XCrypt leads the way as a platform that is entirely free to join, introducing a strategic ownership model where users can leverage ETH as collateral to obtain XCrypt tokens ($XCRYPT). This approach not only improves accessibility for users but also forges a concrete link between the worlds of cryptocurrency and gaming.

During times of high demand, the amount of XCRYPT that can be borrowed during the day may run out earlier than expected. Users will have to wait about 8-12 hours to be able to Borrow XCRYPT.

Step-by-step guide to the collateralization process on XCrypt

  • Wallet Setup

Log into your Metamask wallet and add Arbitrum Network to MetaMask. Remember to prepare ETH for network fees.

  • Deposit ETH

Once authenticated, users can instantly deposit ETH within the XCrypt interface. This deposit determines the amount of ETH available for collateralization, essential for acquiring $XCRYPT.

  • Selection of Collateral Amount

Users decide on the amount of ETH to collateralize, directly influencing the number of $XCRYPT tokens acquired. XCrypt employs a transparent and real-time exchange rate mechanism for a fair and accurate conversion.

  • Confirmation of Collateralization

After selecting the collateralization amount, users confirm the transaction within their wallets. This action triggers the XCrypt smart contract, locking the specified ETH amount as collateral against $XCRYPT tokens.

  • Smart Contract Execution

The smart contract autonomously executes the collateralization process, ensuring transaction authenticity and securing the user's ownership of $XCRYPT tokens. This decentralized mechanism enhances security and efficiency without the need for intermediaries.

  • Ownership Confirmation and $XCRYPT Allocation

Upon successful smart contract execution, users receive a confirmation within the XCrypt platform. Simultaneously, $XCRYPT tokens are credited to their wallets, indicating the completion of the collateralization process.

  • Monitoring and Management

Users can real-time monitor their collateralized assets through the XCrypt wallet. The platform offers insights into collateralization status, $XCRYPT holdings, and transaction history. Users can also adjust collateralization based on their preferences.

  • Collateral Release and Withdrawal

For those wishing to release collateral and withdraw ETH, XCrypt enforces a secure mechanism. Users can retrieve their collateralized ETH by settling any outstanding balances, adhering to the platform's predefined terms and conditions.

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