Everstrike supports 5 core wallet operations:

Deposit and Withdraw are used for transferring funds to and from the Everstrike Smart Contract.

Stake, Mint and Redeem are used for the conversion between USDT and Everstrike USD (USD). Since Everstrike currently only accepts Everstrike USD as collateral, this conversion is necessary to begin trading.

To proceed with this guide, first make sure that you have followed the steps in How To Start Trading on Everstrike. You should have an Everstrike account with a connected and confirmed wallet address.

Depositing on Everstrike is a two-step process.

First, you approve the amount you want to deposit. This permits the Everstrike Smart Contract to draw a specific amount of USDT from your wallet account.

A general rule when dealing with Smart Contract approvals is to never approve more than you want to deposit. If you want to deposit 10 USDT, you should only approve 10 USDT. We recommend that you follow this rule for Everstrike as well.

To deposit, first click Deposit next to the asset that you want to deposit. Currently, only USDT deposits are supported. You will need at least 0.01 USDT in your account to complete the deposit.

Step 1:

Ensure that you are in the Portfolio Overview, your wallet is connected and that you are on a network supported by Everstrike.

Step 2:

Click Deposit next to USDT and enter the amount of USDT you want to deposit.

Step 3:

Confirm the Spending Cap Request in your wallet. This approves the Everstrike Smart Contract to draw USDT from your account.

Step 4:

Wait for the transaction to be mined on the blockchain.

Step 5:

Click Deposit again. Enter the same amount that you entered previously. Now it's time to deposit actual funds to Everstrike (in the previous steps you were simply authorizing the Everstrike Smart Contract to draw USDT from your account).

Step 6:

Confirm the transaction in your wallet.

Step 7:

Wait for the transaction to be mined on the blockchain.

Step 8:

Once mined, the deposit is complete, and you should be able to see your balance reflected in the Deposited category next to USDT in the Portfolio Overview. Note: It may take a few minutes for the balance to be updated. This is because your transaction requires a certain amount of blockchain confirmations in order to be considered final.

To withdraw, select Withdraw next to USDT, enter the amount to withdraw, and confirm the withdrawal in your wallet.

Step 1:

Click Withdraw and enter the amount to withdraw.

Step 2:

Confirm the transaction in your wallet.

Step 3:

Wait for the transaction to be mined on the blockchain.

To convert your deposited USDT to USD (used as collateral and for trading), you will first need to stake your USDT. Once staked, the USDT can be used to mint USD.

Once you want your USDT unstaked, you simply redeem your minted USD. Your USDT will then be unstaked within a maximum of 24 hours (in more than 98% of cases the process is instant).

This all seems unnecessarily complicated. Why not just accept USDT as collateral?

We want Everstrike to support a plethora of deposit options (USDT, USDC, DAI, TUSD, USDD, ETH, WBTC) in the future. Instead of implementing Portfolio Margining (which is extremely complex to implement and has many drawbacks and gotchas), we decided to keep things simple: One collateral asset (Everstrike USD) for everything. All other assets can be implicitely converted to this collateral asset through staking and minting. The drawback of this approach is that deposits effectively require two extra steps (Stake and Mint). However, it enables us to keep Everstrike stablecoin-independent and shield our users from stablecoin-related risks.

Can you show me how to stake?

Sure.

Step 1:

Ensure that you have USDT deposited. Then click Stake next to USDT, and enter the amount that you want to stake.

Step 2:

Confirm the transaction in your wallet.

Step 3:

Wait for the transaction to be mined.

Step 4:

The Mint button has now lightened up, enabling you to mint USD.

After staking USDT, you will be able to mint USD. USD is required for trading on Everstrike.

Click the Mint button next to USD to start the minting process. Minting typically takes 2-5 seconds to complete.

Notice the change to your USD balance after minting.

To convert your USD back to USDT, you can use the Redeem operation.

To start the Redeem operation, click the Redeem button next to USD. Then specify the amount you want to convert, and click Confirm. Redemptions can take up to 24 hours, but are usually instant.

Notice the change to your USDT balance after the successful redemption.