OINDAO V3 Quick Start Guide
This is a quick and simple how-to on the basic functions of the OINDAO V3. For a more detailed explanation, try our OINDAO V3 TUTORIAL.
Last updated
This is a quick and simple how-to on the basic functions of the OINDAO V3. For a more detailed explanation, try our OINDAO V3 TUTORIAL.
Last updated
Click to enter the stablecoin of your choice.
Then connect your wallet for the blockchain in question (in this case, the NEAR wallet)
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Collateral Deposited: The total amount of assets that you have deposited into the system + Distributed assets from liquidation.
Collateral Value: The total value of tokens you have deposited as collateral, in USD.
Debt Borrowed: The total amount of stablecoins outstanding you have minted.
Deposit: The deposited Liquidation Reserve amount, which is set aside as gas fees in case of liquidation. This amount is returned when closing out a vault.
Meta, wNEAR, and OIN (APY): The staking pool apy (annual percentage yield) represents the true rate of earned interest after users successfully deposit stnear into the system. Neardao currently uses wNear and META to issue rewards.
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Minimum C-Ratio: MCR required by the system, which is 160%. Forced liquidation may be triggered if your C-Ratio falls below the MCR (160%).
Liquidation Cost: The amount charged to your total amount of stablecoins borrowed and deducted from your collateral if a liquidation event is triggered. You will still keep the stablecoins borrowed and your remaining collateral. Calculation formula: Liquidated Debt / Price of stnear * 110.5%
Stability Rate: A simple interest rate of 2% charged to the total value of your borrowing, payable in OIN tokens.
Total Value Locked(TVL): total value locked represents the number of assets that are currently being staked in OINDAO.
In the “Vault” page (#1), look for the “Deposit” input box (#2) in the “Borrow” tab. Input the amount you wish to deposit, and click “Confirm”.
You can withdraw your collateral by going to the “Repay” tab, and enter the desired amount into the “Withdraw” input box, then clicking “Confirm”.
NOTE: ALL your borrowed stablecoins must be repaid for you to be able to withdraw. You can obtain the required stablecoins through the DEXs’ they’re listed on (Ref in the case of nUSDO).
The OINDAO V3.0 has a minimum borrowing requirement of 100 nUSDO.
Please make sure that your C-Ratio is always kept above 160% - falling below the 160% may trigger liquidation.
To mint stablecoins, input the amount of stablecoins you wish to borrow in the “Borrow” input box (#1) within the “Borrow” tab and click “Confirm”.
To repay your stablecoins, input the desired amount into the “Repay” input box (#2) and click “Confirm”.
In the “Stability Pool” page (#1), you can find the “Deposit” (#2) and “Withdraw” (#3) tabs. You can stake or unstake your stablecoin here.
The stablecoin you deposit will aid in liquidations. Through this process, THE AMOUNT OF STABLECOIN YOU HAVE DEPOSITED WILL DECREASE, WHILE YOU GAIN PROCEEDS FROM LIQUIDATIONS IN THE FORM OF THE COLLATERAL (e.g. decrease in nUSDO, gain stNEAR).
In the “Rewards” tab, you will find the many difference sources of incentives for the OINDAO V3.
Staking: These are the rewards given for depositing collateral into your vault.
Stability Pool: This is the rewards for staking in the Stability Pool (in OIN), and the proceeds from liquidations (collateral, in this case stNEAR)
Redistribution: This is a failsafe mechanism in case the Stability Pool runs dry. If a redistribution event occurs, you will see the collateral being deposited here.
The OINDAO V3.0 allows any user to clear the bad debt, initiating liquidation by simply clicking the liquidate button.
Go to the “Liquidation” page, and look for C-Ratios that are below 160%. You can liquidate these vaults by pressing the “Liquidate” button on the right.
