Mainnet1.0 :
This document introduces the functional modules of DeCredit, the rights and benefits those users can obtain by participating in each module, and the specific operation process. With the mobile terminal, users can also use the PC terminal to participate in DeCredit.
DeCredit includes deposit and loan modules (supply, borrow), stake module, credit function, NFT module (under development, coming soon) and vote module (under design). The following is a detailed introduction of the functions and usage of each module in combination with the specific operation procedures.
there will be 5 mainstream crypto assets available on DeCredit and more and more promising assets will be listed soon.
1) User Guide:
1.Install the Wallet ‘Metamask’, and add the ’BSC Mainnet’
To open the browser (Preferred:Chrome), download and install the extension-MetaMask Wallet(Download: https://metamask.io/download ), create an account and set up for BSC.
Please refer to below info to configure the wallet and Click ’SAVE’.
Network Name：BSC Mainnet
New RPC URL：https://bsc-dataseed1.binance.org/
Chain ID：56
Currency Symbol：BNB
URL：https://bscscan.com/
The parameters are as follows:
Network Name: BSC Mainnet
New RPC URL: https://bsc-dataseed1.binance.org/
Chain ID: 56
Currency Symbol: BNB
URL: https://bscscan.com/
2. Connect to Wallet-MetaMask
Go to the DeCredit Website（http://app.decredit.io） and connect to Wallet MetaMask，choose ’BSC Mainnet’.
3.Overview
The ‘Supply Value’ and ‘Borrow Value’ will be converted to USD and shown at the top of Dashboard Pages, and ‘Borrow Limited Used’ percentage. (It may change depending on the ‘Supply Value’ or ‘Borrow Value’).
Go and click the ‘Credit’ button to fill in the relevant personal information for increasing the mortgage rate of your deposited assets and obtain a loan limit.
Please Note: You have to hold CDTC Tokens and stake them before clicking the ‘Credit’ button to increase your loan limit.
4.Deposit
Go to select or find your preferred asset in ‘Supply Markets’ and make the ‘deposit’ for the profit and interest.
The asset and its APY will be shown at the ‘Supply Markets’ Page. To select the preferred deposit asset, click ‘Deposit’, and enter the deposit amount. After the transaction is confirmed in MetaMask wallet, the deposit is successful and the interest will be calculated.
Please Note: other cryptocurrencies than native token ( e.g. BNB on BSC) need to be authorized first. So after you click ‘Deposit’, there will be a popup to get your approval.
For example : Deposit (BNB)
Once the MetaMask confirms the transaction, the deposit is successful. The result will be updated in the ‘Overview’, Go to the ‘My Asset’ and check the deposit status. And after the deposit , you will receive Dtoken(deposit certificate) in your metamask.
5.Withdraw
Go and find your deposited assets in ‘My Asset’ tab, click ‘Withdraw’ to get them into your wallet. At the same time, the Dtoken (deposit certificate) in MetaMask wallet will be deducted.
6. Borrow
You can set the deposited assets as collateral to obtain the quota for the ‘Borrow Limit’. The ‘Borrow Limit’ is calculated based on the value of your collateral and the mortgage rate.
Before obtaining the borrow limit, you must first use your deposited assets as collateral. Click to open the collateral. After the MetaMark wallet confirms that the transaction is successful, the deposited asset will be used as collateral to provide you with a bowrrow limit.
First, click and open ‘Collateral’. Once the Matemask Wallet confirms the transaction, your ‘Borrow Limit’ will be shown.
Select the asset to borrow from the ‘Borrow Markets’, click ‘Borrow’ button, and enter the borrow amount. After the transaction is confirmed by wallet, the borrow transaction is successful and the interest is calculated onward.
Please Note: To prevent your collateral from being liquidated due to violent currency price fluctuations, please choose a reasonable borrowed amount carefully and do not put too high a risk.
After the borrow transaction successful . it will be updated in the ‘Overview’, Go to the ‘My Asset’ for checking the borrow status. The borrow Limit and Borrow APY and Borrow Limit Used are shown on the Borrow Pages.
7.Repayment
To find the asset you borrowed in ‘My Asset’ tab and click ‘Repay’. Enter the amount or select the percentage of repayment. After the wallet confirms that the transaction is successful, it means the repayment is successful.
8.Farming/Mining CDTC
The mining is available on DeCredit. You can get CDTC for profit by deposit and borrowing on DeCredit.
9. Stake
Go to the ‘Stake’ page, then click on ‘Enable’ to activate the staking. Once the wallet transaction is confirmed, it means the staking activation is successful. The gas fee needs to be paid for the activation.
After the activation,
To stake the asset to earn. Click “Stake” and enter the amount of stake. Confirm the transaction in the wallet. Once the transaction is successfully completed, it means the stake is successful. The page will show your balance in the staking pool.
To apply for unlocking. After the unlocking application is completed, there will be a 3-day lock-up period. After the lock-up period expires, you can withdraw the unlocked assets to your wallet.
Please Note: After the unlock application is successful, the follow-up time, including the lock-up period, will not be calculated as profit.
Click “Unlock” and enter the unlocked amount. After the wallet confirms the transaction, it means the unlocking was successful. The page will display the unlocked details, including the countdown to the lock period.
FAQ:
1.What services are available on DeCredit?
DeCredit is a lending protocol based on smart contracts. Within the scope of assets supported by DeCredit, you can deposit your assets into the DeCredit smart contract to get profit. You can also use the deposited assets as collateral to obtain the borrow limit and then borrow the crypto asset you need.
2.How to increase mortgage rate?
The biggest advantage of DeCredit over other DeFi lending projects is that it provides additional credit enhancement services. You can get certain credit appreciation through the corresponding KYC. After the credit appreciation, your mortgage rate will be increased on the original basis. It means under the premise that the value of the collateral remains unchanged, a higher loan amount can be obtained.
3.How am I qualified for Credit?
DeCredit brings credit value-added services to eligible users. You need to hold CDTC tokens and take stake, and then fill in the corresponding KYC information. After approval (within 72 hours), your borrow limit will increase.
4.Is there any lock-up period for claiming the staked assets?
There is a lock-up period for stake, which is 3 days. That is, if you want to withdraw your staked CDTC, you must first apply for unlocking. After applying unlocking, the calculation of stake reward will stop and you can withdraw your CDTC to your wallet once the lock-up is reached.
5.Am I liable to borrow 100% of my maximum borrowing limit?
Since your borrow limit is calculated based on the value of your mortgaged assets, the price of collateral fluctuates with the market. Under severe market conditions, if the borrow limit is set too high, it will easily lead to the risk of collateral being liquidated. Therefore, it is recommended not to use too high loan amount, and it needs to be controlled within a reasonable range, so as not to cause you losses
