Using the maker protocol. Borrowing against collateral

Hello,
I’m wondering where can I get help using the oasis app. I have connected a wallet and want to borrow some dai against the collateral but I can’t do it. I don’t fins the button. Who could help me?

Have you checked out some guides?
Like I see this in youtube: MakerDAO Tutorial: How to Setup a CDP Vault and Collateralize Your Crypto - YouTube

Otherwise you can use https://defisaver.com/, an alternative interface and very well-made!

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Well thank you. I havent checked out that one but I checked some others and I couldn’t follow them through. Ill check this one out!

The first hurdle I encounter is that my page doesn’t look like the one on the tutorial. I don’t have three options: trade, borrow, lend I can connect with a wallet. I manage to connect with my metamast an then I have one option which is called “start saving”

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So, again, perhaps the simplest solution is to use defisaver.

But using the official dapp, this is what you should do

  1. first go to MakerDAO | An Unbiased Global Financial System
  2. click to Ecosystem,
  3. Click on "Oasis Borrow

Note: you can do 1+2+3 by just going directly to https://oasis.app/borrow

  1. Connect a wallet (Metamask in your case, if I understood, otherwise you have other options like Hardware wallets, etc).
  2. You should now land to a “Overview” page: https://oasis.app/borrow/owner/0xYouraddress
  3. Click on the (+) button on the left-side column.

From there you can add the type of collateral you want, and then borrow DAIs using that collateral.

The official howto-video is: How to Open a Maker Vault on Vimeo

If you have more questions, perhaps you can join the MakerDAO chat https://chat.makerdao.com/

Several people might be able to help you in an interactive way.

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Hi, I managed to find the “open a vault” button below but wanting to open I vault I have to pay 180 dollars! :sob: and I just want to test. Is this normal? should I wait a few days? Do I have to pay that amount again for every wallet I want to connect?

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This is normal. Unfortunately.
The Ethereum gas prices are very high nowadays. It’s not MakerDAO’s fault.

Right now the gas costs 90 Gwei.
I doubt it will go much lower in the next few days :frowning:

Also note that, for many vaults, 5000 DAI is the minimal debt you can ask.

So no, it’s not a good time to do ‘tests’ on mainnet.

If you want to do a test I suggest you join the chat, get in contact with the devs, and see if you can try on Ethereum testnets for free (without real money).

Yeah, I know it is not Maker fault. Ok, I will skip testing on the mainnet then. Where can I join the chat to connect with the devs?

Also I managed now to connect my metamask, I would like to connect my ledger but it doesnt work. Can you help me with that or should I ask ledger?

#help

:slight_smile:

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Hello, i have Another question. How can I increase my collateral? If I put an eth address as a collateral, are all eth in that address the collateral? If I want to increase it, I’d it enough to jest transfer eth to that address? If I want to take out a bigger loan, do I have to pay a large gas fee again? Do I have to pay a large gas fee to increase the collateral?

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No, ETH in that address does not count as collateral. If you want a bigger loan and need to add collateral, you’d have to use the “Deposit” function in your vault to add more ETH.

Doing so will incur gas fees again. Every action on Ethereum involves gas so this is inescapable unfortunately.