Borrow

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Borrow
User can Borrow newly minted mAssets by providing any collateral accepted in Mirror Protocol and open a CDP. After creating a position, user can manage it on My Page.
When the user withdraws collateral either to manage position's collateral ratio or to close the position, a Protocol Fee of 1.5% is charged to the collateral being withdrawn.
Please note that all asset values are calculated based on the reported price from the oracle feeder instead of the Terraswap price.
Borrow (Open Position)
User may mint new mAsset that is whitelisted on Mirror Protocol, by providing other mAssets , UST or other tokens as collateral and open a new CDP. The value of user's collateral against the minted asset must be higher than the minimum collateral ratio in order to have the transaction successfully executed.
1. Navigate to Borrow (Mint) page and select an asset to borrow. 
2. Select an asset to use as collateral.
3. Select an asset to borrow (mint).
4. Enter value in Collateral and set the Collateral ratio. 
5. Click OPEN. Station Extension should prompt you to sign the transaction. Confirm the details presented and input your password to sign.
6. All Done!
Now, the borrow position becomes visible on My Page. User may choose the same asset pairs to mint more, but due to changed oracle price of both the collateral and the minted asset, and a different collateral ratio, a completely new CDP will be created instead of combining the values with the previously minted position. These two positions will be identifiable by a position ID, which is displayed as a number.
Close Position
Any user with an open borrow or short position can always choose to close the position, by “burning” the same type and amount of Mirrored Asset corresponding to an open position. When the minted assets are burned, users can reclaim all of the collaterals that were locked in the position.
Please note that user cannot close the position if the user holds borrowed asset of any amount lower than the amount minted to open a position. User must first obtain the same or a greater amount of minted assets by buying them on the Market page or have them sent from a different wallet.
1. Navigate to My Page by clicking on the wallet icon.
2. In the Borrowing section, press the "Manage" under actions
3. Select Close Position and confirm details
If you do not hold an amount greater than or equal to Burn Amount displayed on this page, you must first navigate to Market page to buy the corresponding amount. 
4. Click CLOSE. Station Extension should prompt you to sign the transaction. Confirm the details presented and input your password to sign.
Manage Position
Users are warned when their CDP is close to liquidation. Borrow / short positions become vulnerable to liquidation when the collateral ratio falls below the min_collateral_ratio. Vice versa, borrow / short positions can be over-collateralized when the value of collateral to minted assets increases by a large margin. To avoid liquidation or over-collateralization, the user can borrow more or burn assets, deposit or withdraw collateral or change both amounts of borrowed and collateral. 
1. Navigate to My Page​
2. In the Borrowings section, press the "Manage"under actions
3. Select "Edit "
4. Users may do the following actions on the page by entering a value greater or less than the default value in:
Collateral field to deposit or withdraw collateral from the position
Borrowed field to borrow more or burn mAssets from the position
or change both fields to manage the position in a more flexible manner. Changing Collateral Ratio will only change the value in Collateral field.
5. Click the activated button to confirm. Station Extension should prompt you to sign the transaction. Confirm the details presented and input your password to sign.
6. All done!
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Last modified 1yr ago
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Contents
Borrow (Open Position)
Close Position
Manage Position