets after maturity?(Lender)

After maturity of the pool, lenders can claim their assets which include the interest earned along with any collateral which was distributed from the pool of defaulted collateral. This is proportional to the amount that protects each lender.

NOTE: You can claim your lent assets only after the pool is matured.

Step 1: You can view your lending positions in the “Your Lend positions” section of the app under the Lend section. This tab shows all the pools in which you’ve lent. It also shows the state of your lend positions like ‘Active’ and ‘Matured’, you can claim once the pool is matured. You need to click on the pool you’d like to claim from.

Step 2: This tab shows the details of your position. At maturity, you can click on the “Claim” button and approve from Metamask to claim your assets.

Borrow

Like lenders, the borrowers have two modes of borrowing: Recommended and Advanced.

To borrow an asset of your choice from the pools, deposit collateral and avail a loan.

Default Borrowing (Recommended)

In the “Recommended” borrowing model to simplify the user experience, the collateral value is calculated based on a default 50/50 ratio of debt vs collateral. Borrowers have the option to pay back debt anytime before maturity without the risk of getting liquidated. No more tedious task of maintaining health factors.

NOTE: Your collateral will be forfeited and distributed to the lenders if you don’t repay the debt before maturity.

Step 1: Choose the Asset you want to borrow, the Collateral token that you’d like to deposit and the Maturity of the pool. Remember, you need to repay before maturity.

Step 2: Enter the amount of tokens you’d like to borrow in the “Amount to Borrow” section and the pool will quote you the APR and the collateral you need to lock.

Step 3: The box on the right hand side quotes all the details of your transaction. ‘APR’ is the fixed annual percentage interest that you need to pay and the ‘CDP’ is the amount of collateral tokens that you need to lock for every asset token you borrow. You also get a quote of Debt to repay before maturity and the total Collateral to lock.

Step 4: Click on the “Approve” button and confirm the transaction through your Metamask. Now, click on the “Borrow” button and approve through Metamask to complete your borrow transaction.

Step 5: Once confirmed on your Metamask, you’ll be able to see Your Borrow Positions under the Borrow section on the Dapp. You can also see the NFT representing your borrow position by clicking on the Opensea link.

Custom Borrowing (Advanced)

In the “Advanced” borrowing model, borrowers can customise the interest rate they want to pay on the loan by customising the collateral being locked. The more collateral you lock, the lesser the interest you pay and vice-versa.

Step 1: Click on the “Advanced” button on the right side to customise your APR and Collateral to lock.

Step 2: You’ll be able to see a bar you can scroll which represents your Collateral from High to Low.

Step 3: According to the Collateral you choose, you’ll be able to see your estimated ‘APR’, ‘CDP’, ‘Amount to repay’ and the ‘Collateral to lock’ change in real-time. The lower the collateral, the higher is the APR you pay, and vice-versa. To learn more, click here.

Step 4: Once you’ve selected your collateral, you can complete your borrow transaction by clicking on the “Borrow” button.

How to repay the debt before maturity?(Borrower)

Borrowers must repay their debt before maturity to unlock & withdraw their collateral. If the borrowers do not repay the debt before maturity, their collateral is forfeited & distributed to the lenders.

NOTE: You can also pay your debts partially on our new UI.

Here are the steps to repay your debt:

Step 1: You can view your borrowing positions in the “Your Borrow positions” section of the app under the Borrow section. This tab shows all the pools from which you’ve borrowed. You need to click on the pool you’d like to repay your debt.

Step 2: You can select the pool(s) you have borrowed from and view the Maturity date, Time, Amount to be repaid and the Collateral to unlock. You need to select the Debt you want to repay.

Step 3: You can choose to repay Single, Multiple, or All your debts by selecting the individual borrow positions.

Step 4: On clicking the “Proceed to Repay” button, a box will appear which gives you 2 modes of repaying — Repay Full or Repay Custom options

  • “Repay full” allows you to repay the entire amount and unlock the entire collateral.
  • “Repay Custom” allows you to partially repay your debt and unlock your collateral proportionally. Let’s say, if you repay 80% of your debt, then you can unlock 80% of your collateral.

Collateralised Debt Token NFT for Borrowers

Every time you borrow on Timeswap, you receive a ‘Collateralized Debt Token’ NFT which represents your Debt. This NFT is like a receipt of your debt, it also represents your claim on the collateral. You can click on the Opensea icon on the right to view your NFT on Opensea.

You can sell your debt by selling this NFT on Opensea

Once you sell/transfer this NFT, you will not be able to repay your debt to unlock the underlying collateral. The owner of the NFT will be able to repay the debt and unlock the collateral.

NOTE: The Collateralised Debt Token is issued for the initial borrow position. If the borrower partially repays, the NFT won’t be updated. This implies CDT won’t show correct info if the debt is partially repaid. Be aware of this before you buy Timeswap CDT NFT on Opensea!

Join our Community !

That’s all folks! Hope the navigation was smooth and you are ready to start your own journey in time with our ship. We hope y’all enjoy using Timeswap Dapp.

Do follow us on Twitter to stay updated! If you have any questions or feedback, head over to our Discord. We love to hear from you!

Feel free to get in touch with our team at our discord #mainnet-helpdesk channel for any feedback/suggestions. Also, refer to our Gitbook for a detailed explanation of Timeswap.

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