Borrowing & Repaying
This page will guide you how to borrow and leverage. We will use wstETH to borrow USDT as an example.
Buy ETH on your favorite crypto exchange
Transfer your ETH to your wallet on Optimism Network ETH is used to pay for transactions on Nenofi. Since we're built on top of Optimism, the transaction fee is much cheaper than on Ethereum. You will likely need less than $10 to cover your transaction fees for a while.
Get wstETH from your favourite DEX Swap your ETH for wstETH, earning you an ETH staking yield and allowing you to use it as collateral.
Navigate to Nenofi App and Sign In with your wallet Navigate to the Nenofi at app.nenofi.com and click on "Sign In" button in the top right corner. Choose your wallet provider and approve the connection.
Navigate to Borrow page Clink on 'Borrow' on the navigation bar and you will be taken to our Borrow page. This will show available pools that you can borrow depending on the collateral you have.
Choose a Borrowing Pool Select the pool with the asset you want to borrow with wstETH as collateral. Each pool shows the borrowing interest rate that you will be subjected to. This will take you to 'Add Collateral' tab.
Approve your collateral Click the approve button to allow putting up wstETH as collateral on Nenofi. Your wallet will guide you to approve the asset that you are going to deposit to deposit, then click 'Approve' on your wallet. A confirmation message will pop up to show that it is 'Approved'.
Deposit your collateral Once it is approved, enter the amount you want to lend and click on 'Deposit Collateral'. Wait for the transaction to complete.
Borrow USDT Navigate to 'Borrow' tab, and input the amount you want to borrow. The max amount you can borrow will be 75% the value of your deposited collateral. If you borrow above 75%, you will be liquidated! Make sure to pay attention to your health!
Remember, you can withdraw all of your collateral as long as you have repaid your borrowed amount + interests. Navigate to 'Repay', click on 'Approve', and input the amount you want to repay, then click 'Repay' to repay your loan.
It's important to note that lending assets in DeFi platforms, including Nenofi, involves risk. Please make sure to understand these risks before you start. Happy Borrowing!
Last updated