How to use dFed.finance to issue currency?

This is a tutorial about the usage of dFed.finance, it is tested and written under the Ropsten network, if you still have questions after reading this page, please contact us by email or social media to get more info.

Let’s rock ~

Connect the wallet

dFed.finance currently only supports MetaMask at the moment, you can use it by a chrome plugin. The official website of MetaMask is https://metamask.io/.

[Note] The governance token of dFed.finance is FED, but is aFED as the project is in the alpha stage, aFED is also an ERC20 token but without transfer function, it is as proof of work at the moment. But aFED will be mapped to FED in the future.

Connect a wallet

Here comes the main interface

After we connect the wallet, we come to the main interface.

The upper left corner is the logo of dFed.finance, then the number of aFED in your wallet, current network, wallet address, settings, and common links are on the right.
The footer is a risk reminder, please note that dFed is currently an alpha version, you should use at your own risk.

There are 4 main functions in the middle operation area:

  • Convert: You can swap USDT and USDD here. USDD is a standard stable coin which equals USD, it only has ERC20 version and can only be converted from USDT now, it will support more stable coins and have more versions on different chains in the future. We use USDD in dFed.finance to trade, lend, mint, and other operations, it is very important in our system.
  • Swap: You can swap USDD and other tokens here. dFed.finance only supports XXX/USDD trading pair in this version, XXX can be any ERC20 token, the swap function is like uniswap or other dex.
  • Pool: You can add and remove liquidity here. dFed.finance only supports XXX/USDD here, you can also harvest FED and recover credit here.
  • Lend: This is the amazing feature of dFed.finance. You can use any ERC20 token to mint USDD, which means you can lend stable coin by altcoin here.

It is simple to convert USDT to USDD or back as below:

Convert USDT to USDD
Convert USDD to USDT

First of all, we need liquidity

On the “Pool” page, we can click the add liquidity button and then go to the detail page. Click “Select” to choose a token, or you can paste a token address in the input area.

Select a token

After inputting the numbers, we can approve the operation of add liquidity.

Add liquidity
Details of add liquidity

When the transaction is finished, you can see the liquidity info on the Pool page as below:

Pool Page

If you find nothing but the transaction is finished, no worries, you can import it by clicking “Import it”.

No liquidity found
Import liquidity

You can also remove your liquidity by clicking the “Remove” button and choose the percentage to get your tokens back.

Remove liquidity

Whatever the token is if you have liquidity in dFed.finance, then you will get aFED as the proof we described above, you can harvest aFED any time.

Harvest aFED

Smoothly token swap

It is very easy to swap tokens in dFed.finance. You can click the “Swap” page, and then fill the form to make your trade.

Swap tokens
Details of swap tokens

The fantastic and fabulous “Lend” function

dFed.finance makes a huge innovation of issuing currency by any kind of token. As the core feature, we can lend USDD from other tokens.

Go to the “Lend” page, click the “Mint USDD” button, then you can see an amazing function. You can select a token you have, and then input the number you can use for mint. When you slide the red block in the blue line the numbers below will change. Please note the warning info, the left side of the blue line means low risk, the other side means high risk. When the token price drops or the pool reduces, your debts may cause a liquidation.

Mint USDD

When you approve it and the transaction is done, you can see your debts on the “Lend” page.

Debts list

Of course, if you can not see it, you can import it.

Import debts

It is very easy and interesting to mint USDD, but you need to notice the numbers. If you want to mint more, you may see this situation:

Another mint

As the picture displayed above, there is a grey area in the blue line because we already have a debt before, so you can not put the red block there. It means that area is used, others can use it only if the original debt is repaid. If you slide the red block to the grey area, it will display 0 like below:

Grey area is not allowed to use

What will happen if we put the red block on the border of the blue and grey area? Then only the blue area in the red block will be calculated.

Border selection

If there are more than one debts for one token, the blue line will be like this:

More than one grey area

Anyway, you can see all your debts and repay them on the Pool page as below:

Repay debts

Recover my credit: an important but a little bit complicated mechanism

We describe the details of credit in appendix 3 of the whitepaper of dFed.finance.pdf. In short, when there are some debts for a token, if someone sells the token or reduces the liquidity, there may be a liquidation, the liquidation may cause credit, then you can click the “Recover My Credit” button on the liquidity list and see the details.

Recover My Credit

When someone repays his debt or the swap happens, you will get available USDD or available tokens, then you can get them back.

Details of recover my credit

This is the basic operation guide of dFed.finance, thanks for reading~

One more thing

It is 0 liquidity provider fee for swapping and 0 interest for lending in the alpha stage, you can play it as you want!

What are you waiting for? Come and play now!

Contact us:

Email: team@dfed.finance

Twitter: @dFed_finance

Discord: https://discord.com/invite/ztgFdQm

GitHub:https://github.com/dFed-finance

Whitepaper: https://dfed-finance.github.io/Introduction/whitepaper/dFed.finance.pdf

Decentralized Federal Reserve Board that Enable Everyone to Issue Currency