Using Venus Protocol with Enkrypt
How to connect to and use Venus Protocol with Enkrypt. Venture to BNB chain and explore everything Venus Protocol has to offer!
What is Venus Protocol?
Venus is a security-focused, decentralized, on-chain money market protocol that operates on the BNB Smart Chain for rapid and cost-efficient transactions. Venus also features its proprietary stablecoin, VAI, which is carefully designed with multiple stability mechanisms to retain its 1:1 peg to the USD.
Enkrypt is a multichain, self-custodial, and open-source crypto wallet built by the team behind MEW (MyEtherWallet). With Enkrypt, users and developers can generate accounts, manage tokens and NFTs, and interact with DApps on BNB Smart Chain (BSC), as well as over 50 other natively integrated networks. Follow the instructions in this guide on how to use Enkrypt with Venus!
Using Enkrypt on Venus
To begin, you'll need a multichain wallet, like Enkrypt! For help downloading and setting up Enkrypt, click here.
Head to Venus Protocol. Click on "Connect Wallet".
Click “MetaMask”.
*Enkrypt browser wallet connects to dApps using the same mechanism as MetaMask, so it will work everywhere MetaMask is supported. Many dApps also list Enkrypt as a supported wallet, so look out for that logo when you use other applications.
Once you’re connected, select the network you want to add liquidity or trade on. Enkrypt will automatically switch to the selected network, if supported.
Pages
The ‘Dashboard’ page will show you all the available pools that you can supply collateral to and borrow from as long as they are in the same pool type.
Click ‘Account’ on the left side menu to view your earnings, APY rate, supplied and borrowed assets.
Clicking ‘Core Pools’ will display all the available pools that you can supply and borrow from. You can borrow any of the assets as long as you supplied your assets as collateral in any of the ‘Core Pools’.
Clicking ‘Isolated Pools’ displays a list of pools that you can supply assets into but you can only borrow from the pools you supply collateral to.
Clicking the ‘Vaults’ option will bring you to the XVS and VAI staking management page. You can stake or withdraw your XVS and VAI tokens. Staking your XVS will give you ‘Voting weight’ on the ‘Governance’ page so you can vote on the proposed changes to the protocol.
Clicking on ‘Swap’ will bring you to the page to trade your tokens.
Clicking ‘History’ will show all the transaction history on the protocol. You can check the ‘My Transactions’ checkbox to view just your transactions.
Clicking ‘Governance’ will display all the proposed changes to the protocol you can vote on with your ‘Voting weight’. You can get ‘Voting weight’ by selecting ‘Deposit XVS’ and staking your XVS on the ‘Vaults’ page.
Clicking ‘XVS’ shows the amount of XVS that is distributed to each of the ‘Core Pools’ daily.
Clicking on ‘VAI’ will bring you to the VAI minting and repayment page. However, you can only mint VAI if you hold Venus’ Prime token.
Clicking ‘Convert VRT’ will bring you to the VRT conversion page. The VRT conversion has ended but if you have any withdrawable XVS you can click withdraw and follow the instructions to claim your XVS.
Clicking ‘Bridge’ will take you to the Ethereum and BSC bridge where you can move your XVS tokens to and from the Ethereum network.
Supplying Liquidity
In order to borrow assets you will need to supply assets as collateral to a liquidity pool. Click the ‘Dashboard’ option to view all the available pools that you can supply collateral to.
Select the token you want to supply to the protocol and input the amount to deposit. Take note of the warning on the top of the pop up as this tells you which pool you are depositing into. You can click the ‘Show tokens from…’ link to view the tokens available in the pool.
You can enable your assets to be collateral by checking the ‘Collateral’ on but you will need to confirm the transaction on the Enkrypt wallet popup.
Once the transaction has confirmed you should see that the ‘Collateral’ switch should be on.
Once you are ready to supply your assets, you can click ‘Approve’ your token if applicable. The ‘Supply’ button should be active once the transaction is confirmed.
Click ‘Supply’ and confirm the transaction on the Enkrypt pop up.
Once you see the transaction confirmed alert at the top right, your assets are now supplied into the pool.
Borrowing Assets
Depending on which pool you deposited your assets into you will need to choose ‘Core Pools’ or ‘Isolated Pools’ page. Select which asset you would like to borrow from the pool.
Select ‘Borrow’ on the top right of the page.
Enter the amount you would like to borrow.
Click ‘Borrow’ and confirm the transaction on the Enkrypt pop up.
Once the transaction confirms, you should see that you have the borrowed asset in your wallet and on the ‘Account’ page.
Repaying Assets
To repay an asset, go to your ‘Account’ page to view your borrowings.
Select the asset you want to repay, then enter the amount you want to repay.
Click ‘Approve’ and confirm the transaction on the Enkrypt pop up.
Once the tokens are approved, you should be able to click ‘Repay’.
Confirm the transaction on the Enkrypt pop up.
Once the transaction is confirmed, the page should update your balances and show that you have successfully repaid your borrowed assets.
Thank you for checking out our guide on using Venus with Enkrypt! Don't forget to download Enkrypt for a seamless web3 multichain wallet experience. We would love to hear from you on our social media about any guide suggestions you have for the future. Also, if you enjoy using mobile cryptocurrency wallets, give our MEW Wallet mobile app a try, it's available on both iOS and Android platforms!