AstridDAO User Guide
AstridDAO will launch at 12 PM UTC on 04/28, in less than 48 hours.
And they are happy to deliver the AstridDAO User Guide for beginners who want to easily use their platform and share the APY feast after the launch!
In this User Guide, it will walk you through how to set up MetaMask wallet, transfer ASTR from centralized exchanges (i.e. Binance) to MetaMask wallet, deposit ASTR in AstridDAO, borrow BAI, and earn rewards.
MetaMask Wallet Registration
- Finally, you will be greeted with this. Now click Get Started to begin the registration process.
- The subsequent screen will give you the option to Import Wallet, or you can Create a Wallet. Click the latter option to register a new one.
- Now Create a strong password on the following screen.
- Secure your Wallet
- You are now seeing your Recovery Seed!!!
- Now it’s time to save the secret recovery phrase. You can uncover the secret phrase and download it as a text file. Then click Next to proceed.
- MetaMask goes to lengths to ensure you remember this important phrase as they don’t store it for you. So you see a word puzzle to rebuild that phrase, exactly the way it was. Unless you get it right, the Confirm button at the end won’t get activated, and you can’t proceed.
- And if you’ve missed remembering or saving it, there is a back button under the MetaMask icon at the top. That will take you to the previous page to download and memorize it.
- Once you complete this, the Confirm button will come to life. Click that, and you will see the congratulations message on the last screen of the registration process.
- Finally, click the all done on the congratulations page to enter into your wallet dashboard.
Add Astar Network to your MetaMask Wallet
- Open MetaMask and go to the available networks, and click the below button!
- Then you can see “add network” at the bottom of the app.
- Click “Add Network”, and add the information!
- Network Name : Astar Network
- New RPC URL : https://rpc.astar.network:8545
- Chain ID : 592
- Currency Symbol : ASTR
- Block Explorer URL : https://blockscout.com/astar
- Now, your MetaMask wallet is ready to be used in the Astar Network!
- So let’s connect Astar Network from your Metamask.
Transfer ASTR tokens from CEX (i.e. Binance) to MetaMask
- Go to Binance and log in to your account. Click on “Fiat and Spot” button.
- Find Astar token a click “Withdraw”.
- Now go to Astar Network portal and connect your polkadot.js extension. Copy this address and go back to Binance.
- Copy and paste the address. Then select your withdraw amount and click the “Withdraw” button!
- You have to go through “Verification Procces”. Then withdrawal request is submitted and it should take few minutes to withdraw your Astar Tokens to your polkadot.js wallet.
- Now go back to Astar Network portal, make sure to connect with polkadot.js and click “Transfer” button.
- Pop up window will show up and you have to fill your Astar EVM Address on MetaMask, set up your desired amount to transfer and click “Confirm”.
Use AstridDAO
Connect Metamask to AstridDAO
Go to our AstridDAO website and click on “Launch app”.
Now click “Connect to MetaMask” button.
Confirm connection in MetaMask and log in to your wallet. And please make sure to switch to Astar in MetaMask.
Your MetaMask is connected!!!
Open a Vault to Generate BAI and Earn ATID
Next step is to approve token conversion in MetaMask and wait for confirmation.
Another step is swapping ASTR to WASTR (i.e. ERC20 compatible equivalent of ASTR token). Then add your amount of ASTR you want to swap and click “Convert”.
Confirm in MetaMask Wallet. Now you click on “Open Vault”. Enter the amount of ASTR you want to add as collateral, and enter the amount of BAI that you want to borrow. BAI is the stablecoin hard-pegged to 1 USD. And please make sure to maintain the collateral ratio above 130% to avoid liquidation.
You can now see your “Net Debt”. Also you can click “Adjust” and edit your Collateral or Net Debt to modify your collateral ratio.
After opening the vault, you are earning ATID now!!!
You can track how much you have earned by clicking the “User” button on the top right corner. “Collateral Deposit” under “My Estimated ATID Airdrop” is the amount of ATID reward that you earned by simply depositing ASTR in AstridDAO. These ATID tokens will be airdropped 3 months later.
Deposit BAI into Stability Pool to Earn ATID and Liquidation Rewards
Now on the top bar, click on “Farming” and the “Stability Pool” menu opens, where you can deposit your BAI and get rewards in the form of our “Native Token ATID”. Click on button “Confirm” and wait for MetaMask approve.
After a while you will start getting rewards in the form of “ATID”. When you want to claim WASTR and ATID, just click this button on the right side “Claim WASTR and ATID”. Approve this action in MetaMask Wallet.
The ATID tokens earned from stability pool farming will be distributed to your account immediately with 3-month lockup. However, you will be able to use them for staking immediately.
ATID Staking
Now you are able to stake ATID, so click on the top bar button “Staking”.
If you want to start staking, click on “Start Staking”.
Right now you are able to stake your desired amount of ATID for multiple duration (1, 2 or 3 years). Choose one option and then click on “Confirm” button. Approve in MetaMask and enjoy staking ATID and getting rewards proportional to the share of the weighted veATID in the pool.
Check the amount of ATID staked and veATID received in “Summary”, and other info including locking period in “Locked Stakes”.
Now, you are also earning ATID staking airdrops! Check out the estimated amount in “ATID Staking” on the “User” card.
Manual Liquidation
You can manually trigger liquidation if you see accounts falling below the liquidation ratio. This process can be done either one by one or in a single batch. You will earn 0.5% of the collateral, plus $10 BAI for liquidating the unhealthy vaults.
Manual Redemption
Similarly, you are free to trigger manual redemption (after redemption is enabled) to swap BAI with ASTR tokens. Normally, you won’t get a favorable price compared with swapping BAI with ASTR on DEXs (i.e. ArthSwap), because you will have to pay a fee upfront when triggering the redemption. However, this could be profitable if BAI is trading below 1 USD.
Statistics Page
Statistics page shows a few key metrics for AstridDAO, including but not limited to how many opening vaults in the system, total value locked in the protocol, and APR for various events (i.e. Depositing ASTR, ATID staking, and Stability Pool incentives).
About AstridDAO
AstridDAO is a decentralized money market and multi-collateral stablecoin protocol built on Astar and for the Polkadot ecosystem, which allows users to borrow $BAI, a stablecoin hard-pegged to USD, against risk assets at 0% interest and minimum collateral ratio. This means you can use the value in your risk assets including $ASTR, $BTC, $ETH, $DOT, etc. without having to sell them.
Source
Medium
