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How To Use Apricot: A Step By Step Guide

Publish by The Junior Builder at 29 September 2021

Coin98 Wallet is the first decentralized wallet that supports Solana DApps with top-tier security. Coin98 Wallet has integrated with Apricot Finance, a non-custodial lending market built on Solana, as the first step to giving our users access to the rapidly growing Solana Ecosystem.

In this article, I will guide you through how to use Apricot via the Coin98 Extension Wallet and Coin98 Mobile Wallet.

Apricot Overview

In order to be in an ecosystem that can attract capital flows and optimize capital flows, DeFi needs the Lending & Borrowing segment. If you already understand how Venus works on Binance Smart Chain, or Unit Protocol on Ethereum, then Apricot is the same platform on Solana.

Apricot Finance is a next-generation lending protocol on Solana. A lending protocol that seeks to maximize a user's ability to borrow. With Apricot, you can: deposit assets to earn interest (Apricot Lend) and borrow assets to trade or yield farm based on leverage (Apricot Cross-Farm).

Apricot just launched the Testnet version on September 10, 2021. Experience and provide feedback on Discord (here) to win Apricot NFTs that can be redeemed for future rewards!

How to start using Apricot

Download and install Mobile Wallet

Apricot is now available on the Coin98 Mobile Wallet for both iOS and Android users:

Read the detailed instructions about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Download and install Extension Wallet

Coin98 Extension Wallet now supports both Chrome and Firefox. If you are a new user, currently you can directly install the Extension Wallet on your computer.

  • Install Coin98 Extension Wallet on Google Chrome here.
  • Install Coin98 Extension Wallet on Firefox here.

Create the Solana (SOL & SPL tokens)

Apricot is a lending protocol of Solana, so you definitely need a Solana wallet (SOL, SPL) to use this platform.

After installing Coin98 Wallet, you can refer to the guidelines below to create a Solana (SOL, SPL) wallet, or restore Solana wallets from other platforms to Coin98 Wallet.

  • How to create a Multi-chain Wallet (recommended).
  • How to create a Solana (SOL, SPL) wallet here.
  • How to import Solana (SOL, SPL) wallet from Sollet wallet here.
  • How to import Solana (SOL, SPL) wallet from Phantom wallet here.

If you are already a Coin98 Wallet user, you can refresh your multi-chain wallet to update your Solana wallet (SOL, SPL) as well as other new wallets available in this version!

Prepare SOL to pay for the gas fee

Apricot uses SOL for the gas fee, therefore, to start experiencing on Apricot, you need to have SOL coins in your account.

So now that everything is ready, let’s start trading.

This guide includes the following main points:

  • How to participate in Lending on Apricot.
  • How to use Apricot Cross-Farm (X-Farm) on Apricot.
  • How to use Apricot Assist on Apricot.

How to use Apricot on Coin98 Mobile Wallet

To access Apricot, after logging in to your Coin98 Wallet account, click Browser on the main screen and select Apricot in the Exchange section of the DApp Store or search in the search bar.

Dashboard

The "Dashboard" tab is where you can see your entire portfolio and earnings summary. It has a few important sections:

  • Apricot Bar: The bar reflects the overall health of your portfolio by showing how far your current “Borrow Limit Used" is from the "Safe Borrow Limit" and the "Liquidation" point.
  • Earnings: Earnings section shows your overall net portfolio APY and its underlying yield components from supplying, borrowing, and farming.
  • Farming positions: Farming Positions section shows the respective LP tokens farmed and the associated farming APY and rewards earned in value.
  • Deposit / Borrow positions: In a similar format, you can see details of your deposit/ borrow positions and respective rewards earned in the sections.

Step 1: After accessing Apricot from DApp Browser, click on the menu icon in the upper right. Then select Coin98 Wallet.

Note: Because it is a testnet version, you can receive airdrop tokens from the system. After connecting the wallet successfully, click on the icon next to the address to receive the airdrop token as a test.

Step 2: Next, to change your wallet or trading network, you can click the wallet option in the bottom right corner of the screen.

Step 3: Select Dashboard on the left side of the screen, you can see your entire portfolio and earnings summary.

Lend

Apricot Lend is the base layer protocol where you can deposit selected crypto assets to earn interest. You can also borrow from the platform against your deposited assets as collateral.

Step 1: Select Lend on the left side of the screen. You can see the list of all tokens supported by Apricot.

Step 2: To start making profits, you choose the coin/token you want to deposit. For example, here I choose the SOL token. Next, we click the Deposit button and enter the amount of tokens you want to send. You can drag the slider to quickly select: 25%, 50%, 75% and Max.

Then click Supply. The system will display the control panel at the top of the screen, updating the new deposit you just made.

Borrow

Borrow works in a similar way. You choose the coin/ token that you want to borrow. For example, here I choose USDT. Next, click on the Borrow button and enter the amount of tokens you want to borrow. You can drag the slider to quickly select: 25%, 50%, 75% and Max.

Then click Borrow. The system will display the control panel at the top of the screen, updating the new deposit you just made.

Note: That LP tokens can be deposited as collateral against which users can borrow and farm with leverage. However, LP tokens cannot be borrowed so there is no deposit or reward APY. Apricot will instead farm LP tokens for you to earn a farming APY.

X-Farm

X-Farm enables users to start leveraged yield farming without the need to own any of the underlying tokens.

In ordinary yield farming of a stablecoin-pair, e.g. USDC-USDT, you would need to convert your assets — such as SOL — into those stablecoins and then farm them.

X-Farm enables you to deposit those non-stablecoin assets as collateral and borrow both stablecoins with up to 3x leverage. These stablecoins will then be auto-pooled and staked for LP tokens, resulting in 3x farming yield.

Note: For LP tokens, as Apricot only receives LP Token pairs which were added liquidity from Saber, you need to add liquidity to Saber before proceeding to use X-Farm on Apricot.

To join X-Farm on Apricot, follow these steps:

Step 1: On the left side of the screen, you choose X-Farm. Here choose the pair of Farm that you want. Here I choose USDT-USDC LP.

Step 2: You can change the Borrow Power Utilization slider to get a quick overview of the APY breakdown if you choose to farm with that amount or at that leverage level.

Step 3: Next, click on Farm, you will see the following popup. Sliding “Select farm value" will cause the "Borrowing Limit Used" to change accordingly to reflect the corresponding leverage impact on your portfolio with that farming amount.

In addition, you can also see the details of the entire farming transaction and yield breakdown via "APY Summary" and "Transaction Summary".

Step 4: You also have the option to increase your borrowing power by supplying additional tokens. Just click the "plus" sign right next to the number value, and you will see the following popup that guide you to supply tokens from your wallet. Click Start Stable Farming to confirm the transaction.

Step 5: The system will display the dashboard increases of LP tokens in "My Deposit" and USDT+USDC in "My Borrow" positions.

In addition, you can choose Redeem to redeem your LP tokens partially or fully back into the underlying tokens (e.g. USDT-USDC LP into USDT and USDC), which would be used to repay your borrowed positions in the respective assets first. The remaining amount, if any, will go to your deposit balance.

Assist

Apricot Assist is a background program that constantly monitors your account's Borrow Limit Used. When your Borrow Limit Used reaches the "Trigger Level" set by yourself, Apricot Assist can help you automatically sell/redeem tokens in your deposit to repay the tokens you've borrowed.

Step 1: On the left side of the screen, select Assist

Step 2: Follow these steps to join Assist.

  • Configure Trigger Level and Target Level, and Enable Apricot Assist on your account.
  • Apricot Assist will start a background program that constantly monitors your Borrow Limit Used.
  • Once Borrow Limit Used exceeds the Trigger Level configured in step 1, Apricot Assist will sell/ redeem some of the tokens in your deposits to repay your stablecoin debt.

After step 3, your Borrow Limit Used should now reach your configured Target Level.

How to use Apricot with Coin98 Extension Wallet

Coin98 Extension Wallet with the latest updated version allows users to connect to Dapps easily.

The special point of the Coin98 Extension Wallet is that the Coin98 Wallet automatically optimizes transaction fees and speed. It could help you achieve significant savings in transaction fees. Or else, you can adjust the gas fee by sliding the gas fee bar according to your purpose.

Dashboard

Step 1: After accessing Apricot here, click on the Enter Testnet icon in the upper left. Then select Connect To Wallet.

Step 2: Select Coin98 Wallet and click to confirm Connect in the message displayed on Coin98 Extension Wallet.

Step 3: Select Dashboard on the left side of the screen, you can see your entire portfolio and earnings summary.

Lend

Step 1: Select Lend on the left side of the screen. You can see the list of all tokens supported by Apricot.

Step 2: To start making profits, you choose the coin/token you want to deposit. For example, here I choose the SOL token. Next, we click the Deposit.

Step 3: Enter the amount of tokens you want to send. You can drag the slider to quickly select: 25%, 50%, 75% and Max. Then click Supply. You click Sign to confirm the transaction.

The system will display the control panel at the top of the screen, updating the new deposit you just made.

Borrow

Step 1: Borrow works in a similar way. You choose the coin/token that you want to borrow. For example, here I choose USDT. Next, click on the Borrow button.

Step 2: Enter the amount of tokens you want to borrow. You can drag the slider to quickly select: 25%, 50%, 75% and Max. Then click Borrow. You click Sign to confirm the transaction.

The system will display the control panel at the top of the screen, updating the new deposit you just made.

X-Farm

Note: For LP tokens, as Apricot only receives LP Token pairs which were added liquidity from Saber, you need to add liquidity to Saber before proceeding to use x-farm on Apricot.

To join X-Farm on Apricot, follow these steps:

Step 1: On the left side of the screen, you choose X-Farm. Here choose the pair of Farms that you want. Here I choose USDT-USDC LP.

Step 2: You can change the Borrow Power Utilization slider to get a quick overview of the APY breakdown if you choose to farm with that amount or at that leverage level.

Step 3: Next, click on Farm.

Step 4: Sliding “Select farm value" will cause the "Borrowing Limit Used" to change accordingly to reflect the corresponding leverage impact on your portfolio with that farming amount.

In addition, you can also see the details of the entire farming transaction and yield breakdown via "APY Summary" and "Transaction Summary".

Step 4: You also have the option to increase your borrowing power by supplying additional tokens. Just click the "plus" sign right next to the number value.

Click Start Stable Farming to confirm the transaction.

Step 5: The system will display the dashboard increases of LP tokens in "My Deposit" and USDT+USDC in "My Borrow" positions.

In addition, you can choose Redeem to redeem your LP tokens partially or fully back into the underlying tokens (e.g. USDT-USDC LP into USDT and USDC), which would be used to repay your borrowed positions in the respective assets first. The remaining amount, if any, will go to your deposit balance.

Assist

Step 1: On the left side of the screen, select Assist

Step 2: Follow these steps to join Assist.

  • Configure Trigger Level and Target Level, and Enable Apricot Assist on your account.
  • Apricot Assist will start a background program that constantly monitors your Borrow Limit Used.
  • Once Borrow Limit Used exceeds the Trigger Level configured in step 1, Apricot Assist will sell/redeem some of the tokens in your deposits to repay your stablecoin debt.

After step 3, your Borrow Limit Used should now reach your configured Target Level.

Why should you use Apricot on the Coin98 Wallet?

For users who are both new to DeFi and who have been in DeFi for a long time, using Apricot on Coin98 Wallet brings undeniable benefits such as…

Simple, easy to use

Apricot has officially integrated Coin98 Wallet, facilitating users to connect wallets more easily and conveniently.

DApp Browser is integrated into the Coin98 Mobile Wallet, on both iOS and Android. Just click "Browser" on the main screen, you will quickly access a "Storage" DApp smoothly and without interruption.

Limit the risk of being cheated

Coin98 Wallet is constantly working on finding highly applicable DApps which gives priority to ensuring the safety of user’s assets when integrating the correct address of the DApp on the Coin98 Wallet mobile app. So that you can avoid scenarios like searching and accessing fake DApps, being tricked into giving up Private Key / Passphrase, or swapping to win scam tokens.

Cross-chain bridge

Considered as one of the notable improvements of Coin98 Wallet to help users easily interact with Apricot, now you can convert many token standards directly on the wallet via Cross-chain Bridge without performing any redundant operations via 3rd party applications.

Smooth experience with multiple DApp Browser

If you've “fallen in love” with making money on Apricot via this tutorial, why not try other multi-chain DApps right on Coin98 Wallet's Browser.

Let's wait alongside Coin98 Wallet for other planets to be integrated in the Coin98 Wallet universe in the near future!

Summary

So, I have introduced and guided you in detail on ways to optimize profits with Apricot. Hope this article has explained & helped you guys to use Apricot directly on Coin98 Wallet.

In addition, do not forget to follow the Earning section to avoid missing any profit opportunities through Testnet, Airdrop, Play To Earn,…. in the Crypto market!

If you have any questions, please comment below or join the Coin98 Wallet Chat group for support!

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