Liquidation Portal: Step By Step Guide

March 15, 2022
Ecosystem Updates , Guides , Stablecoin , Velero Dao
0

Dear community, we would like to announce, that our Liquidation Portal development is finished and here is the instruction how to participate in auctions of liquidated assets, that can be bought with discount from market price.

Link: https://liquidation.velero.finance/

Lets Start!

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  1. Fist of all, you need to connect your wallet and deposit certain amount of USDV on Liquidations Portal. (Don’t forget to add Velas Network in your Metamask wallet. Full Guide you can check HERE)
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2. After signing, you can see active auctions, which can be bidded. Add USDV by pressing Deposit USDV to Bid

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3. Then you can see deposit window. In this case we’re depositing 134 USDV just to be sure that we can buyback liquidated collateral, you can deposit any amount you want.

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4. After you deposit USDV, you need to Authorize USDV in VLX-A Auctions.

After this manipulations, you are ready to participate in auctions by bidding. Let get through the process.

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5. When auction starts, price for liquidated asset is a bit higher from the market one, but every 90 seconds it gets down on 1%. So all you need to do is wait and bid on the price with which you’re ready to buy it.

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6. In our case, we bought back liquidated asset much lover from the market price, but when more of you will participate in auctions, there will be a lot of bids with different discounts.

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7.Congratulations! Your bid is approved!

Be sure, that after your bid is approved, dont forget to unwrap your collateral

unwrap VLX

Follow us on Twitter, join our official official Telegram group, and feel free to ask your Q’s to. Stay tuned the latest news and keep abreast!

The documentation and VeleroDAO codebase are publicly available on Github.

In addition, visit our official website and subscribe to our YouTube channel.

Velero smart contract address: 0xcD7509b76281223f5B7d3aD5d47F8D7Aa5C2B9bf

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