Decentralized Lending with Lendf.Me – Lendf.Me
Lendf.Me is a decentralized lending protocol with instant USDx lending and borrowing capabilities – when you supply USDx to Lendf.Me, it gets deposited into a lending pool, where borrowers can then borrow USDx directly from the pool. This liquidity pool model allows borrowers and lenders on Lendf.Me to deposit and withdraw USDx at any time (subject to the available amount of USDx in the pool).
You can use MetaMask to interact with Lendf.Me.
Supply USDx
- Please access Lendf.Me from https://www.lendf.me/
2. Log in with your MetaMask account and make sure you are connected to main Ethereum network.
3. Please authorize connection to Lendf.Me from your wallet.
4. The following information can be viewed on the homepage of Lendf.Me, including:
· WETH Supplied：the amount of WETH locked as collaterals to secure the loan
· USDx Supplied：the amount of USDx sitting in the pool
· USDx Borrowed：the amount of USDx loans outstanding
· Utilization Rate：outstanding USDx loans against USDx savings
· USDx Supply APR：estimated supply APR based on current utilization rate
· USDx Borrow APR：estimated borrow APR based on current utilization rate
5. Click on ‘Supply USDx’ to start to earn yields on your holdings.
6. Please enable USDx before supply.
7. Please confirm the transaction from your MetaMask. As a reminder, users need to pay gas fees to facilitate transactions in the Ethereum Mainnet.
8. Enter the amount of USDx you want to deposit and click on ‘supply’.
9. Confirm from your MetaMask account. Again, users need to pay gas fee to facilitate transactions in the Ethereum Mainnet.
10. Congratulations! You have successfully deposited some USDx to Lendf.Me (amount of USDx supplied will be displayed).
Now let us move on to see how to get back supplied USDx.
- Please switch to WITHDRAW page, enter the amount of USDx you want to take out and click on ‘WITHDRAW’.
2. Confirm the transaction from MetaMask and pay gas fees in ETH.
3. Congratulations! Now you have USDx returned to your wallet, which will be displayed on the top.
ATTENTION: There is a slim chance when the need for USDx loans becomes so strong that may cause a temporary drying up of liquidity. Correspondingly, interest for supply USDx will be algorithmically elevated to attract investors to provide more liquidity.
You can also use Lendf.Me to borrow USDx against ETH (by locking ETH in a smart contract as collateral). Now let us move on to see how to borrow USDx from Lendf.Me.
Apply for USDx loans
Please note we do not support ‘Borrow’ and ‘Lend’ at the same time — you have to withdraw all your USDx assets before you are able to get a loan.
- Click on ‘Borrow USDx’ on the home page.
2. The following information can be viewed from the loan page, including:
· Supplied Balance：the amount of supplied ETH sitting in the collateral pool in US dollar;
· Borrowed Balance：the amount of USDx loans outstanding in US dollar;
· Available to Borrow：the amount of USDx sitting in the lending pool in US dollar;
· Borrow APR：borrowing APR based on current utilization rate;
· Collateralization ratio：value of collateralized ETH against the value of USDx loans.
3. Please wrap ETH to WETH of ERC-20 standard (1 ETH = 1 WETH) first. Enter the amount of ETH you want to deposit as collateral and click on ‘WRAP’.
4. Confirm from your MetaMask account and pay gas fee in ETH.
Note: You can unwrap WETH back to ETH at any time. Please enter the amount of WETH you would like to convert and click on ‘UNWRAP’.
5. Please enter the amount of WETH you would like to lock in the smart contract as collateral, and click on ‘SUPPLY’.
6. Please confirm from your MetaMask account and pay gas fee in ETH.
7. You can borrow USDx after supplying WETH to Lendf.Me as collateral. Please note the current collateralization ratio is 125%, which means, you can get USDx loans upto the value of 80 ETH with 100 collateralized WETH (100/80=125%).
8. USDx available to borrow (subject to the value of your collateral) will be displayed.
9. Enter the amount of USDx you want to take out as a loan and click on ‘BORROW’. We strongly recommend you to stay in line with the SAFE MAX to avoid liquidation risk when your borrow falls below the required level of collateralization ratio.
10. Confirm from your MetaMask account and pay gas fee in ETH.
Now you should be able to see your USDx loans in your wallet. Please be reminded that liquidation will be triggered when the value of your collateral declines under 125% — part of your collateral will be auctioned to repay your loan and 10% penalty of the value of liquidated assets will be charged. So, we strongly recommend you to exercise caution and carefully monitor your debit position to avoid liquidation, by repaying the loans in advance or increasing the supply of your collaterals
- Please switch to ‘REPAY’ and enter the amount of loans you want to pay back (or pay off by clicking on ‘MAX’).
2. Confirm from your MetaMask and pay gas fee in ETH.
3. Congratulation! Now you have completed the repayment and can view the returned ETH from your wallet!
Reminder:
1. USDx Supply and Borrow are mutually exclusive choices to users.
2. All collateralized WETH will be locked in a smart contract in a decentralized manner, and can be tracked and viewed from Etherscan.
Published at Sat, 28 Sep 2019 15:04:15 +0000
{flickr|100|campaign}
