MakerDAO User Guide
Last updated
Last updated
Whether you are a DeFi Chad or new to the world of Decentralized Finance — this guide will walk you through the B.Protocol-MakerDAO integration to get you started in a few clicks.
1. Head over to https://app.bprotocol.org/app and open your MetaMask. Click the “Connect” button on the top right corner of the B.protocol app to connect your ETH account to B.Protocol using MetaMask.
2. If you have a MakerDAO ETH-A/ ETH-B/ ETH-C or WBTC-A Vault connected to this account, you will see an “Import” button on the top left corner. Below the button, you can see the current balance of your Vault (ETH/WBTC locked vs Dai debt). With one click you can import your Vault to be managed by B.Protocol
3. You will have to confirm the Import. The Import operation is a single Ethereum transaction and could take up to a few minutes, depending on gas and network congestion.
4. Once imported, Your Vault on MakerDAO’s Oasis will show zero balance, but you will be able to Deposit/ Withdraw your ETH or WBTC, and Borrow/ Repay your Dai debt on the B.Protocol app as well as on other DeFi interfaces such as Zapper and others.
5. If you want to open a new Vault (currently B.Protocol supports only the ETH-A/B/C and WBTC-A Vaults) — once your MetaMask is connected to B.Protocol you can Deposit ETH or WBTC and Borrow Dai in the exact same way as you would do on MakerDAO’s Oasis (with a bit more simplified UX).
In order to Borrow Dai, first you need to Deposit ETH or WBTC according to your Vault type. Pay attention that there is a minimum of a 5000–15,000 Dai (aka Dust) to borrow and a 130%-150% collateralization ratio that dictates the amount of ETH you need to deposit and the amount of Dai you can borrow against it.
You can learn more about MakerDAO’s Vaults here — https://community-development.makerdao.com/en/faqs/vault/
6. When you want to pay back your Dai debt you would need to unlock your Dai. This will prompt a MetaMask confirmation
7. You can Use ‘Set Max’ to repay your full debt. As there are stability fees on MakerDAO, you will need to pay more Dai than you have borrowed in order to close your loan. If you haven’t made sure your Dai balance in your connected MetaMask account is higher than your debt, you will get a notification alert that your Dai balance isn’t sufficient to pay back the entire debt.
8. Once you click Repay you will have to confirm the transaction on MetaMask.
B.Protocol users are rewarded also with BPRO tokens, B.Protocol governance tokens. Your BPRO rewards will keep increasing according to the current liquidity mining program in place. You can check the current liquidity mining status on the B.Protocol forum or Discord.
A user’s part in the Jar, where liquidation proceeds are being kept (separately for each platform), is calculated according to a User mScore and cScore (for MakerDAO and Compound respectively). The Score is non transferrable and is being distributed according to a 80/20 ratio between debt and deposits.
For any further support, or if you just want to jump into the on-going discussion — please join our Discord — https://discord.gg/bJ4guuw.
