VESPR
  • Introduction
    • About
    • Contact Us
  • User Guide
    • 🏅Getting Started
      • Download VESPR
      • Create a Wallet
      • Import an Existing Wallet
      • Connect a Hardware Wallet
        • Ledger
        • Keystone (mobile only supported)
          • Check Keystone Firmware Version
        • Trezor
    • 🏠The Basics
      • Backup Your Recovery Phrase
        • Backup RP: Part I
        • Backup RP: Part II
        • Backup RP: Part III
        • Backup RP: Part IV
      • Staking
        • Registering a New Wallet for Staking
        • Staking with a Registered Wallet
      • Swap
        • Finding open orders
        • Cancelling a swap order
      • Setting Collateral
      • Connecting to DApps
      • Updating VESPR
    • ❓FAQ
      • Buy/Sell Cardano
      • Swap
        • Swap fees explained
        • Swap refunds explained
        • Why is my swap order stuck pending?
        • How to manually cancel swap order on Splash
    • 🛠️Common Issues and Solutions
      • Swap
        • Did I get charged for a swap order that was not fulfilled?
        • Swap order is stuck pending
  • For Developers
    • Wallet Integration
    • UTXO Management
  • Contributors
    • Translations
      • Getting Access
      • Guidelines
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  1. User Guide
  2. The Basics

Setting Collateral

PreviousCancelling a swap orderNextConnecting to DApps

Last updated 10 months ago

Cardano dApps, specifically dApps utilizing PlutusV1 smart contracts, require wallets to dedicate a small amount of ADA as "collateral" in order to interact with them. In other words, in order to use these kinds of dApps, the user must first "set collateral" for their wallet.

Collateral is only a pre-requisite for legacy dApps that usePlutusV1smart contracts. DApps that utilize collateral return do not require collateral.

The process of setting collateral necessitates that you send a sum of 5 ADA back to your own wallet. This can sometimes be somewhat of an inconvenient process.

With VESPR, we've condensed the collateral setting process into just a few taps:

  1. Open the VESPR app and head to the "Discover" page by tapping on the right-most tab on the bottom menu.

  1. Tap the 3 dots on the top right

  1. Tap on "Legacy dApp compatibility"

  1. A pop-up will appear asking you to Set collateral. Tapping this will confirm a transaction to set your collateral (it will just send 5 ADA back to your wallet for you).

  1. Once the transaction is submitted, tap "Dismiss" to dismiss the pop-up.

  2. After completing the steps, wait for a few minutes before attempting again smart contract operations requiring collateral.

You must wait till this transaction is fully processed by the blockchain before you can make any transactions with legacy dApps.

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