【Fun with DeFi】 Vee.Finance Deposit and Borrow Guide and Leverage Trading
Vee Finance is a DeFi lending platform for traditional financial users and crypto users. It is committed to bridging the gap between traditional finance and DeFi and providing users with better digital asset management services. Users can participate in deposits, loans, longs and shorts positions and other functions. The mission of the project is to reduce barriers for traditional users to participate in DeFi and optimize the efficiency of global asset allocation.
Vee.Finance is the first DeFi platform based on the Avalanche public chain. Compared with other platforms, Vee.Finance offers users lower GAS fees, high speed, and a secure experience. Vee.Finance currently supports a variety of crypto assets, including AVAX, ETH, LINK, WBTC, USDT, and TUSD.
1. Preparing for use
Note: Please keep the wallet Private Key and Mnemonic Phrase.
- 2. Visit the AVAX faucet website, address: https://faucet.avax-test.network/, fill in the wallet address, you can get it repeatedly;
1.3. If you want to get other test tokens, you can visit the pangolin website, Website: https://pangolin.exchange/, and use AVAX in exchange;
Step 1: Click “Launch App”
Step 2: connect MetaMask
Step 3: select a token
Step 4: search token
Step 5: swap token
Step 6: confirm the transaction in the MetaMask
Step 7: Waiting
Step 8: Check the token you swapped in MetaMask, Click Button “Add Token”
Step 9: input the token you swap again
Step 10: check you wallet
1.4. Log in to the Vee Finance platform use Chrome browser: https://vee.finance/home
2. Connect to MetaMask wallet
2. 1. After logging in to https://vee.finance/home, click the “Connect Wallet” button in the upper right corner of the page.
2. 2. Select the wallet you want to connect to (choose MetaMask wallet).
2. 3. The Vee contract is connected to the personal wallet automatically.
2. 4. The wallet connected successfully.
Note: Crypto assets are only transferred between the personal MetaMask wallet and the Vee smart contract account, and any third party cannot obtain ownership of the property.
3. Deposit Assets to Earn Interest
3.1. Firstly, ensure that there are corresponding assets in the MetaMask personal wallet connected to Vee. Click “Supply&Deposit” in the left menu and select the Crypto Assets that you plan to deposit.
3. 2. Depositing 300 AVAX assets as an example, click “Supply”.
3.3. In the pop-up page, the transaction confirmation is displayed (Vee.Finance’s extremely fast transaction experience, the confirmation time does not exceed 3s), as well as the number of assets deposited this time and the required gas fee, click “Confirm”.
3.4. Waiting for the transaction broadcast. (It will not exceed the waiting time of 3s)
3.5. The deposit is successful, the assets are transferred from the personal wallet to Vee.Finance, the platform automatically updates the personal asset deposit information, and starts to accrue interest on the deposited assets, you can return to the Dashboard page to view the relevant information.
3.6. After depositing encrypted assets, in addition to receiving interest, you can also receive rewards of platform token VEET. Click on the VEET above.
3.7 Confirm the number of rewards.
3.8. Wait for the transaction signature (extremely fast experience), display the gas fee required for this transaction, and click “Confirm”.
3.9. Waiting for the transaction broadcast. (It will not exceed the waiting time of 3s)
3.10. Return to the page and refer to the reward coins received.
4. Withdraw Assets to the wallet
4. 1. Users can withdraw assets from Vee.Finance to their personal wallet at any time.
Note: The amount of withdrawal must be less than the available liquidity of the account and the available liquidity of the corresponding asset market. Click “Supply&Deposit” in the left menu bar and select the asset you want to withdraw.
4. 2. Take out 200AVAX as an example, click “Withdraw”. There is a “max” option on the retrieval page, which automatically calculates the amount that needs to be withdrawn and the interest.
Note: In order to prevent liquidation risks caused by borrowing and withdrawing assets, if there are borrowings or unprocessed transactions, Vee.Finance requires that the mortgage rate after the user withdraws the assets shall not be less than 60%.
4. 3. Pop up the page, wait for the transaction signature (extreme speed experience), display the gas fee required for this transaction, click “confirm”.
4. 4. Waiting for the transaction broadcast.
4. 5. When the withdrawal is successful, the assets are transferred from the Vee.Finance account to the personal wallet, and the page automatically updates the personal asset deposit and borrowing information.
5. Borrow assets
On the Vee Finance platform, users can lend out crypto assets that they do not currently have but need to use.
Note: When using the borrowing function, encrypted assets must be stored on the platform, and the minimum mortgage rate must be maintained (mortgage rate=total lent assets/total assets deposited, the platform will automatically calculate the maximum borrowing amount), and the amount of borrowing must be less than Use the available liquidity of the market.
5.1. Click the “Borrow” option under “Borrow&Trade” in the left menu bar, and select the crypto assets you want to borrow. In order to facilitate the demonstration, I deposited 400AVAX on the saved Vee.Finance in advance.
5. 2. For example, to Borrow ETH, enter the amount to be borrowed, this time lending 0.5 ETH, and click “Borrow”.
Note: The borrowed amount ≤ The safe maximum value.
When the amount of the borrow is greater than the safe maximum, the “Borrow” button becomes unavailable.
5. 3. On the pop-up page, the transaction signature confirmation and the gas fee required for this transaction are displayed, click “Confirm”.
5. 4. Waiting for the transaction broadcast confirmation.
5. 5. Return to the Dashboard page to check the borrowed amount. At the same time, you can go to the MetaMask wallet to check to further verify whether the type and amount of borrowed assets are correct.
Note: Every currency market has a floating interest rate determined by the market asset utilization rate, which determines the cost of borrowing. Changes in interest rates depend on market supply and demand (when borrowing demand is strong, interest rates rise, and when borrowing demand is scarce, interest rates fall).
6. Return Assets
“Repay” and “Borrow” are reverse operations, operating in the same menu bar.
6.1 Click “Borrow” under “Borrow&Trade” in the left menu bar, and select the type of encrypted asset you want to return.
6.2. For example, when returning the borrowed 0.5 ETH, you can choose to repay part or all of it. At the same time, there is a “max” option on the repayment page, which automatically calculates the amount and interest to be returned. Note: When you click “Repayment”, you must ensure that there is a corresponding asset balance in your personal wallet, and it is greater than the repayment amount.
6.3. A pop-up page will display the transaction signature confirmation and the gas fee required for this transaction, click “Confirm”.
6. 4. The page pops up again, showing the gas cost required for this transaction, click “Confirm”.
6. 5. The transaction confirmation broadcast pops up.
6. 6. Return to the homepage and check the amount to be repaid. At the same time, you can go to the MetaMask wallet to check to further verify whether the type and amount of borrowed assets are correct. When “My Borrow” does not show the borrowed currency or MetaMask wallet does not borrow the currency, the borrowing is completely paid off.
Vee.Finance supports spot trading and leverage trading (will be launched soon). When using the trading function, users need to store crypto assets on the platform.
(Note: The following is a test version, this feature will be launched in the future.)
7.1. Click “Trade” in the left menu bar, and then click to select the crypto asset portfolio you want to trade.
7.2.For example, it is strongly expected that the price of AVAX will rise in the short-term, go long AVAX, borrow USDT on Vee.Finance and exchange it for AVAX. 100 USDT is lent this time. Select “USDT” in the “Borrow” drop-down menu bar.
7.3 Click: “USDT/AVAX”
7.4 Click “CREATE TEADE”. Note: On Vee.Finance, users can complete long or short positions in one step (it will be launched soon). At the same time, the platform supports market trading, stop loss and profit (click “limit/stop setting”), and automatic repayment (auto repay), and other functions.
7. 5. On the pop-up page for signature confirmation, as well as the transaction fee and gas fee required for this transaction, click “Confirm”.
7.6. The page pops up and waits for the transaction broadcast.
7.7. Return to the homepage and check the cryptocurrency of this transaction. At the same time, you can go to the MetaMask wallet to check to further verify whether the type and amount of borrowed assets are correct.
7.8. The platform has an automatic repayment function, and users can automatically set the repayment time on the transaction page. Of course, users can also repay in advance. On the Dashboard page, click “Leverage Trade” to view the contract being traded. Click “Cancel Trade” to end the contract transaction early.
7.9 . A pop-up page will display the transaction signature confirmation and the gas fee required for this transaction, click “Confirm”.
7.10 Pop-up transaction broadcast.
7.11. For repayment, click on the “Trade List” under the “Trade” page or click on the “Borrow” option under “Borrow&Trade” in the left menu bar, refer to the operation of “Planning Assets”, and select the crypto assets to be returned.
7.12 Take the “Trade List” under the “Trade” page as an example, click “Repay”. Will directly pop up to the “Repay” page. For the remaining operations, please refer to the operation of 【6 Return Assets】.
8. Market Overview
This page displays the total deposit/loan amount of various assets in the market, the annual interest rate of deposit/borrow and other information, reflecting Vee
Overall Finance information.
In addition, click “Transaction List” to view historical transactions.
About Vee Finance
Vee.Finance is a DeFi lending platform for traditional financial and crypto users. We are committed to bridging the gap between traditional finance and DeFi and providing users with better digital asset management services. Users can participate in deposits, loans, long and short positions, and as well as other functions. Our mission is to reduce barriers for traditional users to participate in DeFi and optimize the efficiency of global asset allocation.