👨🌾User Guide
A simple overview that helps new users navigate Lodestar.
Last updated
A simple overview that helps new users navigate Lodestar.
Last updated
Before a user can begin using Lodestar, they need to connect to the protocol with their crypto wallet. Lodestar currently supports the following wallets:
Once you have your wallet set up, head over to lodestarfinance.io and click ENTER APP at the top right of the page.
Happy adventuring, Swashbucklers
All a user needs to interact with the Lodestar protocol is a supported wallet, supported asset(s), and funds to pay for transaction fees.
Navigate to https://app.lodestarfinance.io. The dApp is comprised of the market dashboard which shows the available markets to participate in.
To supply assets to a market, first click on the desired asset. After doing so, a prompt will be shown to confirm the contract's ability to deposit assets into the market. Once approved, the supply panel will be visible, allowing the user to enter the amount of underlying assets they wish to deposit and click the "Supply" button at the bottom of the panel.
Once a user has deposited into a market, the supplied assets can be enabled as collateral by toggling the radio button on the right side of the supply pane of the market dashboard. A prompt will be shown upon clicking the slider confirming the decision to enable the supplied assets as collateral. Following confirmation, the supplied assets are able to be used as collateral to borrow against.
To borrow assets, first select the desired asset to be borrowed and the borrowing panel will be shown. Key in the desired amount of assets to borrow and click the "Borrow" button at the bottom of the panel.
To repay some or all of an outstanding borrow balance, select the asset to be repaid in the borrowing pane. Select "Repay" in the borrowing panel and key in the desired amount of assets to be repaid. Finally, click the "Repay" at the bottom of the panel. After the transaction is processed, the displayed borrow balance will be updated to reflect the repayment.
To keep an account healthy, users should monitor the health factor of their account. If a user's health factor falls below 1.0, they can be liquidated. Lodestar advises users to keep a healthy buffer above 1.0 on their accounts to plan for any unforeseen circumstances.
A user can check their health factor by taking the summation of the ETH denominated values of their collateral multiplied by their respective collateral factor and dividing by the ETH denominated value of the account's outstanding borrow balance (including accrued interest).
ex: (Asset One value denominated in ETH multiplied by Collateral Factor) + ( Asset Two value denominated in ETH multiplied by Collateral Factor). Divide by the ETH denominated value of your outstanding debt plus accrued interest.
Additionally, the market dashboard is equipped with a borrow limit graphic to visualize a user's account health in real time. At 50% of your borrow limit your accounts health is 2, at 66.66% of your borrow limit your health is 1.5, at 80% of your borrow limit your health is 1.25 and at 100% of your borrow limit your health is 1.
It is suggested that positions with volatility risk keep their accounts health above 1.5 to be prepared for sudden and unexpected changes in market conditions.
