Minting bnbUSD (Open Position)

Minting bnbUSD is one of Sigma.Money's core functions, as explained here link. A requirement for minting is having $BNB, $wBNB, or $slisBNB in your wallet that can be used as collateral (since we can't mint out to thin air 😁)

Make sure that you have sufficient $BNB, $wBNB, or $slisBNB in your wallet before proceeding

1) On Sigma.Money's Mint Page (https://sigma.money/mint) you'll find general information about Sigma's minting process and the input fields.

2) Scroll down, and select the collateral you want to use for minting bnbUSD in the "Add-field". In this example we're selecting BNB.

3) Input the amount of BNB you want to use as collateral, and choose the amount of bnbUSD you want to ming. In this case we want to use 0.01 BNB as collateral to minting 10 bnbUSD.

Once you add in the collateral, you'll see a Range ($) of the min. and max. amount of bnbUSD you can mint. In this example you can mint 7.37 - 67.52 bnbUSD for the 0.1 BNB of collateral added.

You'll also find information such as your Execution Price of your position (e.g. 1 BNB is worth $795.11), your Rebalancing Price of your position (e.g. when 1 BNB drops to the price of $227.29), your total position's estimated LTV after opening this position, and the fees that it costs you to open this position.

4) Once you're satisfied with the position you want to open, click "Approve & Open".

You can toggle the option "Unlimited Approval" off if you're an advanced DeFi user, and wish to approve every future transaction in the future. In this example, we're leaving this toggle on.  

5) You'll be asked to confirm several transaction in order to interact with the Sigma.Money smart contract. E.g. approving that Sigma.Money is allowed to use your BNB (as collateral), or confirming that Sigma.Money's smart contract will deduct X amount of BNB and will sent you Y amount of bnbUSD and your xPosition NFT (more info on the xPosition: here). In the example below, we're confirming that Sigma.Money will deduct 0.1 BNB and in return send you 20bnbUSD and the xPosition NFT as receipt of your position. To proceed, click on "Confirm".

6) Congratulations, you have now minted your first bnbUSD! You can see information about your wallet's total position on the mint page: