10. Frequently Asked Questions

Donkey (ENG)

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Donkey Whitepaper

Donkey User Guide

0. Creating a Wallet

1. Login

2. Request to Use Tokens

3. Supply Tokens in Donkey

4. Redeeming Deposited Tokens

5. Borrowing Tokens from Donkey

6. Paying Back Borrowed Tokens

7. Managing the Vault

8. What is Liquidation?

9. How to Purchase DON Token

10. Frequently Asked Questions

We have prepared answers to questions frequently asked by our users. This list will continue to be added to and updated.

Q. Gas fees for ETH are relatively high. Why is your service ETH-based?
A. Most of the popular tokens in Korea are ERC-20 tokens, which are based on Ethereum. We chose Ethereum as the first blockchain to avoid the need to transfer assets between different blockchains.
Nevertheless, we plan to expand to other blockchains such as Klaytn, MATIC, and BSC that are Solidity-based just as Ethereum. To read why we had to choose Ethereum, click here, and for detailed explanations about what kind of blockchains we plan to expand to, check out our whitepaper. They will provide you with more details.
Q. Will Donkey’s source code be disclosed?
A. We have received inquiries through our community whether there is a plan for Donkey's smart contract code to be disclosed. We also believe that DeFi services fundamentally have to open up their code.
Although we have tested multiple times the stability of our system and conducted audits through external security specialists, disclosing the code only opens up the possibility of problems that wouldn’t exist otherwise or an opportunity for outside hackers to discover even the slightest vulnerability.
This is why even Klayswap, the largest DeFi service in Korea, has yet to release their code. While we fully understand and agree that it should be disclosed, we currently believe that disclosing the code has more downsides than upsides.
We have strong confidence in our code and all the contracts have passed rigorous external audits, and that's why our service has launched. We prioritize the stability and growth of our service, and plan to disclose our code at the time we believe is timely.
Q. The mainnet of ELF is coming out soon. What will happen?
A. Before and after its launch, Donkey has been selecting tokens for new listing mainly based on their trading value at major domestic exchanges. In the process, the mainnet of ELF newly launched. We were unable to confirm at the time that ERC-20 tokens will no longer be used.
In response to this, Donkey plans to stop new ELF deposits and loans (only repayment and withdrawal available) starting September 13, 2021 (21:00 KST), and stop the distribution of DON tokens allocated to the ELF deposit and loan pool. No DON tokens will be rewarded for depositing or borrowing ELF as of September 13 at 21:00 (as ELF ERC-20 tokens will be kept for swap for at least three months after September 9, repayment and withdrawal on Donkey will also be kept for some time after September 13th).
We deeply apologize for the inconvenience caused to our users. We will make sure to incorporate all information that is officially available for new projects prior to the listing. After the governance function takes off, we plan to determine new listings through governance voting. We hence anticipate the voting process to naturally facilitate prior verification of public information.
Q. I no longer see my AXS deposit that was there on the first day.
A. AXS is temporarily unavailable on Donkey due to a recent change in the contract. The AXS deposit pool will reopen as soon as the testing of the new contract is completed.
Q. How do I use Donkey with the mobile version of MetaMask?
A. To use Donkey with a mobile MetaMask wallet, first run the MetaMask app on your smartphone. After running the app and completing password or fingerprint authentication, you will see a wallet screen like below.
Touch the navigation menu button in the upper left corner and the following menu will appear. Select Browser, which is located right above Wallet.
When you select a browser, the following screen appears. Type donkey.fund into the search bar and hit enter.
The Donkey site will appear as shown below. Click on any asset to open the login window.
Then select MetaMask.
This will launch the MetaMask mobile wallet and ask if you wish to connect to the Donkey site. Click Connect to confirm.
When the connection is complete, the MetaMask wallet address will be displayed in My Wallet on the top right as shown in the picture below. In Available to Deposit below, you will see My Wallet Balance.
To deposit tokens, the Ethereum network requires you to go through a one-time registration for each of the tokens you wish to use. Please click the blue Apply for Use button.
Once the mobile MetaMask wallet runs, it will ask if you wish to approve the transaction as shown below. Upon approval, the transaction will be processed. All transactions can only be approved if there is enough ETH to pay for the gas fee on the Ethereum network.
Regardless of what tokens (ex. USDT or CHZ) you wish to use for deposit or loan, you must have ETH in your wallet to execute transactions.
Click the blue Approve button as shown in the screen above to approve the transaction. Completed transaction times will vary anywhere from within 30 seconds to 20 minutes depending on the gas fees.
For mobile wallets other than MetaMask, select WalletConnect on the login window. Most mobile wallets can be connected to Donkey. Thank you!
Q. My transaction is stuck on pending. What do I do?
A. Since the Ethereum London hard fork on August 5, 2021, transactions normally succeed when approved with the gas fee recommended by the Metamask wallet. However, Ethereum gas prices are quite high these days.
The gas fee that Metamask wallet automatically recommends if you wish to get a transaction done is $102.45.
If you want to expedite the transaction, click Edit, select High, and then Save. Gas fees will be slightly higher, but it will become more likely for the transaction to be completed faster and more reliably.
If you triggered a transaction in Donkey and there has been no response for a long time, please turn on your MetaMask wallet and select the Activity tab. If the transaction is still pending, please click the Speed Up button.
Select High here and click Save. It will try the transaction again with a slightly higher gas fee. However, this does not guarantee speeding up the long-awaited transaction.
It will attempt to speed it up, but when the Ethereum network is busy, it can still take a long time. Sometimes you might end up paying more gas fees only to see the transaction failing from speeding up.
In this case, we recommend canceling the transaction and trying again. See below on how to cancel a transaction that is pending.
Q. Can I cancel my transaction that is stuck on pending?
A. When a user attempts a transaction that has failed to complete despite waiting for a long time, he or she may become frustrated and try the same transaction again. In that case, the situation can look like something below. The previous transaction is still pending, and the second transaction also gets stuck in the pending queue.
Another transaction getting stuck on pending makes everything even worse. To prevent this from happening, try to cancel the first transaction that is stuck first, instead of attempting the same transaction twice.
Clicking the Activity tab in your MetaMask wallet. If a transaction is pending as below, you can either click Speed Up and pay more gas fees to continue the transaction, or click Cancel to forcibly cancel this transaction and try the transaction fresh again.
Please note that even if you cancel, the gas fee will be charged for cancelling. So, if you plan to spend more on the gas fee, it might as well be better to speed up the transaction instead. For multiple transactions stuck on pending as above, it is recommended that you cancel the transactions one by one starting from the very first, remove all pending transactions, and then try the transaction again from scratch (when canceling, it is recommended to click Edit and save the gas fee as High, so that the cancellation can be completed effectively and in a timely manner).
If there is even one pending transaction, that transaction will be attempted first. So no matter how high the gas fee you pay for the second transaction, it may not be approved swiftly on the blockchain.
You may find Ethereum to be slow and its gas fee costly. We find it frustrating as well. Fortunately, their performance is continuously getting better, so for the time being, let's try to effectively go about the current situation and look forward to future improvements!