Borrow DAI directly from Zerion
We are thrilled to announce the support for MakerDAO’s collateralized debt positions (CDP) in Zerion. Now, you are able to take out a loan in DAI backed by collateral in Ethereum.
What’s a CDP?
MakerDAO protocol allows you to take out loans denominated in DAI backed by collateral in Ether. Whenever you deposit your ETH into the system, a collateralized debt position (CDP) is created. You can then use it to mint DAI, a stable coin pegged to 1 $USD.
A loan in 🔸 DAI has two major use-cases:
- Transact at stable prices without selling your ETH
- Use DAI to buy other tokens (you can do that in the “Exchange” tab)
in our blog
The process of opening a CDP with Zerion is easy!
Step 1: Go to app.zerion.io and navigate to the “Borrow” tab.
If you have opened a CDP before, you should see it here!
Step 2: Follow the instructions to open a new CDP.
Step 3: Confirm the transaction in your selected wallet!
We currently support Metamask, Tokenary and Fortmatic.
Step 4: Congratulations! You have just created your first CDP :)
Now, you can manage your CDP from the “Borrow” tab.
The “Overview” tab lets you see the key parameters of your CDP. It shows your current debt, collateral, and their ratio.
✅ As long as your debt does not surpass 66% of the collateral, your CDP remains safe, and you can take out more DAI if you need to.
⚠️ You will only be able to withdraw full collateral once you repay your full debt amount.
❗️ If your collateralization ratio rises above 66%, your CDP will be liquidated.
Recap: What you can do with Zerion already!
- Track ETH and ERC20 tokens on as many wallets as you like
- Watch the historical performance of your portfolio
- Send and Receive crypto assets
- Buy and Sell more than 20 tokens
- Take out a loan in DAI backed with your ETH
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