How to use Larix: An A-Z Guide
Larix is the lending protocol on Solana which maintains basic SPL lending needs and aims to bridge new types of tokens like synthetic assets and NFTs. Lending/borrowing is an infrastructure for determined token holders who have great confidence in the token value and also want to get APY interests in the long-term besides value growth.
Coin98 Wallet has been integrated to be one of the official Wallets of the Larix platform. In this article, I will guide you through how to use Larix, as well as take advantage of the opportunities to earn money from this platform, via the Coin98 Extension Wallet and Coin98 Mobile Wallet.
How to start using Larix
Download and install Coin98 Wallet
Mobile Wallet
Larix 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.
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.
Create the Solana (SOL & SPL tokens)
Larix is a protocol of Solana, so you definitely need a Solana wallet (SOL, SPL) to use this platform.
After installing the 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.
- How to import Solana (SOL, SPL) wallet from Sollet wallet here.
- How to import Solana (SOL, SPL) wallet from Phantom wallet.
If you are already a Coin98 Wallet user, you can refresh or import multi-chain wallets to update your Solana wallet (SOL, SPL) as well as other new wallets available in this version!
On Larix, whether you’re using USDT, USDC, or SOL, you need to transfer them to your Solana wallet.
Prepare SOL to pay for the gas fee
Larix uses SOL for the gas fee, therefore, to start experiencing Larix, you need to have SOL in your account.
You can buy SOL on centralized exchanges like FTX, Binance,... and withdraw to Solana Wallet to be able to experience the product.
So now that everything is ready, let’s start trading.
How to use Larix on Coin98 Mobile Wallet
Access Larix on dApp Browser
Step 1: To access Larix, after logging into your Coin98 Wallet account, click Browser on the home screen.
Step 2: Enter “Larix” in the search bar, tap the Larix logo in the results.
Connect Coin98 Wallet with Larix on DApp Browser
Step 1: Connect your wallet by selecting the wallet icon in the right corner of the screen.
Step 2: Then select Coin98 Wallet from the list.
If you want to change your wallet or your chain, tap on the Wallet Name in the lower right corner of the screen → Select the appropriate wallet/network.
Deposit coin/token
By Supplying tokens, stablecoins, and synthetic assets, users can earn dynamic APY interest. The supply amount is flexible, and you can keep supplying based on the low transaction fees on Solana and quick withdrawals in 0.01s.
Step 1: Select which token you want to supply and click Supply on the right side. In this guide, I will take USDC for example.
Step 2: Larix will display detailed information about the selected coin/token. You can easily check APY and real-time price updates.
Insert the number or slide the bar to adjust the amount of token/coin you want to supply. Then select Supply.
In this step, choose Approve to conduct the transactions.
By scrolling up, you will see the My Bill section – this is the result after supply successful
Borrow coin/token
After supplying and earning APY on assets, you can then borrow against those assets, as the supplied assets are used as collateral for borrowing. For example, earn APY on your BTC or ETH and additionally use it as collateral to borrow USDC or USDT.
Step 1: Move to My Bill section in your main interface. To borrow tokens/ coins, you need to switch the Collateral button first. Choose Approve to perform the transactions.
Now you can borrow coins/tokens.
Step 2: In your main interface, select the coin/token you want to borrow. I will select USDC for example. Click Borrow.
Step 3: Insert the number or slide the bar to adjust the amount of token/coin you want to borrow. Larix will request permission for the transactions, choose Approve if you agree with that.
Note: It is possible to borrow 100% of the number of coins/tokens that we have provided, but it will be very risky if the liquidity ratio of that coin/token changes. We do not recommend borrowing by maximum, since it will easily cause liquidation. Great losses will follow if liquidation happens. The details about Liquidation will be below, please follow me to the next section.
Repay coin/token
Step 1: Move to My Bill section in your main interface.
Step 2: Click Repay to be able to repay the borrowed coin/token. Input the amount or use Max to see repay Maximum, and adjust by slider below. After checking the information carefully, click Repay to pay back. Then choose Approve to conduct the transactions.
Withdraw coin/token
In Latrix, you can withdraw coin/token by following this tutorial:
Step 1: Before withdrawing your asset out of Larix, you must turn Collateral from My Bill section off.
Step 2: In your main interface, select the coin/token you want to withdraw. Then click Supply => Withdraw to withdraw your asset.
Step 3: Insert the number or slide the bar to adjust the amount of token/coin you want to withdraw. After that, select Withdraw.
Larix will request permission for the transactions, choose Approve if you agree with that.
How to use Larix on Coin98 Extension Wallet
Step 1: In your main interface, choose Connect.
Step 2: Select Coin98 Wallet from the list.
Then click Connect to connect your wallet.
Deposit coin/token
Step 1: To start, click Supply in the coin/token you want to supply I will take the USDC as an example.
Step 2: After selecting your favorite coin/token, Larix will display detailed information about the selected coin/token. You can easily check APY and real-time price updates.
Insert the number or slide the bar to adjust the amount of token/coin you want to supply. Then select Supply.
In this step, choose Sign to conduct the transactions. By scrolling up, you will see the My Bill section – this is the result after the supply is successful.
Borrow coin/token
Step 1: Move to My Bill section in your main interface. To borrow tokens/coins, you need to switch the Collateral button first.
Step 2: Choose Sign to conduct the transactions.
Now you can borrow coins/tokens.
Step 3: In your main interface, select the coin/token you want to borrow. I will select USDC for example. Click Borrow.
Step 4: Insert the number or slide the bar to adjust the amount of token/coin you want to borrow.
Choose Sign to conduct the transactions.
Repay coin/token
Step 1: Move to My Bill section in your main interface.
Step 2: Click Repay to be able to repay the borrowed coin/token.
Input the amount or use Max to see repay Maximum, and adjust by slider below. After checking the information carefully, click Repay to pay back.
Then choose Sign to conduct the transactions.
Withdraw coin/token
In Latrix, you can withdraw coin/token by following this tutorial:
Step 1: Before withdrawing your asset out of Larix, you must turn Collateral from My Bill section off.
Step 2: In your main interface, select the coin/token you want to withdraw. Then click Withdraw to withdraw your asset.
Step 3: Insert the number or slide the bar to adjust the amount of token/coin you want to withdraw. After that, select Withdraw.
Larix will request permission for the transactions, choose Sign if you agree with that.
Other functions
Market on Latrix
Larix provides a user-friendly interface. With the Market function, you can easily check information such as total market value, total supply, total borrow, and detailed information of each coin/token that can be supplied.
Liquidation
Liquidation – This is a very important feature that you need to pay attention to when you are experiencing Larix. You should remember that the borrowed value is always less than the supply value because of the collateral factor. Once borrow value is more than borrow limit (borrow limit = supply value*collateral factor), the account will trigger liquidation, and the loan will be repaid.
You can choose a small collateral factor, the maximum collateral factor is 85%. Small collateral factor means less borrowed value, but higher safety.
In the Liquidation section, you can choose the coin/token pair that the system allows to repay.
Step 1: Select the coin/token pair you want to liquidate.
Step 2: Input the amount or use Max to see repay Maximum, and adjust by slider below. After checking the information carefully, click Liquidate.
LARIX Token
In the main interface, click LARIX to access the information page about LARIX Token. Larix shows to users the total amount of token distribution in the market and the percentage of each coin/token this application offers.
In addition, the information about APR lends or provides is also presented very detailed, it is easy for you to read information about this product.
Reward
“Reward” - allows you to receive rewards when depositing coins/tokens into the system.
Step 1: The ’reward‘ button is at the top of the whole page. Don’t forget to collect them. It shows “LARIX” mining rewards by borrowing/lending interactions. Click LARIX in the top right corner of the screen.
Step 2: Click Harvest to collect Larix.
Larix will request permission for the transactions, choose Sign if you agree with that.
Why should you use Larix on Coin98 Wallet?
For both the newbies and the DeFi experts, using Larix on the Coin98 Wallet DApp Browser brings undeniable benefits. Such as:
Simple, easy to access
The DApp Browser is integrated into the Coin98 Mobile Wallet for both iOS and Android users. Just by clicking Browser on the home screen, you'll be seamlessly taken to the marvelous DApp world to freely explore the best of DeFi.
You can also swap C98 tokens on the Coin98 Mobile Wallet or Coin98 Exchange easily and conveniently.
Minimized risk of fraud
Coin98 Wallet constantly strives to find the top-tier games while prioritizing the safety of users’ assets by integrating the exact address of the game’s platform on the app.
Therefore, you can avoid the case of searching and accessing fake game platforms, exposing Private Keys/Passphrases, or swapping scam tokens.
The Cross-Chain Bridge
Considered one of the most innovative features of Coin98 Wallet, the Cross-Chain Bridge allows users to interact with Larix easily and convert ERC20, TRC20, SPL tokens to BEP20 tokens directly using the Mobile App without using third-party applications.
Ability to experience numerous DApps
If you are extremely excited about farming and staking tokens on Larix after reading this tutorial. Why don't you continue the great experience of other multi-chain DApps on the Coin98 Mobile Wallet DApp Browser?
Always have detail instructions and updates
At Coin98, you are always updated with all the new information and DeFi trends. In this DeFi world, the Coin98 team always gives you new updates, most accurate and objective instructions.
Summary
Hopefully, this article has guided you well to experience Larix directly on the Coin98 Wallet. Take advantage of this opportunity and get yourself the best profit. If you have any questions or problems, leave a comment below to get assisted!