SiO2 Finance Live On Astar
SiO2 Finance Is Live On Astar Network
SiO2 Finance is officially live on Astar Network as of today!
A quick primer on SiO2…
The future of web3 is a multi-virtual machine future. And the world needs a decentralized multi-VM lending hub that’s just as delightful and easy to use as it is powerful.
This is why they’ve built the next-generation lending platform to support Ethereum Virtual Machine (EVM) and Web Assembly (WASM).
SiO2 embodies the spirit of Astar Network.
It supports multi-virtual machines and is intensely community-focused.
Furthermore, SiO2 has some pretty neat features, such as:
· Lending/borrowing 💰: allow you to use multiple assets as collateral and borrow other assets (launched ✅)
· Depositing 🏦: allow you to deposit multiple assets and earn passive income from interests (launched ✅)
· veStaking 🔒: incentivize long-term token holders over short-term holders with $SIO2 (launched ✅)
· One-click short position 📉: allow you to short an asset with only one click (coming soon 🚀)
· One-click flashloan ⚡️: allow you to use flashloan for position migration (e.g., move position from one protocol to another in seconds), arbitrages without having to code (coming soon 🚀)
· Multi-VM support 💻: EVM and WASM will be supported on one front-end (coming soon 🚀)
They’re bringing SiO2 to the world because we need a web3 protocol that boldly steps into the multi-VM future. They’re creating a decentralized lending protocol of the community, by the community, and for the community.
Transparency, ease of use, and community-first are at the core of our team and value system.
As some of you may know, we’re the same team that brought you AstridDAO, and they take pride in being responsive to their community and tenacious in the product-building process.
They don’t take shortcuts and keep the sights firmly on the long-term vision. The intention and approach with SiO2 are no different.
They have big goals, and one of them is to bring more utility to the beloved stablecoin, $BAI, that’s growing in adoption daily.
SiO2 Finance was born out of a powerful desire to build a superior lending and borrowing product and user experience for the Astar and Polkadot community.
How To Use SiO2 Finance
Connect Metamask to SiO2
Go to the SiO2 website (https://astar.sio2.finance/) and click on “Connect Wallet.”
If you are not already connected to Astar Network, click “Change Network” and confirm it in your MetaMask wallet.
Supply
Now go to the “Dashboard” page and click on the “Supply“ button in your chosen crypto. “Supply APY” indicates the reward rate from interest. “Supply APR” indicates the liquidity mining reward from SIO2 tokens.
Next, enter the amount that you want to supply and hit “Supply.”
Approve this action in the MetaMask wallet.
Now you can see your “Supply Balance,” “Net APY,” & “Available SiO2 Rewards,” which you have earned so far.
If you want to harvest them, push the “Claim” button and confirm the transaction in MetaMask.
Borrow
If you want to try our borrow feature, choose your desired crypto and click on “Borrow.” “Borrow APY” indicates the interest rate that you have to pay. “Supply APR” indicates the liquidity mining reward from SIO2 tokens.
Next, set the amount you wish to borrow and push the “Borrow” button in the pop-up window.
Confirm this transaction in your MetaMask.
Now you can see your “Borrow Balance. “ Remember that your “Health Factor “has to be higher than “1”! Otherwise, liquidation happens.
Staking
To stake, go to the “Stake “page. Enter the desired amount you want to stake, choose “Duration, “ and hit the “Confirm” button.
Approve transaction in your MetaMask wallet.
Now you can see the “Summary” of your stake with APY, Unweighted / Weighted Stake, and Pool Share!
If you scroll down, you will see your “Locked Stakes “with the “Date & Time “ending period.
About SiO2 Finance
SiO2 Finance the multi-VM lending hub on Astar for Polkadot. Aim to become the best lending product with excellent user experience, easy-to-use one-click features, and transparent governance.
