How to use Port Finance: A step-by-step guide

Port Finance is a lending protocol that aims to provide an entire suite of fixed income products including variable-rate lending, fixed-rate lending, and interest rate swaps on the Solana Blockchain. 

In a couple of weeks, Coin98 Wallet has been added to Port Finance to become one of the official wallets on this lending platform. This article will guide you through how to use Port Finance in detail. Let’s get started! 

Quick preparation

Download and install Coin98 Wallet

Mobile wallet:

Now available on Coin98 Mobile Wallet for both iOS and Android users.

Extension Wallet

The Coin98 Extension Wallet is available on Google Chrome. Follow these steps below to install Coin98 Extension Wallet for Google Chrome:

Step 1: Open Coin98 Wallet Extension on Chrome Web Store.

Step 2: Click Add to Chrome.

Step 3: A pop-up notification is displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. This drop-down will show you Coin98 Extension Wallet is installed and enabled in Chrome.

Create a Solana wallet (SOL & SPL token)

Port Finance is a protocol built on Solana Blockchain, so you definitely need a Solana wallet (SOL & SPL token) to use this platform.

After you have downloaded or updated Coin98 Wallet, you can follow the instructions below to create a Solana wallet or import an existing wallet on other wallet applications into Coin98 Wallet:

• Instructions to create Solana wallet (SOL & SPL token).
• Instructions to import Sollet Wallet into Coin98 Wallet here.
• Instructions to import Phantom into Coin98 Wallet.

Please make sure you have an amount of SOL to pay for the network fee.

How to use Port Finance on Coin98 Extension Wallet

Please visit this link https://mainnet.port.finance/#/ to go to the Port Finance platform. Before lending or borrowing, you need to connect your wallet first. 

Step 1: Choose Connect Wallet. 

Step 2: Select Coin98, then click Confirm. 

Step 3: Click Connect on the pop-up notification from Coin98 Extension Wallet. You’re connected to this platform.

Supply & Deposit assets to Port Finance 

Whether you want to earn interest or borrow assets, the first thing you need to do with Port Finance is to deposit your asset to Port Finance. Let’s follow the simple steps below. 

Step 1: Choose Supply. Port Finance is now supporting 8 SPL tokens, including mSOL, USDC, SOL, MER, PAI, USDT. SRM, BTC with various APY up to 45%. You can choose the token you are holding to deposit. I will take USDC as an example. 

Step 2: Select Deposit, then slide the bar to choose the percentage of your deposit or enter the desired amount, and then click Deposit. 

Step 3: Click Sign to confirm the transaction on the pop-up notification. 

Withdraw assets from Port Finance 

You can withdraw your assets anytime you want by choosing Withdraw. Slide the bar to adjust the amount of assets, then click Withdraw and confirm in the pop-up notification to finish.

Borrow from Port Finance 

Users need to deposit their assets as collateral before experiencing the borrowing service. Therefore, make sure that you have spent the guide instruction above. 

Step 1: Choose Borrow. You also see a wide range of assets supported on Port Finance.

Step 2: Opt for the desired asset you want to borrow. Select Borrow and slide the bar to get the amount you wish. It depends on your amount of collateral, the system will automatically count the maximum amount you can borrow. 

Step 3: Confirm on the pop-up notification from Coin98 Extension Wallet. You borrow successfully! 

Repay the assets you borrow from Port Finance 

At the same interface of the Borrow service, choose Repay. 

To pay the amount you have borrowed back to the platform, slide the bar and click Repay. You make a confirmation on the pop-up notification to finish. 

Port Finance is planning to optimize its UI on the mobile interface. In the near future, you will experience the services that Port Finance provides through the Mobile App with a seamless connection. 

Closing thoughts 

Hopefully, this article has helped explain and assist you in using many DeFi services on Port Finance. If you have any questions or problems, leave a comment below to get assisted.

See you in the following articles!