In this simple step-by-step article, we’ll be guiding you through the basics of using our soon to be released mainnet. We’ve worked hard to ensure it’s as intuitive and user-friendly as possible and as time goes by we’ll continue to iterate and update it with improvements.
Step 1 — Get a Wallet
The first step in being able to interact with the Paribus Mainnet v1 is to ensure you’ve got a crypto wallet. Our recommended wallet is MetaMask. You can download the latest version here: https://metamask.io/
For an explanation about wallets you can read our recent article: https://blog.paribus.io/whats-a-wallet-b17ad3bdd181
Once you’ve got a wallet and added some crypto, you can move on to step 2.
Step 2 — Connecting with the Mainnet
Now that you’ve got the basics you can start to interact with the mainnet by connecting your wallet. The address will be provided on March 28th.
When you first open the site you’ll be greeted by the message, “We’ve detected that you do not have a wallet connected. Please connect one to continue.” Underneath this message is a button to press to begin the process of linking your MetaMask wallet to the mainnet.
After signing into your wallet and confirming that you want to connect it to the mainnet you can then proceed to the next step.
Step 3 — Pick Your Side
Once inside the Paribus Mainnet v1, you’ll be greeted by the dashboard. The colors, fonts, and images should have a familiar feel for anyone that interacted with our staking program.
The dashboard lists the number of assets you’ve lent to the pools or borrowed from them along with the APY rate, your borrowing limit, and any accrued interest. To begin with, all of these will read zero because you haven’t lent or borrowed from the mainnet.
To add assets to the mainnet click the ‘add assets’ button from the dashboard, or click the markets tab on the left-hand side of the screen. Once you’ve decided which asset to use click the ‘See Details’ link to be taken through to that assets page.
If you want to lend assets to the liquidity pool simply click the wallet icon with the arrow above it pointing downwards. If you want to borrow assets from the pool click on the hand icon with the arrow pointing downwards into it.
Step 4 — Lending Crypto
After clicking the wallet icon with the arrow pointing downwards you’ll be greeted with the deposit dashboard. This screen shows the pool’s current APY along with the total amount of assets in your wallet that you can deposit.
Enter the amount of your asset that you want to deposit and click the ‘Deposit’ button. Your MetaMask wallet will automatically open, present you with the estimated transaction fees, and ask for you to confirm the transaction.
Once confirmed you’ll see a window notifying you that the transaction is processing. Don’t do anything, just wait, and when the transaction has been processed you’ll see a deposit successful notification.
Please note that APYs are set dynamically based on the levels of liquidity within each pool. This will vary and may show a different amount to the initial amount before you deposited into the pool. This is normal. During each day the APY increases and decreases and your dashboard will show the latest data reflecting this.
Step 5 — Borrowing Crypto
After clicking the hand icon with the arrow pointing downwards you’ll be greeted with the borrow dashboard. This screen shows the pool’s current loan APY rate along with the total amount of assets you are currently borrowing.
Enter the amount you wish to borrow and click the ‘Borrow’ button. Just as when lending to the pool MetaMask will automatically open with a window asking you to confirm the transaction. It will also show you an estimate of the likely transaction fees.
Once confirmed you’ll see a transaction processing notification. As before, do nothing, simply wait for the transaction to go through. Times and fees vary depending on how busy the network is. Once processed you’ll see the loan successful notification.
Just as when lending to a pool the loan APYs are dynamically set according to each pool’s level of liquidity. Don’t worry if the APY shown is different from the level at the start of the transaction. These vary throughout each day and your dashboard will reflect the current APY level.
Your dashboard also shows your borrowing limit based on the amount of collateral you’ve deposited into the liquidity pools. An important point to note is that you can’t borrow from the Paribus Mainnet v1 without first having deposited assets into it.
Step 6 — Withdrawing Your Crypto
When you want to withdraw your deposit from its liquidity pool you simply click the ‘My Deposits’ button on the mainnet dashboard. You will then see the details of each deposit you have. Clicking the wallet icon with the arrow pointing upwards will take you to the withdrawal page for that asset.
You can’t withdraw any asset that would put your account into negative liquidity, so if you have any loans open this will affect the amount you can withdraw. We also don’t recommend withdrawing any amount that would place your loan at risk of liquidation if the markets change quickly. Crypto is highly volatile, so it’s best to have a comfortable liquidity margin on any loans you have.
Once you’ve specified the amount of the asset you wish to withdraw simply click the ‘Withdraw’ button and MetaMask will once again open automatically and ask you to confirm the transaction. Once confirmed you will receive a notification the transaction is processing and once it has been completed you will see a withdrawal successful notification.
Step 7 — Repaying Your Loan
To repay any outstanding loan simply click the ‘My Borrows’ button on the dashboard. You will then see the details of each loan you have open. Clicking the hand icon with the arrow pointing upwards will take you to the repayment page for that loan.
You can either choose to repay part of the loan which will increase your liquidation margin or the whole amount by clicking the ‘max’ button which will close the loan out completely. Once you’ve specified the amount to repay you will either click the ‘Pay Back’ button or the ‘Pay Back Full’ button.
Once pressed MetaMask will automatically open with a window asking you to confirm the transaction. It will also show you an estimate of the likely transaction fees.
Once confirmed you’ll see a transaction processing notification. As before, do nothing, simply wait for the transaction to go through. Times and fees vary depending on how busy the network is. Once processed you’ll see the repay successful notification.
Step 8 — Checking Your Liquidity
In the main menu, you’ll find a ‘Liquidation’ tab. Clicking this takes you through to a liquidity overview page that shows you if any of your accounts are in the process of being liquidated. It also shows you the value of your account liquidity and collateral.