This guide will walk you through the process of using RIME to borrow RUSD using CFX as collateral. By following these steps, you'll be able to interact with the RIME Protocol and manage your Trove.
Before getting started, make sure you have the following:
- A Conflux-compatible wallet, such as ConfluxPortal, set up and funded with CFX.
- A basic understanding of the RIME Protocol's features and components.
- Navigate to the RIME Protocol's web app.
- Click on the "Connect Wallet" button in the top-right corner of the screen.
- Select your Conflux-compatible wallet from the list of supported wallets.
- Follow the prompts to connect your wallet and grant the necessary permissions.
- Click on the "Open Trove" button in the RIME web app.
- Select the type of collateral you'd like to deposit: CFX.
- Enter the amount of collateral you wish to deposit.
- Enter the amount of RUSD you'd like to borrow.
- Review the collateral ratio and ensure it meets the minimum requirement.
- Click the "Confirm" button to open your Trove and deposit the collateral.
You can manage your Trove by performing the following actions:
- Repay RUSD: Click on the "Repay RUSD" button and enter the amount you'd like to repay. Confirm the transaction in your wallet.
- Withdraw Collateral: Click on the "Withdraw Collateral" button and enter the amount you'd like to withdraw. Ensure your collateral ratio remains above the minimum requirement. Confirm the transaction in your wallet.
- Close Trove: To close your Trove, repay your RUSD debt and withdraw all of your collateral. Your Trove will be closed automatically once the debt is repaid and collateral is withdrawn.
Keep an eye on your Trove's collateral ratio to ensure it remains above the minimum requirement. If your collateral ratio falls below the threshold, your Trove may be subject to liquidation. It