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๐Ÿ“š Closing a CDP
๐Ÿ“š Closing a CDP

Understanding how to close a Collateral Debt Position (CDP).

hyment avatar
Written by hyment
Updated over a week ago

๐Ÿ“ STEP-BY-STEP WRITTEN GUIDE:

1. Log into the platform.

Start by accessing eBTC, ensure you are logged in with the correct wallet.

2. Navigate to your Positions.

Once logged in, head to the โ€œPositionsโ€ tab or section. This is where you can view all your active CDPs.

3. Select the relevant CDP.

Look for the CDP you wish to close. You can differentiate it from all the other positions by looking at the amount of assets borrowed / deposited or the current collateralization ratio. Each CDP also has its unique number ID.

Click on the dropdown arrow to access the CDP details.

4. Review current metrics.

Before making any changes and without inputting any number in the manage tab be aware of your 'New Debt Position' โ€“ this is the amount you'll need to have in your wallet to close your CDP.

5. Access closure options.

Within the detailed view of your CDP, click on the dropdown arrow. This will reveal a list of metrics associated with the selected CDP and the โ€œClose Positionโ€ button.

6. Verify available funds.

Ensure that the total amount owed in eBTC is present in your connected wallet. This is crucial as the system will automatically deduct the owed amount when you close the CDP. The exact amount required will be equivalent to your 'New Debt Position'.

7. Initiate the closure.

Once you've confirmed the necessary funds are available in your wallet, click on the "Close Position" button.

A confirmation box will pop up, asking you to verify your intention to close the CDP and affirming that the required eBTC amount will be deducted and the collateral returned.

8. Confirm the transaction.

Review the details in the confirmation prompt carefully. Once satisfied, proceed to confirm the closure action. Confirm the transaction in your web3 wallet and pay any associated gas fees.

9. Await transaction confirmation.

Upon successful deduction of the eBTC from your wallet and the closure of the CDP, you will receive a notification and your collateral will be back in your wallet.


โ“ If you find yourself in need of additional assistance along your eBTC journey, feel free to explore our Support Help Center or directly contact us. We're here to address any questions or concerns you may encounter within the eBTC ecosystem. Just click the chat button at the bottom right-hand corner of the screen and send our support team a message.

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