- Opening a Position
- Step 1: Go to 'Open Position' & Check Leverage Availability
- Step 2: Connect your wallet
- Step 3: Enter the principle (OUSD) amount
- Step 4: If needed, buy more ARCH or OUSD
- Step 5: Click the Approve ARCH button
- Step 6: Click the Approve OUSD button
- Step 7: Click the Open Position button
- Step 8: You’ll get a popup Confirmation window
- Step 9: Monitor it on the My Dashboard page
What You’ll Need
Use the Open Position page ‘Build Your Position’ to calculate how much OUSD and ARCH you’ll need:
- OUSD - This is the collateral deposit that you will earn a high leveraged yield on. You can purchase OUSD on these platforms: Curve.fi, OUSD.com or 1inch.io
- ARCH Token - To buy the leverage needed to get a high yield you will need to provide ARCH token. You can purchase ARCH on Uniswap Here.
Opening a Position
Step 1: Go to Open Position (coming soon) page & Check Leverage Availability
Go to the ‘Open Position’ page on our platform and check that there is Leverage Available.
You can also check the current price of Leverage (lvUSD):
Step 2: Connect your wallet
If needed you can create a new MetaMask wallet by following these steps Here
Step 3: Enter the principle (OUSD) amount
This is the amount of OUSD collateral you want to Deposit to open your position
Step 4: If needed, buy more ARCH or OUSD
If you do not have enough OUSD or ARCH to open the position, you can buy OUSD on Curve.fi and ARCH on Uniswap. You’ll need ARCH to buy the leverage for your position. Learn more about that Here.
Step 5: Click the Approve ARCH button
Your Metamask wallet will open and you will need to click ‘confirm’ in your wallet. Note: if you already approved that amount (or higher) of ARCH in the past then this button will be disabled and you won't need to approve it again
Step 6: Click the Approve OUSD button
Your Metamask wallet will open and you will need to click ‘confirm’ in your wallet. Note: if you already approved that amount (or higher) of OUSD in the past then this button will be disabled and you won't need to approve it again
Step 7: Click the Open Position button
Your Metamask wallet will open and you will need to click ‘confirm’ in your wallet
Step 8: You’ll get a popup Confirmation window
Once the position has been created and the NFT minted you will see a confirmation window with your position details
Step 9: Monitor it on the My Dashboard (coming soon) page
You will be able to monitor and close your position from the My Dashboard page
FAQ Is my position “Locked” for 370 Days?
- No. You can close the position at any time (as long as there are enough funds to repay the debt). If you don’t manually close the position it will unwind itself naturally after 370 days and the funds can be claimed from the platform after that date.
What happens if I close my browser before I get the Open Position confirmation?
- Don’t worry, all events are stored on-chain. If you completed the Open Position process then you can confirm this by checking your wallet's address transactions on Etherscan at this link: https://etherscan.io/address/[your-wallet-address]
What if I Approved an amount of OUSD or ARCH but now I want a larger position?
- You can change the OUSD amount in the ‘OUSD Principle’ field. This will recalculate how much OUSD and ARCH needs to be approved. If they are higher than the previously approved amounts then the Approved buttons will be re-enabled and you can click them again.
Learn how to close a leveraged position here:How To Close a Leveraged Position (Step-by-Step)
Archimedes is an experimental protocol and carries significant risks: Smart contract risk, economic model risk, risk that the assets Archimedes introduces and many other types of known and unknown risks. Archimedes' team never provides investment advice. This article is NOT financial advice. DYOR. Participate at your own risk.