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Deposit Collateral

As a borrower, learn how to deposit collateral on Covenant

About

Borrowers deposit collateral in a guild in order to borrow. Unlike many other DeFi lending protocols, lenders do not deposit assets with Covenant.

Step-by-step

  1. 1.
    Starting from the home, dashboard page, click on the 'Manage' button for a respective guild.
  2. 2.
    Now on a specific guild page, click a 'Deposit' button for a respective collateral type. A guild can accept just one, or multiple collaterals. Clicking 'Deposit' will prompt a modal to appear.
  3. 3.
    Enter your desired deposit amount, click 'Submit,' and approve the necessary wallet transactions.
  4. 4.
    Once your collateral deposit is complete, the borrow tab will become functional, and you can borrow funds (i.e. mint and swap zTokens for your desired borrow currency). You will also see your deposited collateral reflected in the 'Your Deposit' column of the left-hand table.
Last modified 4d ago