Welcome to the Ethereum Ecosystem! We hope this Degenbox Scavenger Hunt is an enjoyable entry into the Abracadabra.
What’s This For?
Staking UST on Ethereum with Degenbox and Abracadabrs is made easy with this Degenbox Scavenger hunt.
You will have successfully immersed yourself in the Abrakadabra ecosystem by completing the following steps (and all the data we have collected to help you shine a light on its furthest expanses).
What is DegenBox? How does it works?
Through its Degenbox, Abracadabra transforms non-interest-bearing tokens into yield-producing assets.Utilizing cross-chain yield strategies, Degenbox generates yield on non-interest bearing collateral, which in turn helps improve the cauldrons by bringing value from other blockchains to Ethereum.A cauldron is an intelligent contract that allows funds to be deposited as collateral.
Step 1: The cauldron
Users deposit UST tokens into the cauldron in order to borrow MIM or leverage their position, while the cauldron runs an automatic yield-enhancing strategy with UST as collateral. This cauldron connects to the Degenbox platform and runs an automatic yield-enhancing strategy.
Step 2: Bridging
Bridge Degenbox bridges UST back to Terra Blockchain via the Shuttle bridge, with 85% of each deposit settled into Terra Blockchain, and 15% remaining on Ethereum Mainnet for withdrawals.
Step 3: Utilizing Anchor Protocol on Terra
The Anchor Protocol on Terra is used to deposit 85% of the UST bridged to Terra with AUST (interest-bearing tokens) on Anchor Protocol.
Step 4: Bridge Back to ETH Mainnet
In the end, UST tokens are bridged back to ETH Mainnet and deposited into Degenbox, which is capturing a yield and distributing it to all the users whose UST was deposited as collateral.
Getting Started
- Acquire UST tokens
- In this step , we can get UST Tokens from Curve finance .For that Go to Curve.fi
- Swap USDC / DAI/ USDT for UST from this Curve finannce.
2. Now go to https://abracadabra.money/ and
3.Select UST Strategy
4. To Borrow MIM using Degenbox
- Enter UST to Deposit Collateral
- Select Change Leverage Option to set the leverage level .In this it supports upto 90%.
- Choose 5x leverage
- Click on Borrow
