UX
Introduction to UX
UX is the most programmable, safety-first lending algorithm built as a blockchain. As a base layer blockchain, applications and money lego primitives can be built on top of UX to access cross-chain leverage, liquidity, and debt instruments. The UX chain facilitates interoperability between the Cosmos ecosystem, Ethereum, side chain architectures, layer two scaling solutions, rollups, and alternative base layer protocols.
For more detailed information, check out their documentation site.
Lend on UX
Here’s how you can get started:
Access UX
First, navigate to UX.
Connect Your Wallet
Connect your wallet that holds your milkTIA tokens.
Transfer milkTIA
Under Available Assets, Click on Transfer in the milkTIA row, enter the amount of milkTIA you wish to transfer, and confirm the transaction.
Lend milkTIA
Enter the milkTIA market page, select Supply, enter the amount you wish to lend. Review and confirm.
Borrow on UX
After lending out your tokens as collateral, you can then borrow on UX.
Borrow
On the market page, select the asset you wish to borrow, select Borrow, and enter the amount.
Confirmation and Monitoring
Confirm the transaction. Once it’s processed, you will receive borrowed assets to freely use for other DeFi opportunities and you can monitor your position’s health status directly on the Dashboard page.
Risk Parameters
milkTIA has the following risk parameters at launch per #145 Governance Proposal:
collateral_weight:0.680000000000000000liquidation_threshold:0.720000000000000000
Please note that these risk parameters are subject to change, make sure you stay up to date on the latest information when interacting with the protocol.
Tips for Using UX
Prevent Liquidation: To mitigate liquidation risks, it is essential to constantly monitor your health factor on the Dashboard page. We highly recommend reading UX’s Lending & Borrowing Documentation to understand how the liquidation threshold is calculated and to comprehend the circumstances under which liquidation occurs before you begin borrowing.
Keep an Eye on Interest Rates: Interest rates can fluctuate. Regularly check them to ensure your lending strategy remains profitable.
Stay Informed: The DeFi space is rapidly evolving. Stay updated with UX’s updates and general DeFi trends.
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