Getting started with Borrow is easy. Just follow these simple steps:
1. If you have not already, download the Cake DeFi mobile app by clicking here.
2. In the mobile app, go to the "BAKE" tab in the menu below and choose “Borrow” and then "GET STARTED", if you’re a new user. If you have previously borrowed, you may choose “Add collateral”
3. Indicate how much DFI you are willing to pledge as collateral. You may choose to combine DFI with other cryptocurrencies, but do note that the 50% of the total collateral should be DFI.
4. Choose which cryptocurrency you’d like to combine DFI with: BTC, ETH, USDT and USDC.
5. In fact, you may choose to pledge multiple cryptocurrencies as shown in the example below.
6. Once you have selected the cryptocurrencies that you’d like to pledge, you must indicate the amount.
7. In the example below, you can see that 50% of the collateral are DFI (as required) while the remaining 50% are composed of other cryptocurrencies that were pledged.
8. You will receive an alert if there is an imbalance in the cryptocurrencies being pledged as collateral.
9. Once the required balance is achieved, your collateral will be added and you may proceed to borrow DUSD.
10. The total value of your collateral will then be calculated, after which you will be presented with an option to add more collateral. If you choose this option, you will have to decide whether to a) add more DFI; b) remove the DFI that you have already pledged.
11. You will then be notified how much DUSD you can borrow based on the total value of your collateral.
12. As you indicate the amount of DUSD you’d like to borrow, the app will also show you the risk of your collateral being liquidated. “Green” indicates low risk.
13. “Orange” indicates medium risk.
14. “Red” indicates high risk.
15. Once you’ve decided, you may press “Continue” to proceed. If not, you may press “Cancel”.
16. You will also be alerted if you exceed the amount of DUSD that you are eligible to borrow.
17. As a final step, you are required to review the details of the transaction and confirm that you agree to the “Terms of Service”.
18. And that’s it! Your DUSD will be visible in your wallet.
For more information about Cake DeFi “Borrow”, please check our Borrow FAQs.