A guide to the EOSDT stablecoin
A guide to the EOSDT stablecoin
Defi

A guide to the EOSDT stablecoin

By Alfredo de Candia - 16 May 2020

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 The EOS blockchain didn’t stand by and watch while the Ethereum blockchain became a reference point for decentralized finance (DeFi), hence the creation of the EOSDT stablecoin, similar to DAI, albeit with much lower volumes. 

This guide will demonstrate how to buy the EOSDT stablecoin. To do so we will need an EOS account, a Scatter wallet with some EOS, or bitcoin (BTC) as recently Equilibrium, which leads the project, has integrated the pTokens protocol with the pBTC token that replicates BTC on the blockchain of Block.one.

First of all, to buy this stablecoin it is necessary to run Scatter and connect to the Equilibrium platform, going to the EOSDT section and choosing which collateral we want to use, whether EOS or BTC.

screenshot EOSDT

As can be seen, in order to create the token we have to tell the system how much EOS or BTC we want to lock and choose how much to withdraw in EOSDT with a minimum rate of 130%.

It is advisable not to decrease the liquidation price keeping in mind the minimum values reached by the asset, so as to avoid that the positions are closed too quickly, should the liquidation price be set too high.

After setting our preferred parameters we will have to click on “Create position” and confirm the transaction with the Scatter wallet. Using BTC instead we will have to send the respective BTC to the address that will be shown and as soon as the transaction is completed we will receive our EOSDT.

 If we want to close our positions then we will have to pay a 1% fee (annual fee), via the NUT token (Native Utility Token) or in the same EOSDT stablecoin.

It is interesting to note that if we lock EOS in the system we will have an APR of 2.4%, while for BTC we won’t have any APR, at least for the moment; moreover, with NUT tokens – which can be considered as governance tokens – a high APR is granted if we stake and vote for BPs: currently 1 NUT is worth around $24 and we need at least 2 NUT to stake and vote for BPs.

Finally, with this stablecoin, it is possible to buy other tokens and trade for higher-margin without spending EOS or BTC.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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