👛Minting USDFC Step-by-Step
A comprehensive guide to minting USDFC stablecoins
Prerequisites
An active Trove with FIL collateral
Access to the USDFC application
Connected wallet with enough FIL for gas fees
Overview
Minting USDFC allows you to generate dollar-pegged stablecoins against your FIL collateral. This guide walks you through the process of minting USDFC from an existing Trove.
Step 1: Access Your Trove
First, you need to access your existing Trove in the USDFC application.
Navigate to the USDFC application
Connect your wallet if not already connected
Go to the "Trove" section on the USDFC Dashboard page
You should see your current Trove details including collateral amount, debt, and collateral ratio
"Debt" is the Total debt = Borrowed amount + Borrowing Fees (cumulative)
Step 2: Select "Adjust Trove"
To mint additional USDFC, you need to adjust your Trove.
Click on the "Adjust" button
This will open the Trove adjustment interface
Step 3: Specify Minting Amount
Now you need to specify how much additional USDFC you want to mint.
In the adjustment interface, locate the "Collateral" and "Net debt" input fields
Enter the amount of Collateral and USDFC debt you want to adjust
The system will automatically calculate your new collateral ratio
Ensure your new collateral ratio remains above the minimum required (recommended 150%)
Step 4: Review Transaction Details
Before confirming, review all transaction details carefully.
Check the additional USDFC amount you're minting
Verify your new collateral ratio
Review any fees that will be applied
Ensure you understand how this affects your liquidation risk
Step 5: Confirm and Mint USDFC
Once you're satisfied with the details, you can proceed with minting.
Click the "Confirm" button
Confirm the transaction in your wallet
Wait for the transaction to be processed on the blockchain
Step 6: Verify Minted USDFC
After the transaction is confirmed, verify that your USDFC was minted successfully.
Check that your Trove details have been updated with the new debt amount
Verify that the additional USDFC has been added to your wallet balance
If you don't see the additional USDFC in your wallet, you may need to refresh or check your transaction history on your wallet or a blockchain explorer
Check that your wallet balance reflects Borrowing Fee subtracted
Next Steps
Now that you've minted USDFC, you can:
Manage your collateral to adjust your risk level
Monitor your position to stay informed about your Trove's health
Deposit USDFC into the Stability Pool to earn rewards
Redeem USDFC for FIL when you're ready
Troubleshooting
Transaction Failed: Ensure you have enough FIL for gas fees and that your collateral ratio meets the minimum requirement
Cannot Mint More USDFC: You may have reached the maximum debt for your current collateral amount
High Gas Fees: Try again when network congestion is lower or adjust your gas settings
Common Questions
Q: Is there a limit to how much USDFC I can mint? A: The amount of USDFC you can mint is limited by your collateral amount and the minimum collateral ratio requirement.
Q: Are there any fees for minting USDFC? A: Yes, there is a small minting fee that varies based on the current base rate. This fee helps maintain the stability of the protocol.
Q: How does minting more USDFC affect my liquidation risk? A: Minting more USDFC without adding collateral increases your debt, which lowers your collateral ratio and increases your liquidation risk.
Q: Can I mint USDFC in small increments? A: Yes, you can mint USDFC in any amount as long as your collateral ratio remains above the minimum requirement.
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