Vee.Finance User Guide
Vee.Finance is a decentralized cross-chain lending platform for traditional financial users, cryptocurrency users to provide better digital asset management services. Users can participate in depositing, lending, going long and short, and others.
To borrow or trade on Vee.Finance, you need to install MetaMask wallet first and select custom RPC, the specific settings can be found in the document: https://docs.vee.finance/metamask.
You can collect test tokens at the faucet. We have placed the faucet under the secondary menu of “More”, but for gas fees (AVAX), you need to go to https://faucet.avax-test.network /.
Supplying Assets to the Vee.Finance
Step 1. Before supplying crypto assets, make sure that your MetaMask wallet is already associated with Vee. Click on “Supply” in the left menu bar and select the crypto assets you want to supply.
Step 2. For example, to supply 1000 AVAX, click on the “AVAX” asset, or click on any asset and select “AVAX” in the drop-down menu on the pop-up page. In addition to selecting the asset, the pop-up page also shows the current total market supply, interest rate and the asset data that the user has supplied, then enter 1000 in the blank field under “Supply Amount” and click “Supply”.
Step 3. A pop-up page will appear, showing the number of supplies made and the gas cost incurred for the transaction.
Note: The user who operates for the first time with other crypto assets will need one more step of authorization confirmation.
Step 4, Wait for the transaction confirmation. When the transaction is confirmed, you can see the type and amount of crypto assets deposited in the “Dashboard” or “Supply Market” page.
Step 1. During the process of depositing crypto assets, you can find a “Withdraw” button to the right of the “Supply” button, which is used to withdraw funds.
Step 2. In order to verify whether there is really interest, we take out the 1000 AVAX supplied, there is a “MAX” button in this dialog box, it will automatically calculate the principal and interest supplied, after clicking “MAX”, we find that it is already more than the 1000 AVAX supplied before. After clicking “MAX”, you will find that there is already a little more than the 1000 AVAX supplied before.
Step 3. Continue to click “Withdraw”, you can take out the principal and interest together.
Borrowing Assets from the Vee.Finance
Step 1. Click “Borrow” on the left menu bar and select the crypto asset you want to borrow. For example, if you want to borrow ETH, but before that, let’s see how much you can actually borrow. In the previous operation, I have already supplied 1000 AVAX, which makes my “Borrow Limit” no longer 0. For example, if you are borrowing 0.1 ETH, click on “Borrow”.
Note: Vee.Finance uses a collateralized lending model and when the user borrows more than the “Borrow limit” (this happens when the price of the collateralized asset falls or the price of the lent asset rises), the account will be liquidated.
Since the price of cryptocurrencies can fluctuate significantly, please keep an eye on the Borrow Limit and always maintain a safe liquidity cushion. You can monitor the security of your account by watching the movement of the “Borrow Limit Used” on the “Dashboard” page.
Step 2. Confirm the transaction in MetaMask and wait for the transaction to be confirmed in the network.
Step 3. After confirming the transaction, you can check the type and amount of crypto assets borrow through the “Dashboard” or “Borrow Market” page.
Step 1. In the menu bar “Borrow” page, click on the crypto asset you want to repay or click on any asset, in the pop-up page. In the drop-down menu bar, select the repayment asset. For example, repay the 0.1 ETH, in the pop-up page, click “Max “ in the pop-up page, you can automatically calculate the principal and interest to be repaid.
Note: When repaying, please make sure you have the corresponding crypto assets in your wallet and the amount you hold is greater than the repayment amount.
2. In order to be able to repay the ETH, you need to allow the vee.finance smart contract to manipulate the ETH account and “Confirm” the transaction in the MetaMask pop-up window.
3. A pop-up page will appear, showing the amount of gas fees required for this transaction.
4, Repayment is completed. You can check whether the borrowed assets are repaid in the “Dashboard” or “Borrow Market” page.
Creating leverage trade on the Vee.Finance
If users want to conduct leveraged trading on Vee.Finance, they first need to supply crypto assets supported by Vee.Finance as collateral, and they will be rewarded with corresponding interest and “Vetoken” reward after the supply.
Step1. Click on “Trade” in the left-hand menu bar and select the crypto asset portfolio you want to trade. Before trading, you can check the maximum amount of equivalent crypto assets you can lend through the “Borrow Limit”.
Note: To trade on the Vee.Finance, users need to supply crypto assets backed by Vee.Finance as collateral, and then receive the corresponding interest rate and VEET rewards.
Step 2. For example, if you strongly expect that the price of AVAX will rise in the short term and you want to go long on AVAX, you can borrow a stable coin (USDT) on Vee.Finance and exchange it for AVAX by selecting USDT in the drop-down menu on the left and choosing the “USDT & AVAX” combination.
Step 3. Vee.Finance supports leveraged trading and offers up to 3x leverage to open positions. I borrow 100 USDT and opened a position with 3 times leverage. The stop-loss and take-profit points are set to 20% (click on “Limit/Stop” to turn it on). In the “Expired” dialog you can set the time for automatic settlement, and of course you can close the trade at any time.
Step4. Click “CREATE TRADE” button, prompt the risk of slippage, click “yes”.
Step5. Confirm the transaction in MetaMask and wait for the transaction to be confirmed.
Step6. Return to the “Dashboard” page to view the borrowed crypto assets and ongoing transactions.
Step 7. Vee.Finance supports automatic repayment, which can be made on the “Borrow” page after the transaction time has expired. Of course, you can also make early repayments, but you need to close the transaction in progress first by clicking on “close trade”. Confirm the transaction in MetaMask and wait for it to be confirmed.
Step 8. You can make repayment on the “Borrow” page. Refer to “Repay” for the subsequent repayment process.