Borrow Assets
Last updated
Last updated
Upon mainnet launch of Bonzo Finance, borrowing will be disabled until sufficient liquidity has been supplied to the protocol. This is to protect users in the protocol's infancy by preventing erratic interest rates (borrowing APY), potentially resulting in liquidations. Follow us on ๐ and join the Bonzo Finance Discord to get notified when borrowing is enabled.
After supplying assets as collateral to Bonzo Finance, users can borrow any supported asset against a percentage of the supplied collateral value, known as the "loan-to-value (LTV)" ratio.
From the Bonzo Finance dashboard scroll down to view the list of supported assets.
Find the asset you'd like to borrow and click on the icon found on the right side of the table.
Click Borrow and an on-screen modal will appear.
From within the modal, type in the amount of the selected asset you'd like to borrow.
Review the "Transaction overview" section of the modal to understand the impact of borrowing the specified amount of this asset.
Click the Borrow [Asset] button to review and sign the required transaction(s) that appear within your connected wallet.
Once completed, the asset borrowed and additional details will appear in the "Borrowed" box of the Bonzo Finance dashboard.
Borrowing assets against collateral has a direct impact on "health factor" โ if a user's health factor drops below 1, the collateral supplied becomes susceptible to liquidation. It's important to regularly monitor borrow and supply positions.
Access the Bonzo Finance dashboard from within the HashPack dApp browser.
Scroll down to view the list of supported assets.
Find the asset you'd like to borrow and tap on it to view additional details.
Tap on the Borrow button and an on-screen modal will appear.
From within the modal, type in the amount of the selected asset you'd like to borrow.
Review the "Transaction overview" section of the modal to understand the impact of supplying the specified amount of this asset.
Click the Borrow [Asset] button to review and sign the required transaction(s).
Once completed, the asset borrowed and additional details will appear in the "Borrowed" box of the Bonzo Finance dashboard.
