Closing your Vaults is a simple process that you can do in a few minutes. Please note that while your position will be closed, you will still own your proxy contract. This means that you will not have to pay setup costs for a proxy again if you decide to enter another position at a later date. 

There are two ways to close your Vault. The first one is requires you to get Dai to payback all your debt while the second one employs Multiply actions and allows you to sell collateral to cover your debt with just one transaction.  

In the standard way you need to:

  1. Go on Oasis.app/borrow and click on Connect a wallet.
  2. Select the wallet you want to connect.
  3. Click on Your Vaults on the top right of the page. Select the Vault you want to close (if you have more than one) and click on manage Vault.
  4. On the right box click Dai on the top right to access the payback functions. Click max to autofill the amount you are paying back. To fully close your position you will need to have at least this amount in your wallet.
  5. Select “withdraw collateral with this transaction” and click on “max amount” to retrieve all of the collateral and close the Vault. The box will fill out automatically.
  6. Once you confirm this, on the left you will see the numbers becoming 0.

Remember that the minimum Vault Debt also called dust limit applies while trying to close down your Vault. This means that if you try to pay back an amount that will leave the total Dai debt of the Vault below the Debt Floor but greater than zero, the transaction will fail and no Dai will be paid back. Please refer to the Minimum Vault debt article for a detailed explanation.

 

 

In case you don't have Dai or want to sell your collateral while closing your Vault you need to:

  1. Go on Oasis.app/borrow and click on Connect a wallet.
  2. Select the wallet you want to connect.
  3. Click on Your Vaults on the top right of the page. Select the Vault you want to close (if you have more than one) and click on manage Vault.
  4. On the right box click Multiply on the top right to access the multiply functions. Follow the on screen guide to change your Vault to Multiply and your Vault will change to a new interface.
  5. Select “Other Actions” and from the dropdown menu select “Close Vault” to payback all your debt with your current collateral. You will need to select close to Dai or Close to Collateral. If you select close to Dai you will sell all your collateral and the remaining Dai will be send to your wallet. If you close to collateral only the amount needed to payback all your debt will be sold.
  6. Once you confirm this, after the transaction is mined you will have in your wallet the remaining collateral or DAI according to your selection.

Keep in mind that all Multiply actions have a fee according to the fee structure explained in the FAQ

 

Note: in the video waiting times are shortened and they seem very short, don’t worry if you have to wait longer!