Borrowing RUSD

RUSD is the stablecoin issued by the RIME Protocol. It's designed to maintain a stable value of 1 USD. Users can borrow RUSD by pledging CFX as collateral, providing them with the flexibility to leverage their assets without the need to sell them.

Steps to Borrow RUSD

  1. Connect your wallet: Visit the RIME Protocol platform at https://rime.finance and connect your supported wallet (e.g., MetaMask, imToken, Fluent Wallet).

  2. Choose collateral type: Select the type of collateral you'd like to pledge, either CFX. Ensure that you have sufficient funds in your wallet to cover the collateral and any associated transaction fees.

  3. Enter the amount of RUSD to borrow: Specify the amount of RUSD you'd like to borrow. Keep in mind that the total value of your collateral must be greater than the minimum collateral ratio required by the RIME Protocol (e.g., 150%).

  4. Review your position: Before confirming the transaction, review your collateral and RUSD loan details, including the collateralization ratio, liquidation price, and other relevant information.

  5. Confirm the transaction: If you're satisfied with the loan details, confirm the transaction in your wallet. Once the transaction is processed, the RUSD loan will be deposited into your wallet.

Please note that borrowing RUSD carries certain risks, such as potential liquidation if the value of your collateral falls below the minimum required ratio. Be sure to monitor your collateralization ratio and adjust it as necessary to avoid liquidation.

Additionally, always practice proper risk management and only borrow amounts you're comfortable with, considering the inherent volatility of cryptocurrencies.