Taking a bnUSD loan on Balanced (minting bnUSD) puts your collateral to work. With your SUI's value backing your loan you can hold your SUI while unlocking some of its value as liquid stablecoins that can be spent however you want. Not only that, but with Hana Rewards, it also earns you XP during Sui season!
💰 How much bnUSD are you going to mint? Each bnUSD will earn you 2XP per day!
Step-by-step instructions to mint a bnUSD loan with SUI collateral
1. Find the relevant task
Navigate to the season/task that is asking you to Mint a bnUSD loan using SUI collateral.
2. Check wallet connection
Check that Hana wallet is logged in and open on the wallet you have connected to Hana rewards and wish to use for this task.
3. Head to Balanced
Under the title of the task, click Go to Balanced.
This will take you to the Balanced homepage, where you should have already deposited collateral.
💡 You must have deposited collateral in order to take a loan, find out how in our article here.
4. Connect to Balanced
In the top-right corner, click Sign in.
Click Connect wallet next to ICON.
This will connect Hana wallet to Balanced for ICON.
Then scroll down and click Connect wallet next to Sui.
Select Hana on the following screen.
This will connect Hana wallet to Balanced for Sui.
5. Select loan amount
I'm taking a bnUSD loan to buy more SUI
I'm taking a bnUSD loan to buy more SUI
If you intend to 'loop' your position (borrow against SUI in order to buy more SUI), then you will want to borrow your bnUSD to the Sui Network. Follow the instructions below:
The top right modal of the Balanced homepage, entitled Loan, allows you to choose which blockchain to take/repay your loan on.
Select Sui as the destination blockchain for your loan in the drop-down menu.
I'm taking a bnUSD loan to earn yield in the Savings Rate
I'm taking a bnUSD loan to earn yield in the Savings Rate
If you intend to complete the task for depositing bnUSD into the Balanced Savings Rate (or if you want to pursue yield there otherwise), then you will want to borrow your bnUSD to the ICON Network. Follow the instructions below:
The top right modal of the Balanced homepage, entitled Loan, allows you to choose which blockchain to take/repay your loan on.
Select ICON as the destination blockchain for your loan in the drop-down menu.
⛽ Don't forget gas: You wont need much, but if you want to access the Balanced Savings Rate on the ICON Network you will want to swap for at least 3 ICX to cover future transaction fees.
6. Select collateral amount
In the loan modal, click Borrow.
Use the slider or manually enter the amount of bnUSD you wish to borrow against your deposited collateral.
Click Confirm.
💡 You must borrow at least 10 bnUSD in order to take a loan.
🛑 Check your Risk Ratio to stay safe of liquidation. Below the loan modal, you will see your risk ratio. This will include the prices that your collateral asset would have to reach in order to lock and/or liquidate your position.
7. Confirm collateral deposit
In the following screen, confirm your selection, fees and ongoing interest rate.
Click Borrow.
💡 Balanced has the leading rates for cryptoasset loans. Offering bnUSD loans with a 2% interest rate and only a 0.02% initiation fee.
8. Sign the transaction
In the Hana wallet window that appears, click Authorize to confirm the transaction.
You have successfully minted a bnUSD loan on Sui.
🏆 You will earn 2 XP per day for every 1 USD of value borrowed as bnUSD.
❕ XP will be updated once per day, this will not be a live figure.
Need Help?
If you have any further questions or need assistance, visit our Support Center for more articles and resources, or contact our support team via the modal in the bottom right.