Starcoin Track, FAI Guide
Starcoin Track, FAI Guide 
* By Starcoin community

Recently, Starcoin ecosystem has had comprehensive upgrade. After Oracle, NFT and other leading-edge applications have joined Starcoin ecosystem, a batch of applications in the DeFi field such as Swap, Stablecoin, and Bridge has emerged.

The FAI track has been deployed on Starcoin’s Barnard network and will be launched on the main network soon. When FAI is about to launch, read FAI operation guide, and let’s start together.

Select the Correct Network

Set up StarMask’s network first. If it is the main network, choose the Starcoin main network. In this article, we will use the Barnard test network, so set the StarMask network to the Barnard network.

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Ensure StarMask Has Enough STC

StarMask must have enough STC to perform subsequent operations FAI. Run test on the Barnard network, so you need to apply for the STC required for the test through the Starcoin faucet. In the case of the main network, users are required to top up their wallet accounts by themselves.

  1. Faucet

    Find Barnard’s Faucet on Starcoin official website

    starcoin_faucet

  2. Copy Account Address

    Copy your own account address from StarMask

    barnard_address_copy

  3. Apply for Test STC

    Fill in the account address in step 2 to the Starcoin faucet opened in step 1 to apply for STC on the Barnard testnet.

    It should be noted here that, in order to prevent malicious applications, the faucet website needs to bind a Twitter account to apply.

    starcoin_barnard

First Time to Use FAI

To FAI new users, you need to do some initialization work before FAI mining.

  1. Visit FAI Official Website

    Click this link to visit FAI official website.

  2. Connect to StarMask Wallet

    Click “Connect” button to connect your own StarMask wallet as shown.

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  3. Create FAI Account

    After successful connection of StarMask, you will be prompted to create an FAI account. Click the “Enable Vault” button to create an account.

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    Initiate a transaction created by the FAI account in StarMask wallet, and here is the real on-chain transaction on Starcoin.

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    If the FAI account is successfully created, there will be a prompt of “Create Vault Success!”

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  4. Deposit Token

    Here we take depositing STC as an example to explain.

    1. Deposit STC

      1: Click “Supply” button to call deposit function.

      2: Enter the number of STCs to be deposited, or click the Max button to deposit all STCs.

      3: Click “Supply” button, open StarMask wallet

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    2. Initiate an on-chain transaction

      Click the Confirm button in StarMask wallet to initiate an on-chain transaction.

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      If the transaction is successful, there will be a prompt of “Supply Success!”

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Mint Stable Coins

Token has been deposited into the FAI account in previous section, now you can start to mint your own FAI stable coin.

  1. Mint FAI

    1: Click “Mint” button, go to cast page.

    2: Enter the amount of STC mortgaged in the input box, or click the “Max” button to mortgage all STC in the current account.

    3: Click “Mint” button to open StarMask wallet.

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  2. Initiate on-chain transactions

    Click “Confirm” button in the StarMask wallet to initiate an on-chain transaction.

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    If the transaction is successfully created, there will be a prompt of “Mint Success!”

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Repay FAI

Mortgaged token can be used to mint stable coin, and also can be used to repay FAI, retrieve mortgaged token.

  1. Repay FAI

    1: Click “Repay” button, go to repay page.

    2: Enter the amount of STC need to repay in the input box, or click the “Max” button to repay all STC in the current account.

    3: Click “Repay” button to open StarMask wallet.

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  2. Initiate on-chain transactions

    Click “Confirm” button in the StarMask wallet to initiate an on-chain transaction.

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    If the transaction is successful, there will be a prompt of “Repay Success!”

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Withdraw

No matter how many Tokens have been deposited into the FAI account,or the Token was retrieved after repaying to the FAI account, the FAI account may have balance, which can be withdraw through the withdraw function.

  1. Withdraw

    1: Click “Withdraw” button, go to withdraw page.

    2: Enter the amount of STC need to withdraw in the input box, or click the “Max” button to withdraw all STC in the current account.

    3: Click “Withdraw” button to open StarMask wallet.

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  2. Initiate on-chain transactions

    Click “Confirm” button in the StarMask wallet to initiate an on-chain transaction.

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    If the transaction is successful, there will be a prompt of “Withdraw Success!”

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Starcoin and FAI

Starcoin has several expectable stablecoin projects, and FAI is one of the high-quality projects. This article is the guide of FAI. For more information about FAI’s model, please pay attention to FAI’s official website.

Starcoin uses Move as a smart contract programming language. Since Move is a more secure smart contract language customized for DeFi scenarios, FAI is implemented through Move, which can better ensure the security and reliability of FAI, which is worth looking forward to.