Welcome to Decentralized Finance (DeFi)!
Ready to create your first DeFi Credit? Let's do it.
As an initial step, we recommend you look at the current DeFi Credit Marketplace on BitShares DEX.
From here you will understand the format of how your Credit offer will look once posted.
Credit Offer Window Shopping and Practice Borrowing
(1) Navigate to your main wallet/account page here: https://dex.iobanker.com/
(2) Click “Credit Offer” in the top middle menu
(3) Peruse the various Credit Offers to get a feel for the rates, credits and collateral
(4) If you would like to try borrowing click the ($) sign icon under Loan and enter the minimum amount or more
Now that you see how the decentralized Credit Store on BitShares DEX, let's dive into creating your very own DeFi Loan on BitShares.
Create your own DeFi Loan
(1) Click "Credit Management" (2nd Menu from the top)
(2) Under this menu, click the "Credit Offers" tab
(3) Click the blue button showing "Create Credit Offer"
(4) A "Create credit offer" gray pop-up will appear
Understanding Credit Parameters and How to configure your own Credit Offer
(1) While in the gray pop-up mentioned above, note the buttons of "Add Collateral" and "Submit" along with boxes under "Rate", "Repay period", "Minimum", "Expiration" and fees denoted in BTS
(2) Click "Add Collateral"
(3) A Grey "Add Collateral" Pop up will appear with "Asset name" and "Amount" boxes
(4) Type in the desired asset name of your collateral (e.g. BTS) in "Asset name" box
(5) Type desired amount in "Amount" box (this denotes the amount of collateral per unit lent, more on this shortly)
(6) Under "Rate" enter the numeric % fee you would like for your loan (e.g. 1 would be 1%)
(7) Repay period means the length of the loan (e.g. 7 days, 30 days)
(8) Minimum means the smallest unit you can borrow (1 for a USD$ borrowed would mean the least you can borrow at a time is $1)
(9) Expiration means when your offer will expire (We recommend at least 30 days or more ideally)
(10) Click "Submit" to publish your credit offer on chain
Congratulations on your first Peer2Peer loan on the BitShares DEX!