RedChillies Labs
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Using Gaming DApps
Using GameFi DApps
Fundamentals
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Introduction to LenDen
The GameFi platform of ZilChill allows users to deposit or borrow REDC tokens at varying interest rates depending on the GameFi programs. For borrowing REDC token, GameFi smart contract accepts ZIL, zWBTC, zETH, zUSDT, gZIL tokens only as collateral. Users can utilize their borrowed REDC token to play games.
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Collateral
Users can deposit ZIL, zWBTC, zUSDT, zETH, gZIL tokens as collateral to withdraw REDC token from the RedChillies GameFi vault. Any token that has been voted and accepted by the REDC community can also be used as collateral in the GameFi platform.
Staking
REDC token holders will be able to stake their REDC tokens in the platform. Staking incentives will be provided through the GameFi platform to the people who stake their tokens. These tokens will be used to lend REDC tokens against the collateralized tokens.
Liquidation
An oracle calculates the collateral and debt ratio from the decentralized exchange i.e, Zilswap. If the collateral provided by the user becomes undercollateralized then the collateral provided by the user is liquidated and the fund collected is supplied back to the pool. The benefits from the liquidation of the collateral i.e, the amount that is left after deducting the amount of borrowed tokens are left as staking reward in the pool.
Borrowing
Users can borrow REDC tokens after depositing certain collateral in GameFi. After they borrow the tokens, they need to repay the loan and the interest generated by GameFi to redeem their collateral. The repaid loan will be supplied back to the pool whereas the interest will be left as staking rewards in the pool. Incase the users miss the deadline to return the loan, the collateral will be liquidated.
Last modified 4mo ago