Registering Debt Repayments

In order to register debt repayments users must first:

1. Provide liquidity on Mero

2. Have an open loan on Aave or Compound

After these conditions are met, follow the steps below to register debt repayments:

View Actions

Click "Actions" in the Mero header

Register Action

Select Action Type - Debt Repayment

Continue to the next page and confirm which loan you would like to protect

Select Pool

After confirming which loan you'd like to protect, select the Mero pool you would like to use for debt repayments

Enter debt repayment conditions

Debt repayment conditions:

1. Health factor: Enter the health factor that you would like a debt repayment to occur at. Once your loan hits this health factor a debt repayment will be made. If you register debt repayments at or above the current health factor of your loan a debt repayment will be made immediately

2. Single debt repayment: Enter the amount of your Mero liquidity that you would like to be used per debt repayment

3. Total debt repayment: Enter the maximum amount of your Mero liquidity that is allocated to debt repayments. So if you have 0.5 ETH registered for a single debt repayment and 1.5 ETH registered for debt repayment, 3 debt repayments can occur in total

4. Priority fee: Enter the priority fee you would like your top-ups to be executed at

5. Maximum gas price: Enter the maximum gas fee you are willing to pay per top-up transaction

After entering your debt repayment conditions complete both the approval and confirmation transactions to finalize your debt repayment(s) position. Confirming your debt repayment position will deposit some ETH from your wallet into the Gas Bank. ETH held in the gas bank is never used for anything other than paying the transaction fees for your debt repayments. Once you close your debt repayment position, any unused ETH in the gas bank will be returned to your wallet.

View debt repayment position

Click on the Actions page to view your open position(s). Once your debt repayment position is open, debt repayments will automatically be made when your defined conditions are met. Users can unregister their debt repayments at anytime. It is recommended that users unregister their debt repayments first before closing their loan that is registered for debt repayments.