Tutorial CreDA dApp on ESC

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Last updated 2 years ago

Tutorial CreDA dApp on ESC

Welcome to CreDA

You can toggle between Light and Dark mode. Before you continue, make sure you bridged some ELA to Elastos Smart Chain, as you will need to pay for gas fees. We recommend at least 2 ELA as the initial balance.

1. Profile: Get your credit score

The very first time you need to manually SYNC your wallet, so Credit oracle calculates your Credit Score. After that, the system will auto-sync your credit score every 24h.

Make sure you connected to ESC network

2. Mint cNFT

To be able to mint cNFT, your credit score needs to be above 50!

On the Profile tab within the Credit NFT window on the right, click “Mint”. Pay attention to confirm tx as it will appear on your MetaMask / Essentials.

After a successful transaction, you will see your cNFT: - Level 1 is only possible at the moment. - Number (NO.) that is unique and belongs to your wallet

Users will be able to use CREDA tokens to upgrade the cNFT they already own. At this stage Level 1 and Level 2 are possible! Don't lock more than 11 CREDA! cNFT upgrade to Level 2 was unlocked once we passed >100 cNFT mints on ESC in total and you can already upgrade from Level 1 to Level 2 if your credit score is among the top 10% across all that have minted cNFT). Level 2 mint comes with 11 CREDA collateral locked in your cNFT.

Elastos Smart Chain block explorer: https://esc.elastos.io/

3. Free CREDA drop (Locked balance)

After successful credit score sync and cNFT mint, you got dropped some CREDA in locked status based on your Credit Score. The higher the credit score, the larger the CREDA-locked balance.

Once you CLAIM your locked balance, continue with the unlocking process below.

4. Unlock the CREDA TOKEN

At the moment there are 2 ways you can receive a locked CREDA drop:

As a direct result of your Credit Score
Staking rewards from mining pools

In both cases, minted CREDA is locked CREDA. To start the unlocking process, follow the next steps.

Step 1

Go to Vault menu and CLAIM free (locked) CREDA

Once you CLAIM your locked CREDA balance will show in the 'locked amount'.

Step 2

Click “Get LP” to provide the CREDA-ELA liquidity on Glide.

For providing Glide-LP liquidity, you will need unlocked CREDA + ELA on your wallet balance. You can buy unlocked CREDA directly on Glide. CREDA in locked status can't be traded, swapped, or bridged!

You can always check your LOCKED / UNLOCKED wallet balance within Vault menu!

Before proceeding with adding Glide LP, make sure you have some CREDA under Unlocked CREDA balance.

Step 3

Go back to adding the Liquidity window and on the Input side enter CREDA you would like to stake and ELA will be auto-calculated (in our case we adding 10 CREDA tokens).

After confirming the Supply, you will see a confirmation page below.

Exit Glide dApp and log back into CreDA dApp.

Step 4

Now that we got 4.27 CREDA/ELA Poll Tokens, we need to stake them.

Click on “Approve” and then “Stake” to stake CREDA/ELA LP.

If for any reason you can't see LP balance in your wallet before staking it, you can add the contract address manually.

LP CREDA-ELA: 0x922BfF1d745e88DEDEe5f38776cFe343bd843A7c

Input no more than 2 decimal places and use dot as separator (not ",")

Step 5

Providing CREDA/ELA liquidity gradually releases, or “unlocks”, your CREDA.

You will find the amount of unlocked CREDA as shown below.

Staked = CREDA/ELA Pool Tokens

Speed/Day = your current unlocking speed rate

Unlocked = unlocked CREDA for claim

Remaining = TOTAL unlocked CREDA balance in unlocking process

When you unlock your CREDA balance, simply CLAIM it.

5. Unlocking mechanism

Glide LP Staked (CREDA/ELA)

Number of CREDA unlocked per day

0.1

0.001

0.01

0.05

0.1

0.5

100

500

1,000

The Unlock Speed can not be higher than 10% of the locked token balance.

6. Mine CREDA Token

You can choose between 5 mining pools: - ELA - USDC - FILDA - GLIDE - ELK

Mine Limit is your upper limit for mining CREDA in these pools. Mine Limit reflects your calculated Credit Score (294) minus the balance that is already in the unlocking process (88.20 CREDA) = 205.80 CREDA remaining mine limit. After you reach your mine limit, further CREDA mining stops.