If you are a Ricochet investor, developer or community member you might be holding some RIC token. In this I will show you how to borrow USDC with RIC.
Set up
When you land on the page you'll be prompted to switch to Polygon network if you aren't on it already. Connect the wallet holding your RIC
This will load your data and allow you to interact with the Bank.
RexBank
This is our community bank, before we continue we will go through a couple of values to better understand how they work:
Contracts:
If you want to read the contract you can click on these links, the top is for our RIC->USDCx Bank contract
The second is for our USDCx->RIC contract
Available to borrow:
This column will indicate how much is in the vault available for borrow
Collateral price && Debt price:
The amount you must pay to borrow the 1 token
Interest rate (APR)
Rexbank charges 12% APR the interest is calculated continiously meaning you only pay for the time you borrow.
Origination Fee
To borrow on Ricochet we charge a 1% fee, meaning if you want to borrow 100USDC you will be charged 1USDC extra
Collateralization Ratio
To borrow USDC you must lock 150% in RIC as collateral, for example:
The collateral price to borrow USDC as of writing this is 0.59USDC, if I want to borrow 100USDC we must lock up 257 RIC.
How to borrow:
- Create a vault by depositing a chosen amount of RIC
- Navigate to Vault:
- You will be able to deposit, more funds to increase the amount you can borrow.
- You will be able to borrow a certain amount depending on how much RIC you locked up as collateral -You will be able to Repay your debt, either in installments or full -You will be able to Withdraw funds equal to the amount you repaid.
Any USDC you borrow will be a supertoken
The last step will be to downgrade it to USDC in the wallet tab
Conclusion
If you want to keep holding your Ricochet bags but also use your money then the Bank is for you, follow the guide below and Borrow USDC(pos) today.