Tutorial

Summary

The steps bellow will demonstrate how liquidity can be unlocked from an NFT. First you will need to mint one of our own NFTs in order to interact with all of the site's features. Subsequently, you can lend that NFT to us in exchange for a small ETH loan. If you would like to withdraw your NFT collateral, then you will need to pay back the loan in full, plus a small fee. You can also stake your NFT and earn SYNF tokens in exchange. Staking the NFT for longer will yield more SYNF tokens when you decide to un-stake that NFT.

While this is on testnet today, the principles and functionality can be extended to any blue-chip NFT on mainnet, such as Punks, BAYC etc.

Setup

We currently only support Desktop.
Install a new MetaMask wallet to your desktop browser here. If you already have a MetaMask wallet installed, we recommend using a burner wallet for security purposes.
Switch over from the Ethereum mainnet to the Kovan testnet by clicking on the network names at the top and selecting Kovan. If you can't see the testnet option, it's because the "Show test networks" setting is off; please enable it.
Add some Kovan testnet ETH and LINK to your wallet from this faucet.

Minting

Please read all of the steps below before continuing.

Navigate to https://www.synfthetic.com/mint and connect your wallet.
Click "Mint NFTs" to mint a NFT to your wallet from the "Stolen JPEG" collection. A maximum of 2 NFTs are allowed per wallet at any one time.
After you approve the transaction, wait for 60 seconds while it is confirmed. After 60 seconds, the page will automatically refresh and display your NFT. Occasionally, the image may take longer to display. In that case, wait a few more minutes before manually refreshing the page again.
Clicking on the name of the NFT will navigate you to its OpenSea page.

Borrowing

Please read all of the steps below before continuing.

Navigate to https://www.synfthetic.com/borrow.
Click "Approve Contract" to allow the Borrow contract to interact with your NFTs.
Wait for 30 seconds for the transaction to be processed. The page will then automatically refresh.
Choose for which NFT you would like to get a loan quote for and then click "Get Loan Quote".
This transaction will interact with a Chainlink Oracle to get the necessary data. As such, your wallet needs to contain at least 0.1 LINK in order to fund this transaction.
If the quoted loan amount that becomes displayed after 20 seconds is satisfactory, click "Accept Quote".
You can then click "Lend NFT", after which approximately 0.0001 ETH will be transferred to your wallet.
Wait for 60 seconds for the transaction to be processed. The page will then automatically refresh.
To withdraw your NFT, click on "Withdraw NFT". Approximatley 0.0002 ETH will be taken from your wallet, in addition to gas fees, for this transaction.
Wait for 60 seconds for the transaction to be processed. The page will then automatically refresh.

Staking

Please read all of the steps below before continuing.

Navigate to https://www.synfthetic.com/stake. At the top of the page you will see two buttons.
Click "Approve Stake Contract" to allow the Stake contract to interact with your NFTs.
Wait for 30 seconds for the transaction to be processed. The page will then automatically refresh.
Click "Approve Token Contract" to allow the Token contract to interact with your wallet.
Wait for 30 seconds for the transaction to be processed. The page will then automatically refresh.
Choose which NFT you would like to stake and click "Stake NFT".
Wait for 60 seconds for the transaction to be processed. The page will then automatically refresh.
To unstake your NFT, click on "Unstake NFT". You will receive SYNF Token rewards depending on how long your NFT was staked for. A few minutes is enough.
Wait for 60 seconds for the transaction to be processed. The page will then automatically refresh.
To view the SYNF Token in your wallet, click on the "Assets" tab in MetaMask.
You can view the SYNF Token on etherscan here.

Last updated 1 year ago