A DeFi Index Guide for Avalanche
In this guide we’ll cover the simple steps to quickly get started browsing, issuing and redeeming indexes on the Cook platform on Avalanche.
To begin, first navigate to the Cook website at www.cook.finance. There you’ll find the link “Get Started” which will launch the Cook DAPP. Once the DAPP has loaded, then on MetaMask switch over to the Avalanche Network and then press “Connect” to connect your wallet on the Avalanche Chain.
If you do not have Avalanche setup with your MetaMask just follow the next step.
MetaMask Avalanche Network Setup
First open MetaMask, then click on Network drop-down and then click on Select Custom RPC. Enter the following information and press save. Now your MetaMask will be enabled to connect with the Cook DAPP on MetaMask. Alternatively you can view the Avalanche guide and video tutorial here.
- Network Name: Avalanche Network
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
- ChainID: 43114
- Symbol: AVAX
- Explorer: https://snowtrace.io/
Buy AVAX and send it to your MetaMask wallet
Once you have the Avalanche Network setup on MetaMask, buy AVAX on an exchange such as CoinBase, Gemini or any other and then send AVAX to your MetaMask wallet address on the Avalanche Network so you can issue AVAX to get an index. Now you are set to get an index and can jump to the next step below marked as the The Avalanche Ecosystem Index (AEI).
But if you rather use other tokens such as USDT, USDC from the Ethereum Network on MetaMask you can also use them to issue an index. It’s just a bit more complicated as you will need to follow these steps to bridge these tokens to the Avalanche Network.
- Visit to https://bridge.avax.network/
- Connect your MetaMask with the Ethereum network
- Click the dropdown box on the right side to select a token such as USDC
- Enter the amount you would like to transfer to Avalanche
- Press transfer and confirm the transaction on MetaMask
The Avalanche Ecosystem Index (AEI)
Now that you have AVAX or another single token asset on Avalanche, go back to the Cook platform at https://app.cook.finance. Once you connect to Cook with your MetaMask on the Avalanche Network it will enable you to begin looking through the available indexes. Once you find an index that you are interested in, simply click on “Details”. Then on this page you will see additional information about this specific index.
Issue with single token
If you would like to get this index, then simply enter the amount of AVAX, USDT, USDC or DAI that you would like to issue to get the index. Then enter this amount and press “Issue” and confirm the transaction. The Cook platform will then issue you this index for the amount of tokens you entered and you are done. To track the performance of the index simply navigate to the “Portfolio” link.
Redeem AEI to single token
If you would like to get out of an index by redeeming, simply go to the index details page. Click on Redeem and then enter the value that you would like to redeem and press “Approve”. Afterwards you’ll receive the current value of the index you redeemed in the single token that you originally issued or any other desired single token that is listed.
With the Issuing with single token feature, getting a DeFi index is faster than ever.
If you have any other further questions about using Cook on Avalanche, please reach out on Telegram: http://t.me/cook_english and our team would be happy to assist you!