User Guide: Getting Started with Solenes
Welcome to Solenes! This guide will walk you through setting up a compatible Solana wallet, minting USDs, and accessing the Solenes platform to get started with decentralized, stable digital currency.
A. Creating a Wallet
Choose a Solana-Compatible Wallet
● Download and install a Solana-compatible wallet such as Phantom, Sollet, or Slope from a trusted source. These wallets offer compatibility with the Solenes protocol and a user-friendly interface.
Setting Up the Wallet
● Open the wallet application and create a new wallet.
● Safely store your wallet’s seed phrase, as it provides access to your assets. Do not share this phrase with anyone.
Funding the Wallet
● To interact with Solenes, ensure your wallet has a balance of SOL for transaction fees and collateral. SOL can be purchased through exchanges like Coinbase, Binance, or directly within some wallet interfaces.
B. Minting USDs: Step-by-Step Guide
Access the Solenes dApp
● Navigate to the Solenes dApp through a secure browser connection, and connect your Solana wallet by clicking "Connect Wallet."
Select Collateral to Mint USDs
● On the dashboard, choose "Mint USDs."
● Select your desired collateral asset (e.g., stSOL) and enter the amount you wish to use as collateral for minting USDs.
● The interface will display the equivalent amount of USDs you will receive based on the amount and type of collateral chosen.
Review and Confirm
● Once you have entered the collateral amount, review the details. This includes the type and quantity of the backing asset and the amount of USDs you will receive.
● If you agree, click the "Mint" button.
Sign the Transaction
● Your connected wallet will prompt you to sign the transaction. This signature confirms the minting request, specifying the collateral type, backing amount, and the amount of USDs to be received.
● Approve the transaction to submit it to the blockchain.
Transaction Validation and Completion
● Solenes will validate the transaction request and execute it on the blockchain.
● Upon successful confirmation, your collateral (e.g., stSOL) will be atomically swapped, and the corresponding amount of USDs will be added to your wallet balance.
Alternative: Exchanging Stablecoins for USDs
● For users who prefer not to deposit collateral directly, Solenes offers an option to exchange stablecoins for USDs through liquidity pools:
● Select the stablecoin you want to exchange for USDs.
● Your transaction will be routed to various on-chain liquidity pools, ensuring efficient conversion into USDs.
● This process is automatic and minimizes complexity, allowing you to use stablecoins as an input asset while participating in the Solenes ecosystem.
By following these steps, you’re now ready to mint USDs and begin exploring the decentralized financial opportunities within the Solenes platform.
C. Redeeming USDs: Step-by-Step Guide
Redeeming USDs allows users to burn their USDs in exchange for the underlying collateral asset initially used to mint it. Here’s how to complete the redemption process on the Solenes dApp.
1. Access the Solenes dApp
● Open the Solenes dApp in a secure browser, connect your Solana wallet, and navigate to the "Redeem USDs" section.
2. Select Collateral for Redemption
● Choose the collateral asset you wish to receive, such as stSOL, and enter the amount of USDs you want to redeem.
● The dApp will automatically calculate and display the amount of stSOL you will receive based on your selected USDs amount.
3. Review Redemption Details
● Carefully review the details, including the amount of USDs you’re redeeming, the collateral asset type, and the corresponding quantity of collateral you will receive.
4. Confirm and Redeem
● If you agree with the redemption details, click the "Redeem" button.
● Your wallet will prompt you to sign the transaction. This signature confirms the redemption request, specifying the amount of USDs to be burned and the amount of collateral to be received.
5. Transaction Validation and Completion
● Solenes validates your redemption request and submits the transaction to the blockchain.
● Once the transaction is confirmed, your USDs are burned, and the agreed amount of collateral, such as stSOL, is transferred directly to your wallet.
D. How to Stake USDs
● Staking USDs allows holders to earn yield generated by the Solenes protocol. When staked, USDs converts to sUSDs, a yield-bearing asset whose value increases over time as the protocol distributes earnings. Here’s a step-by-step guide on staking and unstaking USDs.
1. Access the Solenes dApp
● Navigate to the Solenes dApp and connect your Solana wallet.
2. Stake USDs
● On the dashboard, select "Stake USDs."
● Enter the amount of USDs you wish to stake. The dApp will display the current value of sUSDs, allowing you to view the approximate sUSDs you will receive.
● Click the "Stake" button, which will prompt your connected wallet to sign the transaction.
3. Transaction Confirmation
● After signing, the Solenes protocol submits the transaction to the blockchain.
● Once confirmed, your USDs is automatically converted to sUSDs, which is transferred to your wallet.
4. Earning Yield with sUSDs
● Yield for sUSDs accumulates within the staking contract, so the value of sUSDs increases over time. You do not need to take any additional action to earn yield—simply holding sUSDs allows it to grow as protocol revenue is added to the staking pool.
5. Unstaking sUSDs
● To redeem your sUSDs, go to the "Unstake" section, select the amount of sUSDs you wish to convert back to USDs, and click "Unstake."
● Your wallet will prompt you to sign the unstaking transaction.
● Once confirmed, the protocol will convert your sUSDs to USDs, reflecting both your initial staked amount and any yield accrued since staking.
Important Notes on Staking Mechanism
● Yield Accumulation: Unlike direct yield payments, yield for sUSDs holders accumulates within the staking contract, leading to a gradual increase in the value of sUSDs. This mechanism allows you to benefit from protocol earnings over time.
● Value of sUSDs: At launch, 1 sUSDs equals 1 USDs, but as yield is added, sUSDs gradually appreciates. When staking, you may receive fewer sUSDs than the amount of USDs staked, but the rising value of sUSDs compensates for this difference, ensuring your total asset value grows over time.
Last updated