Do you know how to borrow DAI using BAT as collateral in a DeFi ecosystem!! Follow this guidelines and in seconds you will have it on your wallet!

Do you know how to borrow DAI using BAT as collateral in a DeFi ecosystem!! Follow this guidelines and in seconds you will have it on your wallet!

By alberdioni8406 | S.O.S | 9 Feb 2020


I was wondering, how difficult is to use a DeFi (decentralized finances) application and, today spare some time to get more interaction with the DApp and, why not borrow some crypto.

My experience was made, using the Trust Mobile wallet and also can be used, Trezor wallet, Metamask, Coinbase among other wallets.

Of course the first step is to access the portal page from MakerDAO here https://cdp.makerdao.com and choose between this portal (that only has ETH to borrow as collateral) or use https://Oasis.app that is using as collateral ETHEREUM, BAT, USDC, ARGOR and more that only can be found at the MakerDAO app, Oasis.

First of all, if you are using mobile like I did, you will need first to login to your Trust wallet, access Dapps then insert in the browser DApp the address from MakerDAO, https://cdp.makerdao.com.

Why you need to access inside from your wallet?!

It's important to note that the DeFi Apps, interact direct with the Ethereum DApps such Trust wallet making the connection with the wallet more easier and fast, So if you go direct using the Brave Browser or Chrome browser, on mobile you won't be able to connect direct you wallet, instead you will be finding error generated from the site.

  • 1.  Okay, let's start after you are inside your wallet and already accessed the site first of all you need to Connect you wallet with MakerDAO portal or Oasis app.
  • 2. Your are already connected with the Oasis app, next step is to click the "get started button", after it will ask to choose between ETH or BAT as collateral (remeber the process here is for borrowing crypto using BAT as collateral).
  • 3. After, choosing the BAT, as collateral the App will ask to setup your Vault to secure your crypto, attention, this process will cost you some fees, as mine costed $1.32 in ETH, and take 10 confirmations to approve it, and you have to setup the app allowance to interact with your BAT, Also cost some fees and mine was just few cents paid in ETH with also 10 confirmation on the Network.
  • 4. After all this followed correctly, it will open a Button to "continue" and acess next window.
  • 5. With the confirmations done you only have to choose How many BAT tokens you will use to generate DAI, and be aware that have Enough BAT to secure your crypto lending or the process won't proceed, because the smart contract only allow enough tokens to generate a minimum of 20 DAI.
  • 6. If you have enough for Lending crypto using your Portfolio as collateral, the process will pass and the generated DAI sent to your Trust wallet in questions of seconds.

Note to take, the process will cost you 8% in repayment for the crypto you borrowed, and the DAI generated from that operation are yours to do what you have planned💲💲💲

Your BAT can generate DAI stablecoin easy, fast and very secure.

Good luck with your Loan 😊.

 

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alberdioni8406
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Creator and Crypto Fan. Find me also on Bastyon here: https://bastyon.com/alberdioni8406


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