For users who have never used a lending platform such as DAI, MOR can be confronting at first glance. But don’t stress, for any newcomers out there ready to maximize their capital efficiency and earn while they borrow we are happy to offer you MOR: A Basic How-To Guide!
In this article we’ll cover the basics, including steps of how to open a vault, manage your position, and swap MOR directly. For more detailed information, be sure to check out the official documentation.
Opening A New Vault
So you’re ready to deposit collateral and start earning + minting MOR? Here’s a simple guide how:
The following collaterals (or “ilks”) that are available are listed below:
First make sure you have obtained your chosen asset (from the list above) — for LP tokens they are obtained at either PancakeSwap or ApeSwap*, by providing 50/50 of each token (*only MOR/BUSD & BANANA should be purchased from ApeSwap as that is where the liquidity lies.)
Click to “Open New Vault”, from here you can select the ilk you wish to deposit, as well as use the simulator to determine how much of the token you require (and how much MOR you can mint) to meet a particular collateralization ratio.
Click “Setup Proxy.” This is necessary to do when you have never created vaults from that wallet address (you only need to do this once per wallet). This will enable the protocol to open MOR vaults from your address.
Click “Enable Collateral.” (only needs to be done once for each ilk)
After that, you’ll be able to open the vault. Select how much collateral to deposit and how much MOR to mint alongside your collateral. Please note that the minimum amount of MOR you can borrow must be 100 (or 0).
Click “Open Vault.”
Managing Your Vaults
Once you have opened your desired vaults, you can manage your positions in the Dashboard.
This includes functions like:
- Depositing more collateral to decrease your liquidation risk
- Minting extra MOR (if allowed)
- Repaying your MOR debt to unlock collateral or withdraw your loan altogether
Swapping MOR via the PSM
MOR can be swapped for at a fixed rate with BUSD via the swap page. Simply head to https://mor.growthdefi.com/swap, input the amount of BUSD (or MOR) you wish to exchange and hit “swap”.
Swapping MOR this way has no slippage.
Note the swap fees are as follows:
BUSD to MOR = 0.1%
MOR to BUSD = 1%
As always if you have any further questions our team are active on Telegram.