Probity: Coston Reboot
Development of Probity began 11 months ago, and we’re pleased to announce that the release candidate for the Aurei stablecoin is available for testing on the Coston network. This is a how-to guide for users who would like to try the platform without any financial risk. Please be aware that if you live in the US, you must be an accredited investor to use Probity when it goes live. If you decide to participate in testing, make sure to join the official Telegram and Discord groups to report any feedback, difficulties, or bugs.
Setting up Coston in Metamask
We recommend testing with the Metamask browser extension. Once you are logged into an account, You can set up the Coston network by following the steps below.
- Click the account menu in the top right corner.
- Select “Settings”
- Select “Networks”
- Press “Add Network”
- Fill in the info and press “Save”. You can find the values here.
Now you can head over to https://probity.finance and you should be prompted to connect your Metamask wallet. Ensure that MM is using the Coston network and you should be able to connect.
When you’re able to see the balances sidebar, you’re connected. You can grab some CFLR from the Coston faucet here — just enter your public address.
The first step is to deposit assets into the platform. Proceed to the “Wallet” menu item from the left sidebar and select “Deposit”. When the transaction completes, the funds will become available in standby mode. Standby assets are assets in your vault that are not currently being used in an equity or debt position. It is useful to have some standby assets in case you need to cover an unhealthy equity or debt position.
Next, proceed to the “Treasury” menu item and select “Invest”. This screen allows you to mint stablecoins using underlying assets such as CFLR. Equity is the amount that generates interest for you, while CFLR is the underlying value that backs the stablecoin. The CFLR value must be greater than 1.5 times the AUR amount or else you may be penalized. It is solely up to the user to manage their own risk. Trustline does not give advice on how to manage your equity position. Once you complete the transaction, you have successfully invested assets into the liquidity fund. Interest accrues in real-time, but will not appear if it’s less than 0.000000000000000001.
Proceed to the “Loans” menu item and select “Borrow”. You can take out a stablecoin loan using CFLR as collateral. The CFLR value must be greater than 1.5 times the borrow amount or else your collateral may be confiscated, so make sure to maintain a healthy collateral ratio.
Borrowed stablecoins are credited to your vault. In order to use the ERC20 token, you must withdraw them. Proceed to the “Stablecoins” menu item and select “Withdraw”. This allows you to convert Vault AUR into ERC20 AUR. The ERC20 token can be transferred to other addresses or integrated with other systems, such as the Trustline app or Flare Finance.
Users can redeem underlying assets from an equity position, deposit stablecoins, and repay loans. These actions are just the reverse of the previous actions, so we’ll leave that up to the tester to figure out ;-) The liquidation and auction actions are for advanced users; we will publish a separate tutorial for that later.
While we’re proud of the progress so far, there is more work to be done. Over the past few months, Trustline has started to pioneer the idea of an inflation-protected stablecoin. Fostering this new innovation helps us to achieve our company mission, which is to strengthen trust in currency. The name of the stablecoin with the inflation-protection feature is Phi (currency code: PHI). Since there are already multiple decentralized stablecoins such as CAND, DAI, etc., we are prioritizing our efforts on Phi instead of Aurei. However, we still have the full intention of releasing Aurei on the Flare network. Furthermore, our end goal is to develop USD 2020 (code: US20), an inflation-protected stablecoin with full USD reserves. We are seeking a trust charter in order to sell US20 to the public.