⤴️ Borrowing Exotic Currencies
The Chiss dapp allows anyone to borrow supported emerging market currencies with highly liquid USD-pegged stablecoins. USDT/C are the stablecoins currently supported.
Here’s a step by step process to borrow & repay Naira on Chiss dapp.
- Visit Link to get the Chiss Web dapp dashboard
- Connect a funded wallet to the Webdapp via the Wallet connect button at the top-right of the dashboard.
USD stablecoins can be bought via local virtual asset service providers, wallet in-app ramps or P2P markets.
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Navigate to the borrow page to take out the loan on NGN, JPY, TRY or any other supported currencies.
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Click on the “Borrow chTRY” to open the borrow modal to configure your borrow parameters.
Chiss ecosystem is powered by chiss-native stablecoins pegged 1:1 to their fiat counterparts. The tickers are prefixed with “ch-”
- Input the loan amount you’d like to borrow from Chiss pools in the borrow modal and set your preferred loan parameters, including, adjusting the risk level and the collateral type you’d like to use.
The risk level set on the slider determines the Loan-to-Value (LTV) at which the loan will be taken out. The higher the set risk level the lesser the collateral offered to back liquidation & the higher the risk of liquidation.
Each currency has the maximum risk level allowed for each currency i.e. the Max LTV for supported collateral on the FX corridor, and a dynamic APY determined by demand & protocol liquidity.
- Hit on the “Borrow chTRY” to sign & approve transactions from your wallet to get loan. Congratulations you have successfully taken an exotic currency loan! 🎉
You can find your total open loan position and live risk profile at the bottom of the borrow tab. Your position is also added to the “Total Borrowed” amount.
