Create & Deposit - Vault
What is a Vault?
The Asset Vault is a holding contract that functions as a safe storage mechanism for one or multiple compatible assets. Vaults enable users to deposit multiple assets as collateral and take out a single loan against a Vault.
To learn more about Vaults, see Vault FAQ.
Create & Deposit
In order to create and deposit into a Vault, Arcade.xyz users should proceed through the below steps:
- After connecting a wallet to application, users should navigate to the Borrow Page. Users should select
Create Vaultto start the process.
- A wallet modal will immediately pop up to prompt the user to confirm a contract interaction to create a Vault (Function: Initialize Bundle). Users should confirm this on chain transaction to proceed.
Initialize Bundle: This function will create a Vault. This will create a Vault specific to the connected wallet. This will also mint an ERC721 token to represent the user's ownership of the Vault. This transaction will appear in the connected wallet's transaction history.
- Once the transaction confirmed, a notification will appear in the app confirming that the on chain transaction is in progress.
- After the transaction is complete, another notification confirming completion will appear in the app. The Vault is now created!
An ERC721 representative token for the Vault has been also sent to the connected wallet.
- Users can now view the newly created Vault by clicking the
Vault Actionsbutton on the Borrow screen or navigating to the My Profile section and viewing the My Vaults section.
- To deposit into the Vault, users should select the
Vault Actionsbutton on the Borrow page. The user should then Select
Depositwithin the Vault Detail screen.
- Selecting deposit on the detail screen will bring up the Deposit modal with the verified NFTs held in the user's connected wallet.
Users should select the NFT that they would like to deposit into their Vault.
- After selecting an NFT to deposit, a wallet prompt to confirm and initiate a Safe Transfer From to securely transfer the NFT to the Vault will pop up.
Users should hit confirm to initiate the transaction.
Safe Transfer From() function is used to safely transfer the NFT from the owner's account to the recipient account.
- After confirming, the transaction will initiate and a notification will appear in the app to confirm that the transaction is in progress.
- A notification will appear once the transaction is complete on chain. The NFT has now been successfully transferred to the Vault!
Depositing Multiple NFTs into a Vault
Users must repeat the deposit process outlined above in order to deposit multiple NFTs into their Vault.
Updated about 1 month ago