Borrowing Flow

Graphic user guide for borrowing on MYSO v1

When accessing the MYSO v1 dApp, you are first brought to a tab that says "Borrow". Here, you can provide collateral and begin borrowing from the initial rETH/wETH pool.

Since there is only one pair available initially, nothing needs to be done at the "Select Borrow Pair" section. However, once additional pools are added, you will be able to select what pool you want to post collateral to and borrow from.

In the second step, titled "Select Pledge Amount", you can enter the amount of rETH you'd like to pledge to the pool as collateral to borrow wETH. If you do not have enough rETH to post as collateral, a red "Insufficient Balance" notification will pop up below the second step.

In the third step, titled "Select Loan Option", you can select your desired pool based on the different specifications described within that pool, including the loan tenor ("Borrowing Period"), loan amount, repayment amount, APR, current LTV, and the maxLoanPerCollparameter chosen for that pool.

After inputting the amount of rETH collateral you'd like to pledge as well as selecting the desired pool in the third step, you're now ready to take out your first Zero-Liquidation Loan!

Now, navigate to the right-hand section of the dApp to step 4, titled "Check Details & Confirm". Here, you're able to once again check the amount of rETH you are pledging, the amount of wETH you are borrowing, the repayment amount, the expiry time before which repayment is due, the reclaimable amount of rETH, as well as total fees that go along with the transaction (not including gas).

You can also click the gear at the top right of the "Check Details & Confirm" section to access some transactions settings, including slippage tolerance, transaction deadline, as well as an input field for a referral code for our MYSO v1 Referral Program!

Once you’re ready to take out the loan, hit the “Approve Then Borrow” button, which will authorize the MYSO borrow contract to access and use your collateral for the loan. Two wallet pop-ups will show up — the first of which is the approval, and the second being the loan transaction. Once you click confirm, you’ve taken out your first Zero-Liquidation Loan!