USTP Tutorial and Guideline
Dec 8, 2020 · 4 min read
We are excited to launch our first feature of the STP DAO. The current version allows users to mint USTP by staking STPT in a smart contract as collateral. You can launch the application and learn more about USTP from our STP DAO official website. Below is a guideline on how to use STP DAO to mint USTP.
1. Connect Your MetaMask Wallet
Open https://dao.stp.network and click ‘Launch APP’.
Select the STPT pool and you will be directed to connect you MetaMask wallet. If you do not have a MetaMask wallet, please download from https://metamask.io/ or install from Google Chrome Extensions.
2. Mint USTP
Go to the ‘Staking’ page.
Enter the USTP amount you would like to mint and check the STPT collateral required. Click ‘Mint’ and confirm from your MetaMask wallet. In the first time you must mint at least 100 USTP.
You can check your transaction on Etherscan. Once the transaction is completed, you will receive your minted USTP in your MetaMask wallet. Your staked STPT collateral balance will be available on the STP DAO dashboard.
3. How to Redeem Your Staked STPT
Go to the ‘Redeem’ page
Enter the amount of USTP you would like to return. You can redeem any amount of STPT that you have staked at any time. Click ‘Redeem’ and confirm from your MetaMask wallet.
4. Check your Transaction Records
Go to the ‘Record’ page to view your own transaction history.
Click on a trading hash link and you will be directed to the Etherscan page of the corresponding transaction.
How the USTP Pool Works
The original collateralization ratio is fixed at 250%. With the reference price of 0.015 USDT/STPT, for example, when STPT is at 0.015 USDT / STPT, you can mint 1 USTP by staking 166 STPT.
Risk of Minting USTP: Although there are no risks to your stake, if the price reaches the predetermined liquidation rate, your collateralized STPT will be returned to the original wallet.
Minting Freeze: When the market price is below this price, currently set at 0.008 USDT, USTP will be unavailable to mint.
Clearance Mechanism: At a 110% (0.0066 USDT) liquidation rate, the STPT will be cleared and returned to the users’ wallets.
1. Is it safe to use MetaMask on STP DAO?
Metamask provides the most secure way to interact with decentralized application such as STP DAO. Users can always have full control of their wallets without disclosing their private keys when interacting on STP DAO.
2. Where can I purchase USTP?
We will announce the contract address of USTP / STPT trading pair on Uniswap in an official announcement, please stay tuned.
3. Why is my gas fee extremely high?
Gas fee is constantly adjusted due to the Ethereum network status. You can always check current gas price on Etherscan gas tracker (https://etherscan.io/gastracker). If you observe an abnormal gas fee amount when making a transaction, please reject that transaction, refresh the page and try one more time.
4. Why does my transaction fail?
The Ethereum network may take up to a few minutes to complete the transaction. You can speed up the transaction by selecting higher gas price on your MetaMask wallet. Also, if it is your first time, make sure you have minted at least 100 USTP.
What is USTP?
USTP is a stablecoin designed for usage in the STP Ecosystem and STP DAO, a mechanism for decentralized governance in which STPT holders will help dictate the direction of important protocol decisions including USTP and the respective DeFi platforms that utilize USTP. USTP will allow users to earn yield, leverage lucrative DeFi strategies and transact across multiple platforms both within (i.e. Blockzone) and outside our ecosystem (i.e. ChickenSwap). It is over 100% backed by STPT in order to reduce the risk of liquidation in case of price volatility.
If there are any further questions, please feel free contact our community managers at our Telegram groups.
Anyone interested in learning more can visit us at https://stp.network/
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