Borrow with Order books

Borrowing with order books is selling rcTokens on the order books.

The website to access the order books is located here: https://coverrules.com/

Selling rcTokens makes you a borrower.

When selling on the order books, the seller only pays gas if canceling an order! The buyer pays the gas for taking an order!

Step 1: Mint rcTokens to begin the process of taking a loan.

Choose mint under the collateral option you want, enter the amount collateral and then press Deposit. You will mint the max amount of rcTokens and rrTokens given the mint ratio. (for this example: 1 wETH = 1,600 rcTokens and rrTokens)

Next you will need to sell the rcTokens for stablecoins (DAI, USDC or alUSD) to receive your loan.

Step 2: (1) Select the app. (2) Select the protocol. (3) Select the token you would like to sell.

Watch the video below

Step 3: Approve the tokens.

Step 4: (1) Enter the amount of stablecoin (DAI, USDC or alUSD) you would like to receive per rcToken (2) Enter the number of tokens you would like to sell. (2) Set the amount of time you would like the order to be good for.

Watch the video below

Step 5: (1) Click "Place Sell Order". (2) Sign the transaction - this does not cost any money. You only pay money to cancel and order.

You will see your order appear on the order book. Once the order is filled you will receive the DAI and no longer have the token. You can cancel your order at any time before its filled.