Deposit
Last updated
Last updated
Bit Protocol v1 is active on Oasis Sapphire Chain. To transfer assets to Oasis Sapphire network and mint BitUSD, there are multiple steps to take. Follow this guide, and it will be easy to understand. Take carefully note of every step, so that you do not accidentally lose assets!
We will transfer assets from the BSC (Binance Smart Chain) network. The same principle will work with other networks as well, if you can find bridges that support the transfers. A bridge transfers assets from one network to another. In this guide we will use the Celer bridge.
First, you have to add the Oasis Sapphire chain to your wallet. For this, go to https://chainlist.org and insert "oasis" in the search bar. Connect your wallet by clicking the "Connect" button. On this screenshot it is on the right side of the search bar or under the networks.
Select "Oasis Sapphire" and "Add to Metamask" after connecting and add the chain to your wallet. If you don't have the BSC chain in your wallet, add that as well. Different wallet providers have different methods to import networks - In this guide we will use Metamask.
For this, you can use any of the supported swap services. In this guide we are using the https://jumper.exchange swap service to swap from BNB on the BSC chain to wrapped Rose (the BSC chain version of ROSE). Remember to get some BNB for gas fees on the BSC chain! Minimum amount recommended is 5 USD worth of BNB at least, depending on network conditions. You can get BNB on any centralized or decentralized exchange like Uniswap.
On the Jumper Exchange, connect your wallet, select BSC and BNB on the "From" option and BSC and wROSE on the "to" option.
This is how it should look like. Remember to leave BNB in your wallet for bridging gas fees and swap for wROSE the amount you prefer.
Go to https://cbridge.celer.network/ and connect your wallet. Then, select BSC chain and wROSE as the token on the "From" option and Oasis Sapphire chain on the "To" option. You will receive ROSE automatically.
After inputting the amounts you want, initiate the bridging. This can take anywhere from 5 to 20 minutes typically, so you'll have to wait for a while. You can see the status of your transfer on the same page and can see when it has been completed.
Now that you have ROSE on Sapphire, it's time to mint BitUSD. Go to https://bitusd.finance and connect your wallet by clicking the "Launch App" button. You are required to sign in twice with your wallet to agree to using the service. On the picture below the blue button means "Confirm" in your respective language.
After signing in, you are directed to the main page. Click on the "Choose Collateral" button under the Vaults section.
You will be directed to the mint page. Here, you can use either the "Auto" or "Manual" button to select your collateral ratio. Be careful and play around with the buttons and amounts to get the feel for choosing your ratio. Remember that under 150% vaults are liquidated and under 180 % vaults are subject to "soft" liquidations via the "Redeem" function, so over 180 % collateral ratio is strongly recommended. This means you will add 180 % of collateral for BitUSD received. The minimum amount you can mint is 10 BitUSD.
Above you can see a 206 % collateral ratio with the settings and market conditions at that time. Remember to manage your debt, since market conditions can move your collateral ratio to liquidation zone quickly! A higher ratio will help avoiding that from happening.
Once you have initiated the minting process, you now have your very first BitUSD. You can go to the "Vaults" section to manage your loan and see your collateral ratio. Here you can also add collateral to increase your ratio, or remove it to decrease it. You can also Mint more BitUSD or repay your debt, either partly or in full.
If you don't have enough BitUSD to close your debt, you can use a few different exchanges to swap between ROSE (or others) and BitUSD. These are in time of writing https://illuminex.xyz, https://app.neby.exchange/ or https://app.thornprotocol.com/. On Neby or Thorn you won't need to insert the BitUSD contract address in the swapping functions, while in illuminex you do. The BitUSD contract address is 0xA14167756d9F86Aed12b472C29B257BBdD9974C2
Add the BitUSD token to Metamask or the Illuminex swap by adding the address to the swap on Illuminex or to "insert token" on Metamask.
Gongratulations, you now have BitUSD and can earn yield with upcoming features and on liquidity pools on Neby or Thorn!
