Wave 4 of the Linea Defi Voyage on Intract

Lending, Borrowing, and a whole lot of Questing on Intract with Linea

Wave 4 is up. 📈 💫

Lend, Borrow, and Collect your Linea Defi Voyage XPs! 🤘🏻🔥

Guide:

• General Questions for Wave 4

• Core task FAQ

• Bonus Task FAQs

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Lending & Borrowing in Web3: Linea Voyage Wave 4 on Intract

In the Web3 ecosystem, lending and borrowing have been reimagined, moving away from traditional financial models towards a decentralized approach. The need for such systems arises from the desire to make financial services more accessible and transparent. Unlike traditional banking, where intermediaries play a key role, Web3 utilizes blockchain technology to facilitate direct peer-to-peer transactions.

This shift not only enhances security and transparency but also aligns with the ethos of Web3, which emphasizes decentralization, user empowerment, and the democratization of financial services.

Linea integrates into this Web3 framework, providing a platform that aligns with these decentralized principles. It serves as a facilitator for lending and borrowing activities, leveraging blockchain's inherent security and transparency.

Linea's role is to streamline these processes, making them more user-friendly while ensuring they remain true to the core principles of Web3. By simplifying complex transactions, Linea aims to make decentralized financial services more accessible to a broader audience.

For users engaging in lending and borrowing through Linea, this questing experience is tailored to combine the security and transparency of blockchain with ease of use.

Additionally, the lending and borrowing tasks get you acquainted with Linea, and its partner networks.

With this quest, users can -

• Leverage their digital assets in a more efficient and secure way.

• Get an opportunity to access funds by using their crypto holdings as collateral

• Earn interest on their digital assets by lending

• Get acquainted with lending and borrowing on Linea using partner apps

• and of course, Score Linea Defi Voyage XPs

This Intract quest not only provides users with education about the Linea ecosystem & Defi loans but also immerses them in the Web3 ethos of decentralized finance, offering a practical and user-centric approach to managing digital assets.

General questions

1. Is there any slippage involved in borrowing & lending?

   1. There might be some slippage involved based on the platform you are using. Feel free to check on the platform you use.

2. Can I verify an older transaction? What if I borrowed some amount earlier? Would that count?

   1. No. Only the lending and borrowing done during the Wave duration will count as for the verification of the task.

Core task FAQ:

Borrow at least $25 worth of ETH/WETH in one transaction on Linea from any of the supported apps

1. What tokens am I supposed to borrow?

   1. You are only allowed to borrow ETH or wETH for the successful verification of this task.

2. What apps can I use?

   1. The apps allowed for this task are Mendi Finance, Layerbank, Granary Finance, and Wefi.

3. What tokens can I supply as collateral?

   1. All the available tokens listed on these platforms are allowed as collateral.

   2. That includes WBTC, wstETH, and all stablecoins.

   3. If you supply stablecoins as collateral in the Core task, you will be able to verify Bonus task 1 as well.

4. How long do I need to hold on to my borrow position?

   1. You can close your borrow position anytime you want. Make sure to close your position after you’ve double-checked a successful transaction.

5. Does the borrow have to be in 1 txn or can it be split across multiple txns?

   1. The $25 borrowed amount has to be in 1 single transaction.

Bonus task 1 FAQ

Use a stablecoin as collateral for a loan of at least $25 in one transaction from any of the supported apps

1. What tokens can I lend as collateral?

   1. You can lend all stablecoins.

2. What apps can I use?

   1. The apps allowed for this task are Mendi Finance, Layerbank, Granary Finance, and Wefi.

3. Do I also need to borrow AFTER supplying collateral?

   1. Yes.

4. What token do I need to borrow?

   1. You can borrow any supported token.

5. How long do I need to lend my collateral?

   1. You can close your position as soon as you successfully do a tx.

6. Does the loan have to be in 1 txn or can it be split across multiple txns?

   1. The loan has to be in 1 single transaction.

7. If I supplied a stablecoin as collateral in the Core task can I verify this task based on the transaction in the Core Task?

   1. Yes.

Bonus task 2 FAQ

Use a LST (wstETH) as collateral for a loan of at least $25 in one transaction on Linea from any of the supported apps

1. What tokens should I lend as collateral in Bonus task 2?

   1. You can only lend wstETH for this task.

2. What apps can I use?

   1. Only 2 apps are allowed for this task. Mendi Finance and Layer Bank.

3. Do I also need to borrow AFTER supplying collateral?

   1. Yes.

4. How long do I need to lend my collateral?

   1. You can close your lending position whenever you want.

5. Does the loan have to be in 1 txn or can it be split across multiple txns?

   1. The loan has to be in 1 single transaction.

Bonus task 3 FAQ

Repay any one of your open loans on Linea - partially or fully - via any of the supported apps

1. Do I need to repay all loans? Or just one of my loans?

   1. You can repay any loan during the duration of the wave (Wave 4).

2. Can I just pay a part of my loan or one complete loan?

   1. You can repay a complete loan OR a part of a loan. However, we would recommend you to repay 1 complete loan.

3. If I repay my loan on zkUSD or Lyve, will Intract verify it?

   1. No.

Bonus task 4 FAQ

Borrow at least $5 worth of zkUSD/LYU in one transaction on Linea from any of the supported apps

1. What am I supposed to do in Bonus Task 4?

   1. You need to Borrow the equivalent of $5 of zkUSD or LYU (Lyve).

2. What tokens do I need to deposit for this task?

   1. ONLY ETH or wETH/wstETH can be deposited for the verification of this task.

      1. For zkUSD: 

         • Deposit ETH

         • Borrow zkUSD

      2. For Lyve:

         • Deposit WETH/wstETH

         • Borrow LYU

3. How long do I need to hold on to my borrow position?

   1. You can close your borrow position whenever you want - after a successful transaction.

4. Does the loan have to be in 1 txn or can it be split across multiple txns?

   1. The loan has to be in 1 single transaction.

Bonus Task 5 FAQ

Review your favorite dApp of this wave on DappSheriff

1. What does Bonus Task 5 in the Linea ecosystem entail?

   1. In Bonus Task 5, participants are required to compose a review on DappSheriff, focusing on their preferred decentralized exchange (DEX) utilized within the Linea platform.

2. What is the XP reward for accomplishing this task?

   1. Successfully completing this bonus task grants participants a reward of 20XP.

3. What are the key elements to include in the review?

   1. The review should encompass a thorough account of your experiences using the DEX, highlighting positive features and explaining your reasons for favoring it.

   2. Note: It's not necessary to create an NFT post-review submission.

4. Are there particular criteria for the review content?

   1. The review must cover at least one DEX or dApp that you have used during the Borrowing & Lending Quest on Linea Defi Voyage Wave 4.

Also, please DO NOT forget to close your borrow position.