Images & instructions for how to use xBacked
Video Walkthrough - dated the 7th of February 2022
When you initially open xBacked, you will be presented with this screen
Click on the "Create Vault" button, and you will be presented with a screen that allows you to enter how much collateral you will deposit & how much xUSD to mint.
In the next step you will be asked to confirm the vault details before initiating vault creation.
Note: on your first time using xBacked you will be prompted with three transactions; one to opt-into the xUSD token, one to opt-into the Vault application, and the third will be to deposit collateral and mint xUSD.
When you have created a vault, the main screen will update.
Clicking on "View Vault" will show you all the actions you can do with your vault.
Each these actions will either improve the health of your vault, or make it worse.
To close a vault, simply return all xUSD + accrued supply fees. After this, the remaining collateral in the vault will be transferred back to you.
In reality, it is highly likely that a bot will liquidate a vault before you will. However, below is a guide to using the UI
Once you fetch vaults, you will be presented with a list of vaults that can be liquidated. Clicking on "Liquidate" will take you to a page where you can repay xUSD & receive discounted collateral for improving the health of the vault
When xUSD is trading below the $1 target, it becomes profitable to buy it on a DEX and redeem it for $1 of underlying collateral. Choose which collateral to redeem. There is a small fee involved in redemption, taken from the redeemed collateral