How to get started with Clynto DeFi

Welcome to Clynto! Whether you’re here to borrow against your crypto or NFT assets, lend funds to earn interest, or shape the platform through governance, this guide will help you get started with the Clynto Protocol. Designed with community members in mind, this section provides step-by-step instructions to join and use Clynto, ensuring a smooth onboarding experience for all users—newcomers and seasoned DeFi participants alike. Let’s dive into the essentials of engaging with Clynto’s decentralized ecosystem.

1. Introduction to Getting Started

Clynto is a decentralized finance (DeFi) platform that empowers you to lend, borrow, and govern using blockchain technology. To participate, you’ll need a compatible wallet, some basic setup, and an understanding of the key actions available—borrowing, lending, governance, and earning rewards. This guide walks you through each step, making it easy to unlock Clynto’s features and join its thriving community.

2. Setting Up Your Wallet

Before interacting with Clynto, you’ll need a cryptocurrency wallet to manage your assets and connect to the platform.

2.1 Choose a Wallet

• Options:
  • MetaMask: For Ethereum (Base) compatibility.
  • Phantom: For Solana interactions.
  • Ledger: Hardware wallet for added security (supports both networks via software wallets).
• Recommendation: Use MetaMask for Ethereum Base and Phantom for Solana to access Clynto’s multi-chain features.

2.2 Install and Configure

1. Download: Visit the official wallet site (e.g., metamask.io, phantom.app) and install the browser extension or mobile app.
2. Create or Import: Set up a new wallet with a seed phrase (keep it secure!) or import an existing one using your private key or seed.
3. Add Networks:
   • For Ethereum Base: Add the Base network (details at base.org).
   • For Solana: Phantom auto-configures Solana by default.
4. Fund Your Wallet: Transfer assets (e.g., ETH, SOL, stablecoins like USDC) from an exchange (e.g., Coinbase) or another wallet.

2.3 Connect to Clynto

• Steps:
  1. Visit www.clynto.io.
  2. Click “Connect Wallet” and select your wallet (e.g., MetaMask or Phantom).
  3. Approve the connection in your wallet interface.

3. Borrowing on Clynto

Borrowing allows you to access stablecoin liquidity using your crypto or NFT assets as collateral.

3.1 Steps to Borrow

1. Navigate: Go to the “Borrow” section on the Clynto platform.
2. Submit Collateral:
   • Select your asset (e.g., an NFT or ETH).
   • Approve the transaction to lock it in the Collateral Management Contract.
3. Define Loan:
   • Enter the amount (e.g., $1,000 in USDC).
   • View your LTV (e.g., $1,000 /$2,000 collateral = 50%) and assigned APR tier (e.g., 70% for mid-risk).
4. Await Funding: Lenders submit offers; you whitelist preferred ones until fully funded.
5. Receive Funds: Once funded, stablecoins are deposited to your wallet.

3.2 Tips

• Monitor LTV: Keep it below 90% to avoid liquidation (see Loan Health Monitoring).
• Repay Early: No fees for early repayment, earning 30 Nectar points.

3.3 Example

• Collateral: $2,000 ETH.
• Loan: $1,000 USDC, LTV 50%, APR 70%.
• Result: Funds received after lender whitelisting, repayable over the chosen term.

4. Lending on Clynto

Lending lets you earn interest by funding borrower requests.

4.1 Steps to Lend

1. Navigate: Go to the “Lend” section.
2. Browse Pools: Review open borrower requests (e.g., $5,000 loan, 50% LTV, 70% APR).
3. Submit Offer:
   • Enter your contribution (e.g., $2,000).
   • Your APR is calculated: (2000 / 5000) * 70 = 28%.
   • Submit via off-chain authentication (JWT token).
4. Await Whitelisting: Borrower approves your offer; funds are locked once the pool is full.