Creating Your First Trove
Learn how to create your first Trove to start using USDFC
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Learn how to create your first Trove to start using USDFC
Last updated
Was this helpful?
A wallet with FIL tokens (Filecoin's native cryptocurrency)
Basic understanding of blockchain transactions
Access to the
A Trove is your personal collateralized debt position in the USDFC protocol. By creating a Trove, you can deposit FIL as collateral and mint USDFC stablecoins against it. This guide will walk you through the process of creating your first Trove.
Before you can create a Trove, you need to connect your wallet to the USDFC application.
Navigate to the
Click on the "Connect Wallet" button in the top right corner
Select your wallet provider (MetaMask, WalletConnect, etc.)
Confirm the connection
[Image: Screenshot showing the wallet connection interface with the "Connect Wallet" button highlighted]
Once your wallet is connected, you need to navigate to the Trove management section.
On the USDFC dashboard, locate and click on the "Trove" option
You'll see the Trove creation section on the same page
[Image: Screenshot of the USDFC dashboard with the Trove/Mint USDFC option highlighted]
Now you need to decide how much FIL to deposit and how much USDFC to mint.
Enter the amount of FIL you want to deposit as collateral
Enter the amount of USDFC you want to mint
The system will automatically calculate your collateral ratio
Ensure your collateral ratio is above the minimum required (typically 110%)
[Image: Screenshot of the collateral and debt input fields with the collateral ratio calculation]
Before confirming, review all transaction details carefully.
Check the collateral amount (FIL)
Verify the debt amount (USDFC)
Review the collateral ratio
Note any fees that will be applied (including the Liquidation Reserve of 20 USDFC)
[Image: Screenshot of the transaction review screen showing all relevant details]
Once you're satisfied with the details, you can create your Trove.
Click the "Confirm" button
Confirm the transaction in your wallet
Wait for the transaction to be processed on the blockchain
[Image: Screenshot of the confirmation screen with the "Create Trove" button highlighted]
After the transaction is confirmed, verify that your Trove was created successfully.
Check that your Trove appears in the dashboard
Verify that the USDFC has been added to your wallet balance
If you don't see USDFC in your wallet, you may need to add it as a custom token (see USDFC contract info in the Protocol Statistics section)
[Image: Screenshot showing a successfully created Trove in the dashboard]
Now that you've created your first Trove, you can:
Transaction Failed: Ensure you have enough FIL for gas fees and that your collateral ratio meets the minimum requirement
High Gas Fees: Try again when network congestion is lower or adjust your gas settings
Q: What is the minimum amount of FIL I can deposit? A: You need to deposit enough FIL to borrow at least 200 USDFC (the minimum borrowing amount) while maintaining at least a 110% collateral ratio. The exact FIL amount will depend on the current FIL price.
Q: What is the Liquidation Reserve? A: The Liquidation Reserve is a small amount of USDFC (20 USDFC) that is set aside to cover potential gas costs in case your Trove needs to be liquidated.
Q: Can I create multiple Troves? A: No, each wallet address can only have one Trove at a time.
USDFC Not Showing in Wallet: Add USDFC as a custom token in your wallet using the contract address found in the page, or click the wallet icon near the USDFC contract info on the USDFC app
Q: What happens if my collateral ratio falls below the minimum? A: Your Trove may be liquidated. Learn more in the section.