Beginner’s Q&A

  1. How do I set up a wallet to use Colend ?
    To interact with Colend, you need to configure a wallet compatible with the Core blockchain. We recommend Rabby Wallet for a simplified setup. You can also use Chainlist to add Core to other wallets like MetaMask.
    → Set Up a Wallet and RPCs

  2. Why do I need to “bridge” assets ?
    Bridging assets allows you to transfer your cryptocurrencies from a blockchain like BNB Chain to Core. This step is necessary to use your tokens on the Core network.
    → Bridge Assets

  3. Is bridging free ?
    No, you will need gas tokens from the source blockchain (e.g., BNB for BNB Chain, ETH for Base or Arbitrum) to cover transaction fees.  If it’s your first time and you bridge more than 10 USDT, you’ll receive CORE to cover your initial transactions.
    → Bridge Assets

  4. Can I lend or borrow any cryptocurrency ?
    Only cryptocurrencies supported by Colend can be used for lending or borrowing. Check the interface to see the available assets.

  5. Can I partially repay a loan ?
    Yes, you can repay part or all of your loan. Just make sure you have the necessary funds in your wallet.
    → Repay

  6. How can I protect my assets from being sold ?
    Monitor your health factor. If it drops below 1, your assets may be liquidated. Keep an eye on your dashboard to manage your loans effectively.
    → What is Borrowing ?

  7. What are aTokens used for ?
    aTokens are receipt tokens that allow you to reclaim your deposits. Do not transfer them, as this could compromise your positions.
    → Borrow

  8. What is the “Core Faucet,” and how does it work ?
    The Core Faucet provides a small amount of CORE tokens to cover transaction fees when you bridge more than 10 USDT for the first time.
    CORE is the token needed to validate all transactions on the Core blockchain.
    → Bridge assets

  9. Can I use a network other than BNB Chain for bridging ?
    Yes, the process is similar for other compatible networks. Make sure you have sufficient funds to cover transaction fees on the source network.
    → Bridge assets

If you have additional questions, feel free to reach out to us on Telegram. We’ll be happy to help !