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Various fixes
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koitsu committed Oct 8, 2024
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5 changes: 3 additions & 2 deletions content/thorchain/loan-status.md
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Expand Up @@ -26,7 +26,8 @@ being returned to you:
- Follow the [Tracking a withdrawal](../thorswap/tracking-a-withdrawal.md) procedure

If you have a loan that you've paid off, but still have a small amount left on it
(ex. less than US$1.00), refer to [Manual loan repayment](manual-loan-repayment.html)
to learn how to pay off the small remainder.
(ex. less than US$1.00), refer to the
[Manual loan repayment](manual-loan-repayment.html)
procedure to learn how to use RUNE to pay off the small remainder.

[RuneScan]: https://runescan.io/
12 changes: 6 additions & 6 deletions content/thorchain/manual-loan-repayment.md
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Expand Up @@ -45,28 +45,28 @@ support this feature due to its advanced use.
- You will need at least 0.02 RUNE in your THORChain wallet to pay for gas
- If the amount sent is in excess of the debt, the difference will be treated as a "credit" (associated with the loan address)
1. Click **Send**
1. The repayment transaction should be in progress. In the THORSwap Transaction History UI (upper right of the site), you can click on the link button to be taken to [RuneScan] and watch the repayment transaction in real-time. It will take several minutes, but [RuneScan] should eventually show "Success" for a "Repay" transaction.
1. Wait about 5 full minutes; the repayment transaction should be in progress. In the THORSwap Transaction History UI (upper right of the site), you can click on the link button to be taken to [RuneScan] and watch the repayment transaction in real-time. It will take several minutes, but [RuneScan] should eventually show "Success" for a "Repay" transaction.
1. Once the repayment is successful, THORChain will begin the process of sending the collateral back to the original address which opened the loan. This is (usually) an outbound transaction and thus subject to THORChain outbound delays. Refer to [Tracking a withdrawal](../thorswap/tracking-a-withdrawal.md) to find the outbound transaction and get its ETA.

## Example scenario

- An individual opened a loan for some BTC, providing collateral in ETH
- The ETH address associated with the loan is `0x123abcd`
- They have paid off 99% of their loan, but a small amount of debt worth US$0.45 remains and they need to pay it off fully
- They have paid off 99% of their loan, but a small amount of debt worth US$0.41 remains and they need to pay it off fully
- They don't have any other assets to use to pay off their loan, so their friend comes to the rescue
- Their friend wants to help pay off their remaining debt using RUNE
- In this example, 1 RUNE is worth US$1.00
- In this example, we pretend 1 RUNE == US$1.00

The friend then does the following:

1. Gets the loan address (address of ETH collateral): 0x123abcd
1. Visits `https://midgard.ninerealms.com/v2/borrower/0x123abcd` and sees `collateral_asset` is `ETH.ETH`
1. Connects their THORChain wallet to THORSwap, enables "Show Send Custom Tx", and goes to Wallet > Send
1. Manually enters a memo of `LOAN-:ETH.ETH:0x123abcd`
1. Selects RUNE, and chooses an amount of 1.01. (The minimum amount of RUNE you can send must exceed US$1.00. This is a THORSwap limitation.)
1. Selects RUNE, and chooses an amount of 0.50
1. Clicks Send
- A total of 1.03 RUNE will taken from their wallet: 1.01 for the loan repayment, and 0.02 for transaction fees/gas
- The US$0.56 worth of RUNE "in excess" will be tracked as a credit, associated with the loan address `0x123abcd`
- A total of 0.52 RUNE will taken from their wallet: 0.50 for the loan repayment, and 0.02 for transaction fees/gas
- The US$0.09 worth of RUNE "in excess" will be tracked as a credit, associated with the loan address `0x123abcd`
1. Waits a few minutes then checks the transaction on [RuneScan]: it says "Success" and "Repay"
1. Waits a few more minutes, then follows the [Tracking a withdrawal](../thorswap/tracking-a-withdrawal.md) procedure
- He finds the ETH collateral is in the [Scheduled Queue](queues.md) and is to be processed in 55 minutes
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