Our long awaited Alpha release, Initium, is now live! In this guide we’ll show you step by step how to navigate through usage of our protocol. In the future we’ll add many features which will have their own guides. For now we’ll focus on the basics, so you can get the general feel of our cutting-edge protocol.
Please follow this guide step by step for each process to fully understand the various scenarios discussed. Have fun and remember to join in on our DeFi revolution by following us on all of our social platforms, we really enjoy hearing from our community!
Setting up Metamask to use Initium
Before you can start using Initium V1, you will need to have your wallet set up and tokens available within it. UniLend will provide those that are selected from our early release program with UFT test tokens. The test Ethereum tokens required can easily be gathered by using a Ropsten Ethereum faucet (use your Ethereum wallet address to receive the Ethereum test tokens). The reason you will need Ethereum on Ropsten is because Initium V1 resides upon the Ropsten Test Network.
You can use other wallets, similar to Metamask, but to keep everything simple we will complete this guide using Metamask.
Ropsten is easy to access.
First click on the Metamask icon to open your wallet.
Click “Ethereum Mainnet” at the top of the wallet, which is the default network, this will give you a drop down of other Ethereum networks you can choose from.
Select “Ropsten Test Network”.
Once selected you will see Ropsten Test Network at the top of the wallet which means you’re now on the correct network to use Initium V1.
Adding UFT Tokens to Ropsten Test Network
Once you have accessed Ropsten you’ll want to add our UFT token to your coin list within the Metamask wallet.
First click “Add Token” at the bottom of the wallet
Then click the “Custom Token” option
Add the UFT contract address (0x4008a9dc0f231ab9d6f118624a0800d67af4d709). After doing so you will see the token symbol and decimals of precision auto populate
Click “Add Token”
You should now see the UFT test tokens that we sent you. In addition, as long as you’re still on the correct network, you should also see the Ethereum test tokens you received from whichever Ropsten Ethereum faucet you used.
Using UniLend Initium’s V1 Initial Capabilities
In this portion of the guide we’ll show you how to use the Borrow, Lend, Redeem and Repay capabilities built into the UI of Initium. This is all very intuitive and streamlined in comparison to many other DeFi protocols that you may use on the market.
How to “Borrow” on Initium
The “Borrow” function is the default capability selected upon initially accessing Initium. You should see a transparent purple bubble surrounding the word Borrow within the upper portion of the UI. This indicates that the borrow function is selected and ready for use. This transparent bubble will also surround the other functions if selected.
To start, you will want to make sure your wallet is connected to our protocol, this is easily done by selecting the “Connect Wallet” icon which is within the upper right side of the page.
Once you have selected the “Connect Wallet” icon, your wallet should automatically connect. This can be verified by seeing your wallet address within the icon you selected.
Borrowing is also very simple. This can be done by inputting the amount of UFT in which you wish to put up for collateral. In our visual representation we will type “5” into the space that says “Your Collateral”. Generally, one would then select “Approve” if they’re happy with the amount in which they would receive for supplying their collateral; in addition to the Borrow APR and LTV data that auto populates once you input your desired collateral.
After selecting the “Approve” icon Metamask with pop up asking whether or not you wish to Reject or Confirm the transaction. Details about the transaction will be available within the prompt.
Your transaction will then take place once you select the “Confirm” icon. The overall borrowing scenario is now half way complete, as you have now only supplied your collateral to the protocol. Now you’ll need to complete the borrowing scenario by selecting the “Borrow” icon that now shows in the place of the “Approve” icon.
Once you click “Borrow” Metamask will pop up again to finalize your transaction.
Metamask will again ask if you would like to Reject or Confirm the transaction. If you select the “Confirm” icon the transaction will initiate and soon after be complete.
Each transaction you perform on Initium V1 will show up towards the bottom of the protocol. It can be identified as a long string of numbers, which is classified as your transaction ID. If you click the transaction ID it will automatically take you to Etherscan which will reflect details of your transaction.
Once the transaction is confirmed you have now completed the borrowing scenario. You’ve now supplied collateral and opted to borrow Ether for your UFT.
How to “Repay” Your Borrowed Sum to Get Back Your Collateral
In the case that you want to get back your collateral, you’ll need to know how to use the “Repay” feature. In this instance, you're taking the amount you have borrowed plus the agreed upon interest and paying the protocol back to get back your collateral.
To do this, you will first need to select the “Repay” icon at the top of the UI. This will then bring you to the Repay portion of the protocol. You should then see what you owe, which is the amount borrowed plus interest. In addition, you’ll see your collateral just underneath.
To pay back what you owe you can easily copy and paste the amount showing as owed into the grey box near the bottom of the UI (remember to also pay the interest that is owed on top of the principal so you receive your collateral back within one transaction). Right after this action is completed, the grey box that says “Enter Amount” will then change to saying “Repay”.
Click “Confirm” when Metamask pops up (you can also change your GWEI and Gas Limit before selecting Confirm.)
Once you select “Confirm” you now have to wait for the transaction to go through. This should complete your Repay process and you should be able to verify your transaction by clicking the transaction ID at the bottom of the UI. In this scenario, you can also click back into your Metamask wallet and view the collateral, in this case your UFT, which should now show up in your wallet.
You did it! You are now on your way to becoming a DeFi rockstar, you have completed the usage of both the Borrow and Repay functions!
How to Use The “Lend” Function
You have now made it to the Lending portion of the guide, congratulations!
The “Lend” function should be used when you want to lend out your crypto to receive an interest bearing version of the token. Remember, when using this type of function that there’s such a thing as impermanent loss. You always want to do your own research before using any type of DeFi capability. In this case, you’re using test tokens, so there will be no issues; but in the future and as a general rule of thumb, all DeFi users should understand what they’re using before utilizing the protocol.
To start, you should click “Lend” at the top of the UI. This will bring you to the lending portion of the protocol, which is also very straightforward. If you wish to use this function you can simply type in the amount of the token you wish to lend out, into the grey box that says “You Lend”. You’ll now see the Deposit APY auto populate, which is the APY you should make for lending out your crypto.
If you're happy with the APY which is showing and sure that you want to lend out your crypto tokens (in this case I am lending out .5 ETH) you can then continue to the next step by clicking “Lend” in the blue box near the bottom of the UI.
After clicking “Lend”, your Metamask will pop again allowing for you to either “Confirm” or “Reject” the transaction. Like in every other instance, you’ll also have the ability to change the GWEI and Gas Limit for the transaction here.
Once you have selected “Confirm” the transaction will take place. Give it time to go through, you have now initiated the lending process. When the transaction is complete, you should receive the interest bearing tokens which will now represent the tokens you have lent out. In this case, we lent out ETH and in return we’ll receive uWETH: which is UniLend Wrapped Ethereum.
In general, this now means you are lending your crypto and receiving interest on the crypto you have lent out immediately.
Great job! You have completed the lending process, you can check the transaction ID near the bottom of the UI to confirm your transaction on Etherscan.
How to Use The “Redeem” Function
This is the final and last step, you should be proud of yourself for completing all the other functions. Please remember to give us your feedback, it is important to us that we know what we can work on going forward.
When a DeFi user uses the Redeem function they’re asking for their lent out crypto back. In this case, via the last scenario we lent out ETH and received uWETH. You'll now be returning the interest bearing token, uWETH, to get back your lent out ETH. This means that you will no longer receive interest once the transaction is complete.
First, you should have already selected the “Redeem” icon at the top of the UI. This will take you to the portion of the protocol where you can, in a decentralized fashion, ask for your lent out crypto. You’ll see the amount of uWETH you have received and the lent out ETH that you lent to the protocol.
To move forward, you can effortlessly copy and paste the uWETH amount into the grey box that says “You Redeem”. This will now cause the grey box below to change from saying “Enter Amount” to “Redeem”.
Click the blue “Redeem” icon to continue
Metamask will now pop up asking whether or not you want to “Confirm” or “Reject” the current transaction. In this scenario, you can also change the GWEI and Gas Limit if needed.
Click the “Confirm” icon to continue the process.
Now the transaction should start processing. Once complete you should receive notification from Metamask that the transaction went through. In this case, you can also verify that the transaction has gone through by checking the transaction ID at the bottom of the UI. Also your lent out ETH should show up again within Metamask.
The above image shows an arrow pointing at the transaction ID link at the bottom of the UniLend Initium V1 UI. You can click on this link, which will take you to Etherscan, where you can view the details of your transaction.
You did it! You’ve now completed all the current Initium DeFi capability functions. We can’t wait to hear what you like and where you think improvements could be made. Soon we’ll add new features, this is just the beginning so stay tuned by following us on our social platforms.