Zap your GLP! Campaign
The Zap your GLP! Campaign is a part of Dolomite's Community XP program. The campaign awards 10 XP for achieving a series of credentials/objectives related to the Zap feature on Dolomite and zapping using four different types of GLP assets. The following guide will describe how to achieve each of the four credentials for the Zap your GLP! Campaign.
This campaign utilizes Galxe for tracking progress and distributing XP. After all four Credentials are met on the Zap your GLP! Campaign Galxe Page, you can go to the Galxe page to claim an OAT representing the 10 XP. If you're new to the XP program, make sure you also go to the Dolomite Discord channel and connect your Galxe account so you can receive Discord roles that match your level.
Since the Zap feature has multiple ways to be utilized within a borrow position, the format of this guide will represent possible ways to use Zap to complete each credential. Which methods used will be completely up to the user. For this campaign, the asset for each credential can be zapped to or from to qualify. To find where relative assets can be obtained, visit the Integrations Section and select the desired asset.
Note: Zap your GLP! Campaign does not have a minimum asset amount necessary for any of the credentials/objectives.
Zap and Isolation Mode
Three out of the four assets used with Zap in this campaign are Isolation Mode assets, and all of them are Collateral-Only. Dolomite's Isolation Mode assets interact differently within borrow positions compared to Non-Isolation Mode assets. GLP, plvGLP, and PT-GLP are Level 1 Isolation Mode assets, meaning the only restrictions they have is that they cannot be borrowed and cannot have any other Isolation-Mode assets as collateral other than the asset itself. mGLP on the other hand is not Isolation-Mode, but has Collateral-Only enabled, meaning it cannot be borrowed.
In order to use Zap effectively, keeping in mind the restrictions that these assets have is important. All the assets listed cannot have each other in the same position as collateral besides mGLP. For example, it is possible to zap USDC to mGLP and add as collateral to a position with GLP as existing collateral, however it is not possible to do the same with GLP and PT-GLP.
Zap Method #1: Trade and Deposit as Collateral
The first method to use Zap is to "Trade and deposit as collateral." This method is available in an open borrow position under the Manage Loan > Borrow tab. When the user clicks the blue "ZAP" checkbox, two sides of the Zap trade will appear. This Zap will borrow an asset using the collateral in the borrow position and then convert it to the desired asset and add it as collateral within the position. Since this Zap feature simultaneously adds debt and collateral to the borrow position, it is possible to borrow more than the existing collateral's value.
The only way to use this method to qualify for the campaign is to zap borrowable assets to qualifying campaign assets that will add to the borrow position as collateral. However, since three of the assets used for this campaign are Isolation Mode assets, there are a few important restrictions to consider. GLP, PT-GLP and plvGLP can only be zapped with this method if the collateral is the same asset or an asset that is not Isolation-Mode. mGLP can be added as collateral to any borrow position. Keep in mind that if you want to have a borrow position using an Isolation Mode asset as collatera, you need to open the position with that asset as collateral - you can't add it as collateral after the position has been opened unless it was the original collateral in the borrow position.
Zap Method #2: Trade Before Adding
The second method to use Zap is to "Trade before adding." This method is available in an open borrow position under the Manage Collateral > Add tab. When the user clicks the blue "ZAP" checkbox, two sides of the Zap trade will appear. As suggested by the name, this Zap will take an applicable asset and convert it to the desired asset and then add that asset as collateral within the position. If the user has the assets already in their Dolomite Balance, they can Zap it to any asset they wish to add as collateral to the position, as long as they conform with Isolation Mode rules of only adding to a borrow position that was originally opened using that Isolation Mode asset. To qualify for the campaign, the user has to Zap to each of the four assets within the campaign to qualify for its credential.
Keep in mind, GLP, PT-GLP and plvGLP can only be zapped with this method if the collateral is the same asset or an asset that is not Isolation-Mode. mGLP can be added as collateral to any borrow position. Isolation Mode assets must be the first collateral in a borrow position in order for them to be used as collateral - they can't be added to an open borrow position that wasn't opened using that asset.
Zap Method #3: Trade After Removing
The third method to use Zap is to "Trade after removing." This method is available in an open borrow position under the Manage Collateral > Remove tab. When the user clicks the blue "ZAP" checkbox, two sides of the Zap trade will appear. As suggested by the name, this Zap will take an applicable collateral asset and convert it to the desired asset and then remove it as collateral within the position, adding it to the user's Dolomite Balance. In the case that the user has no debt within the position and removes all the collateral, the position will close after completing the Zap. If the user has the assets already in the borrow position as collateral, they can Zap it to any non-Isolation Mode asset they wish to remove collateral to, and it will add to the user's Dolomite Balance. The user can Zap collateral from one of the four assets within the campaign to qualify for its credential.
NOTE: The only campaign qualifying asset that collateral can be zapped into is mGLP.
Zap Method #4: Use Collateral to Repay
The fourth and last method to use Zap is to "Use Collateral to Repay." This method is available in an open borrow position under the Manage Loan > Repay tab. When the user clicks the blue "ZAP" checkbox, two sides of the Zap trade will appear. This Zap will use the collateral in the position to repay the debt. This method is only applicable to the campaign if one of the qualifying campaign assets is already collateral in the borrow position.
Congratulations! You have all the information necessary to complete the Zap your GLP! Campaign and be qualified to receive 10 XP! Perform one of the four above Zap actions using each of the four assets of the campaign in order to qualify. With the skills you've learned from completing this campaign, you are now familiar with the Zap feature of Dolomite, which will allow you to have a more seamless experience within Borrow Positions.
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