How to Borrow RUSD
Follow these steps to borrow RUSD using RIME:
1. Prepare
Ensure you have connected a supported wallet and configured the appropriate network settings.
2. Access the RIME Platform
Visit the RIME platform at https://rime.finance. Navigate to the borrowing interface.
3. Select Collateral
Choose between CFX as your collateral.
4. Set Collateral Ratio
Set an appropriate collateral ratio. Keep in mind the importance of maintaining a sufficient collateral ratio to avoid liquidation.
5. Enter Borrowing Amount
Input the amount of RUSD you wish to borrow. Be aware of the minimum borrowing limits and associated borrowing fees.
6. Confirm the Transaction
Review the transaction details and sign it in your wallet. Once the transaction is successful, your collateral will be locked in the smart contract, and RUSD will be sent to your wallet.
7. Manage Your Loan
Monitor your collateralization ratio and make sure to maintain it above the minimum required level to avoid liquidation. You can manage your loan by adding or withdrawing collateral, or by repaying RUSD.
Visit the RIME platform regularly at https://rime.finance to stay informed about your loan status and any updates in the protocol.