🔄Switch & Repay Using Collateral
Bonzo Finance is introducing two exciting features to enhance your lending and borrowing experience: the ability to switch your deposited assets and repay your loans using your collateral. These features provide you with greater flexibility and control over your assets within the Bonzo Finance ecosystem.
Switching Your Deposited Assets
Bonzo Finance allows you to seamlessly switch your deposited assets, including those being used as collateral, to another supported asset. This feature enables you to optimize your portfolio and take advantage of market opportunities without having to withdraw and redeposit your funds.
To switch your assets, follow these simple steps:
Navigate to the "Switch" section within the Bonzo Finance interface.
On the left side (From), select the asset you want to switch and specify the amount.
On the right side (To), choose the asset you want to switch to.
Review the switch rate and adjust the slippage tolerance according to your preferences. Keep in mind that setting the slippage too low may result in a failed transaction.
Click on "Continue" to proceed.
In the next step, you'll need to approve the transaction and submit it. The approval transaction is only required the first time you perform this action, unless you revoke the approval later.
Ensure that you have sufficient HBAR to cover the transaction cost.
Once both transactions are confirmed, your asset switch will be complete.
Repaying Loans with Your Collateral
Bonzo Finance introduces a convenient way to repay your loans using your deposited collateral. This feature eliminates the need to sell your assets or transfer additional funds to repay your debts.
To repay your loans with your collateral, follow these steps:
Go to the "Dashboard" section within the Bonzo Finance interface.
Locate the debt you want to repay and click on the "Repay" button.
Choose the option "With your current collateral."
On the left side (Borrowed Asset), select the asset you want to repay and specify the amount.
On the right side (Select Collateral), choose the collateral asset you want to use for repayment.
Review the switch rate and adjust the slippage tolerance based on your preferences. Remember that setting the slippage too low may result in a failed transaction.
Click on "Continue" to proceed.
In the next step, approve the transaction and submit it. The approval transaction is only required the first time you perform this action, unless you revoke the approval later.
Ensure that you have enough HBAR to cover the transaction cost.
After both transactions are confirmed, your loan repayment will be completed.
These features in Bonzo Finance offer you greater flexibility in managing your assets and debts within the platform. By enabling asset switching and collateral-based repayments, Bonzo Finance empowers you to make the most of your deposited funds and streamline your lending and borrowing experience.
Please note that the specific assets available for switching and repayment may vary based on market conditions and the Bonzo Finance platform's supported assets. Always review the rates, slippage tolerance, and transaction costs before proceeding with any action to ensure a smooth and efficient experience.
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