Getting Started With Yala
Last updated
Last updated
Below is a summary of the user journey; you can refer to it and read the details of each step in the user guide.
Open Yala website and click “Launch app” on the first page.
In the app, click the “Connect Wallet” button in the upper right corner to connect your BTC wallet.
It's crucial to ensure that you are using the Bitcoin Testnet environment. In the Unisat wallet, you can do this by clicking on the upper right corner and selecting "Bitcoin Testnet." This step is important for your understanding and the safety of your transactions.
It's essential to use a Taproot address. For instance, if you are using a Unisat wallet:
a. Click the “Settings” button at the lower right corner of the wallet extension.
b. Select “Address Type,” then choose “Taproot (P2TR)” as the address type.
After connecting your Bitcoin wallet, the next step is to connect your Destination Chain Wallet. This is the wallet where you want to receive $YU.
Click the “Connect Destination Chain Wallet” button in the upper right corner of the protocol page.
Sign in to your wallet and ensure it is connected to the desired Testnet network for the destination chain. For example, in MetaMask, you can check your network by clicking the network name in the upper left corner.
Liquidation Price: The price at which a Vault becomes vulnerable to liquidation.
Collateralization Ratio: Calculated by the value of your collateral divided by your YU debt.
Collateral Locked: The total amount of collateral locked in your current vault.
Vault YU Debt: The total $YU debt in your current vault.
Available to Withdraw: The amount of collateral assets that can be withdrawn before triggering liquidation in your current vault.
Available to Mint: The amount of additional $YU generated before triggering liquidation in your current vault.
"Vault Changes" shows the changes in the value of the above metrics:
Rest assured, we currently support Depositing Bitcoin from a taproot address to Minted $YU on Ethereum. Just make sure that both of your wallets have enough balance for the gas fees.
1. Connect your Bitcoin wallet.
2. Connect your destination chain wallet where you wish to transfer your $YU.
3. Add $YU contract address to your wallet. Click on import tokens, and paste the contract address of $YU: 0xcB856bC5Aa2664E47c9caDce6fF65117c5201a1C
You can also click the icon in the upper right corner to add $YU to your wallet.
4. Choose the asset you want to use to mint $YU.
5. Enter the amount of BTC/yBTC you want to deposit. The maximum amount of $YU that can be minted will be displayed. You can enter the $YU you want to mint under the Value tab. Or use a slider to choose a Collateralization Ratio to mint the corresponding amount of $YU under the Percentage tab.
6. Please ensure that the collateral ratio calculated after entering $YU exceeds the minimum collateral ratio. The collateral ratio of the value you enter can be viewed in the "Vault Changes" panel.
7. Click on "Create Vault."
8. For first-time users, you will need to approve yBTC allowance spending. We strongly recommend approving a larger yBTC spending amount based on your anticipated needs to ensure future convenience and avoid unnecessary gas fees each time you approve.
9. Confirm the transaction in your BTC wallet and wait for the vault to be created. Due to the Bitcoin blockchain's confirmation process, this may take some time. You can monitor the transaction status on the Transaction History page.
10.Once the process is complete, you will see the $YU in your wallet's destination address. You can also view the transaction history in Portfolio-Transaction History.
This issue occurs because the protocol still needs to receive the necessary authorization from your wallet. Please click "Confirm" again to authorize the protocol. If the problem persists and you want to get back your BTC, you can choose the "Return the Asset" option, and your BTC will be returned to your Bitcoin wallet.
During the MetaMint process, Bitcoin is first wrapped into yBTC and used as an intermediary. If you don’t have wallet privileges for the destination or if there are network errors on the blockchain, you may receive yBTC. In case the MetaMint process fails, you can use yBTC to mint Bitcoin as well.
If we detect yBTC in your wallet, your balance will be displayed on the portfolio page. You can add yBTC to your wallet to view your balance. Additionally, you can click on "Return Your Assets." Please refer to the "Return Your Assets" chapter for more information.
On the Portfolio page, you can manage your positions under the Positions tab and view all your transaction history under the Transaction History tab.
You can view the collateral amount locked in the vault, total outstanding debts, the liquidation price, and the loan-to-value ratio of this vault, providing an overview of each vault you have created. Click "View Position" for more details.
Overview: View the key metrics of this vault. You can manage your vault here by using options like "Close Vault," "Deposit More," and "Withdraw."
Vault Info: Displays the vault's ID, stability fees, liquidation fee, and minimum collateral ratio.
History: Record all the operations you have performed on the vault.
Position Details
You can click 'View Position' to see position details and manage your position by making deposits, withdrawals, or closing the vault.
Steps To Deposit & Mint More
You can deposit more BTC and Mint more than $YU. The steps for Mint $ YU are essentially the same; refer to the Mint $YU section for more details.
1. Click 'View Position' on the vault you want to manage.
2. Enter the additional amount of Bitcoin you want to deposit. You can enter the amount of $YU you wish to mint more.
3. Please ensure that the collateral ratio calculated after entering $YU exceeds the minimum collateral ratio. The collateral ratio based on your input can be viewed in the 'Vault Changes' panel.
4. Click on "Confirm"
5. Confirm the transaction in your wallet.
6. Wait for the vault to be updated. This may take some time due to the Bitcoin blockchain's confirmation process. You can monitor the transaction status on the Transaction History page.
7. Once complete, you will see the $YU in your wallet's destination address. You can also view the transaction history under Portfolio > Transaction History.
Steps to Withdraw
1. Click 'View Position' on the vault you want to withdraw from.
2. Click withdraw, and enter the $BTC you want to withdraw or the $YU you want to repay.
3. Please ensure that the collateralization ratios should be larger than the Collateraleral ratio. You can check it in the vault changes panel.
4. Click confirm
5. For first-time users, you need to approve the $YU allowance. We recommend setting a higher $YU allowance based on your anticipated needs for future convenience and to avoid unnecessary gas fees each time you approve.
Please note that if the allowance is insufficient later, you must approve it again.
6. After setting the allowance, please confirm the transaction in your wallet to pay back $YU.
7. Wait for the withdrawal to be completed. Due to the Bitcoin blockchain's confirmation process, this may take some time. You can monitor the transaction status on the Transaction History page.
8. After the withdrawal, you will receive your Bitcoin in your wallet, and the $YU will be paid. You can also view the transaction history under Portfolio > Transaction History.
Steps to Close Vault
1. Click 'View Position' on the vault you want to close
2. To close your vault, a part of your position will be sold to pay back the outstanding debt. The rest of your collateral will be sent to your address. Click ‘Close Vault’ to close it
3. Click Confirm
4. For first-time users, you need to approve the $YU allowance. We recommend setting a higher $YU allowance based on your anticipated needs for future convenience and to avoid unnecessary gas fees each time you approve.
5. Then repay the $YU by confirming the transaction. If you don’t have enough $YU, you can click to swap more.
In the right bottom panel, it has several key indicators.
Vault YU Debt: The amount of $YU (a stablecoin or token) you must repay to avoid liquidation of your collateral.
6. Wait for the vault to be closed. This may take some time due to the Bitcoin blockchain's confirmation process. You can monitor the transaction status on the Transaction History page.
7. Once completed, you will receive your remaining Bitcoin in your wallet, and the $YU will be paid. You can also view the transaction history under Portfolio - Transaction History.
Steps to Stake/Unstake
1. Navigate to the 'Stake YU' section and enter the amount of $YU you wish to stake under the stake tab.
1. Navigate to the 'Stake YU' section and enter the amount of YU you wish to stake under the stake tab.
2. Confirm the transaction in your wallet and wait for it to complete. You will receive a confirmation pop-up to confirm that you have successfully staked.
3. You can click on 'View Staking History' to see your staking activities.
For unstake：
1. Navigate to the 'Stake YU' section and enter the amount of $YU you wish to unstake under the 'Withdraw' tab.
2. Confirm the transaction in your wallet and wait for it to complete.
3. You can click on 'View Staking History' to review your staking activities.
Under this tab, you can view all the activities of all vaults.
In the Status Column, if the status is ‘In Process’, the request is still in progress in the blockchain. Once the progress is completed, the status will change to ‘Complete’.
You can click the 'View' button for each transaction, which provides a link to the activity on the BTC Chain or destination Chain.
If unclaimed collateral assets on Yala have not contributed to any vault, you can claim back your assets under this tag. Usually, those assets are left in Yala due to errors or failures in destination chains. You can click on return the asset to get your assets back. Enter the amount you wish to return and confirm the transaction in your wallet. The asset will return to your Bitcoin wallet, though this may take some time, depending on the blockchain network, typically under 10 minutes. You can view the transaction record on the transaction history page.
When the price of your assets falls below the collateral price, a liquidation process will be initiated.
1.Your assets will first be confiscated to start the auction, and the transaction history will reflect the auction initiation. The entire process will be executed automatically.
2. Your assets will then be auctioned, and any remaining assets (if applicable) will be returned to you.
3.Once finished, you will need to navigate to the transaction history and click on the corresponding position, which will bring you to the vault page.
4. click the "Claim" button on the Vault page to retrieve your remaining assets. Once the auction is finished, you can start clicking "Claim." If the auction has not ended, the user cannot claim. Please note that gas fees will be required for this process.
5. Wait for the transaction to complete, and your remaining BTC will be returned to your wallet. The details of the process are available in the transaction history.
