How to Open a Borrow Vault with Maker

Opening a Borrow vault with Maker

If you believe in the long term value of the collateral you deposited and don’t want to sell it, but you need some cash for something in your life, you can borrow and use Dai.

• Go to Summer.fi/borrow

• Connect your wallet, which has the assets you plan to use. For example, if you want to use ETH to generate Dai, use the wallet that has ETH in it.

• You will be asked to create a Proxy, if you haven't used Summer.fi yet.

• If you want to use an asset that has more than one “Type”, for example “ETH-A” vs “ETH-B, check that the conditions for the Vault Type are in line with the risk you want. In particular you should check the Stability fee and Minimum collateralization ratio.

• Input how much Dai you would like to borrow while monitoring the left side of the screen where it says “liquidation price” and “Collateralization ratio”. These will be your future risk metrics. Make sure they are at a level that you think is safe.