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Registering Debt Repayments
In order to register debt repayments users must first:
After these conditions are met, follow the steps below to register debt repayments:
Click "Actions" in the Mero header
Continue to the next page and confirm which loan you would like to protect
After confirming which loan you'd like to protect, select the Mero pool you would like to use for debt repayments
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
- 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.
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.