Table of Contents

  1. Step 1: Download the app
  2. Step 2: Get Testnet USD and Bitcoin
  3. Step 3: Create a Testnet Loan
  4. Step 4: On-ramp LavaUSD on Mainnet
  5. Step 5: Send and Receive Assets
  6. Step 6: Set Up Security

Step 1: Download the app

  1. The following directions take you through using every feature offered within the Lava mobile app in <5 minutes. First, visit lava.xyz and download the app. Once you have the app downloaded, click “Create New Vault”.

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Step 2: Get Testnet USD and Bitcoin

  1. Change the Network to Testnet by tapping the Profile Icon (top right) → Network → Testnet. Then, on the home screen, click “Testnet Faucet”. You should receive testnet coins to your vault instantly.

Step 3: Create a Testnet Loan

  1. Now, you can use the testnet Bitcoin for a collateralized loan. From the Home screen, tap “Borrow against Bitcoin”. Then, tap “Borrow”. Try borrowing $10 for 5 days. The “loan-to-value” is 50%, so you will see 2x the amount of Bitcoin being used as collateral. Tap “Continue”, then “Confirm”. Keep the app open while the loan is being created, and then you will see the green check confirming that it was successful.

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  1. Tap “Done”. You will see the Bitcoin collateral being sent and the Dollars being received. In the below screenshot, there is a $20 Bitcoin transaction that transfers collateral to escrow (with a $0.66 transaction fee) followed by the receipt of $10 for the loan.

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  1. Congratulations, you’ve successfully borrowed against your Bitcoin on testnet. From the Home screen, you can go back to the Borrow against Bitcoin screen to see your active loans, loan history, and create a new loan. If you tap an Active loan, you’ll be presented with the status of that loan and have the option to Repay it.

Step 4: On-ramp LavaUSD on Mainnet