Lecture 10
--> without any third-party or centralized authority
to close the position --> pay back 500 Dai (paying debt destroys Dai).
1. Deposit ETH to Metamask
2. Wrap ETH --> WETH (via Dai.makerdao.com)
3.Exchange it for PETH (pool eth), used for collateral
4. Create CDP (the loan)
5. Lock your PETH collateral
6. Mint new DAI (max. 60% of collateral)
7. Exchange DAI for ETH at Oasis DEX
8. Send ETH to any exchange and get EUR, BTC etc.
1. Get some ETH
2. Exchange it for DAI (which you owe) and MKR (for governance fee) on Oasis DEX
3. Return DAI to the smart contract and pay the fee in MKR
4. You cancel CDP smart contract
5. Unlock your PETH
6. Exchange PETH for WETH
7. Unwrap WETH --> ETH
8. You have your ETH back