How to use Aave with Huobi Wallet?
What is Aave?
Aave is an open and non-custodial protocol based on ETH blockchain, where users can deposit and get interests, as well as borrow assets from money markets. The main feature of Aave is that there are fixed and floating interest rate, so the user can switch from one to the other when needed.
Besides, Aave protocol allows flash loans without any collateral. The loan is made on the condition that the liquidity is returned to the pool before the transaction ends.
Aave Protocol supports next coins: DAI, USDC, TUSD, USDT, sUSD, ETH, LEND, BAT, KNC, LINK, MANA, MKR, REP, SNX, WBTC, ZRX.
How to use Aave with Huobi Wallet?
- Open Huobi Wallet and tap ‘Aave’ in Home page. Check the information about the protocol and tap ‘Go’ to the let the third party access your wallet.
2. Enter Aave and tap ‘Browser Wallet’.
3. If linked successfully you will get to your wallet’s home page. Tap on the upper right corner to see you ETH address.
How to deposit？
- Click ‘Deposit’ and you will see what you have available in your wallet to deposit.
2. Select asset you would like to deposit, enter deposit amount. Click ‘Continue”.
*You can manually enter a specific amount or use the percentage buttons below.
3. Click ‘Submit 1’ to approve. At the same time click ‘Confirm’ in Huobi Wallet to authorize the transaction. Once completed, click ‘Submit 2’ in Aave page.
*Once the deposit is made, your ZRX is converted to aZRX, with the exchange rate of 1:1.
4. Check your balance of single coin in Dashboard on the left side, as well as the current APY (annual interest rate), and the aggregated balance (total amount of all deposited coins). Click ‘Withdraw’ at any time and take your tokens back.
If you are willing to borrow, you can click ‘Use as collateral’ and enable your deposited tokens as collateral.
How to borrow?
Since you have deposited and enabled your tokens as collateral, you can borrow from Aave protocol.
1. Click ‘Borrow’ on the left side and you will see all the assets that can be borrowed as well as the stable and variable APY rates.
*Stable rate is the fixed rate that doesn’t change in short term, but can be rebalanced in the long-term in response to changes in the market. You can switch between them when needed.
2. Click the coin you want to borrow (in our case is DAI), enter the amount you want manually or choose the given percentage. Click ‘Continue” to proceed the transaction and choose the type of interest rate.
3. As well as withdraw your deposit, you can repay your loan at any time. Press ‘Repay’ to complete this transaction.
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Please pay attention that every financial operation and decision has a potential investment risk, when making an investment think carefully, do not take any impulsive decision.