Fortress Protocol is an exciting new credit and lending platform that is like a mixture of Compound and MakerDAO on Binance Smart Chain. This means you can effortlessly supply assets to the protocol and begin to earn compounded interest for doing so. This also means you can take our credit line against the collateral you provided. Exciting stuff, I know, however it can get confusing. Allow me to walk you through the process of supplying assets to the Fortress Protocol!
Step 1 – Visit the Fortress dApp
To begin, you must navigate to the Fortress Protocol dApp by going to fortress.loans in your favorite web3 enabled browser. Once you get to the Fortress website, click on the “Enter App” button to enter the dApp.
Step 2 – Approve Supply Transactions
When you first enter the Fortress Protocol dApp, you will be presented with the “Dashboard”. On the “Dashboard” you will be presented with different information. The navigation menu is on the left hand side, your FTS and FAI balance along with your available credit is in the middle, and then the supply and borrow interest rates for the different money markets are on the right hand side, along with your “supply” and “borrow” balance and the ability to mint and repay FAI.You must begin by choosing an asset to supply to the Fortress Protocol. For example lets decide to provide BNB to the Protocol. We will begin by click on the “collateral” toggle button for BNB and approving the corresponding wallet prompts. Next click on the BNB logo, and lets open it up and decide how much to provide.
Step 3 – Providing Assets to Fortress
Now that we have approved the ability for Fortress to stake your BUSD, lets go ahead and decide how much we want to supply to the Protocol. In this example we’re going to go ahead and provide .12 BNB to the platform. As you can see in the screenshot below, providing BNB to Fortress is currently paying out 3.06% in compound BNB interest, as well as 33.04% in FTS rewards.
Once you have gone ahead and input .12 BNB as the amount, and clicked on “Supply” you will see a wallet prompt to submit the transaction. Once you have done that you will be presented with an updated “Supply Market” section showing that you are now supplying assets to the protocol, and the interest rate at which you are receiving.
Step 4 – The Overview Section
The Overview section show you a breakdown of information regarding the asset you are suppling as collateral. From the Overview section you can see your current and historical interest rate, collateral value, the money market liquidity for the asset you supplied, the number of suppliers and borrowers, the reserves and the reserve factor, total supply/borrow, and the exchange rate.
Congratulations, you are now supplying assets to the Fortress Protocol, and earning compound interest in both the asset you supplied as well as Fortress FTS tokens!