Getting Started
Last updated
Last updated
In this section, we will provide a walkthrough on how to get started with:
Depositing: Supplying assets into either Core Markets or Avalanche Ecosystem Markets.
Borrowing: Accessing liquidity by using deposited assets as loan collateral.
To borrow, one must first deposit assets.
To get started, visit BENQI Markets.
We have created a dashboard that provides an overview of all your positions. Upon connecting your wallet, you will be able to see:
Your total net worth
Net APY (Annual Percentage Yield)
Health Factor, which reflects the safety of your collateralized positions
Available rewards to claim
Supplied and borrowed assets for real-time monitoring
To borrow, users must first deposit assets, which will act as collateral. Depositing assets in the Core Markets is required before borrowing or engaging in other market activities.
We provide a graphic below showing the interface. Based on this graphic, we will show how to get started in supplying your assets.
Select the Asset: We'll use the graphic as an example. In this scenario, the user has selected AVAX from the drop-down list of available assets.
Input the Amount: Enter the amount of AVAX you wish to supply in the input field. You can also click the Max button to supply your entire AVAX balance.
Enable Collateral (Optional): Toggle the "Use as Collateral" button if you'd like your deposited AVAX to be used as collateral for borrowing other assets. If you turn this on, your AVAX will be locked as collateral, affecting your Health Factor and borrowing power.
Review the Details: Check the values for "Health After Supplying" and "Supply Balance," both located on the right side of the screen, to understand how your deposit will affect your overall position. Ensure that the Collateral Factor and any borrowing limits meet your needs.
Confirm and Deposit: After inputting the desired amount of AVAX, click the Supply button to confirm the transaction. This will initiate the deposit, and AVAX will be supplied to the protocol. You will start earning interest (displayed as "Supply APY") based on deposited assets.
Users may borrow funds once they have deposited assets. The reason for this is that the deposited assets act as collateral, ensuring that the loan is backed by sufficient value to mitigate the risk for both the borrower and the protocol.
Once users have deposited assets, they can take out a loan with their supplied assets as collateral.
Navigate to the Borrow Section: In the BENQI Markets dashboard, switch from the "Supply" tab to the "Borrow" tab. Here, you’ll see the assets available for borrowing along with their corresponding borrow APY.
Select the Asset to Borrow: Choose the asset you’d like to borrow from the available list (e.g., QI or USDC). You’ll also see the APY for borrowing that asset, helping you understand the cost of your loan.
Enter the Amount: Input the amount of the asset you'd like to borrow, ensuring that the amount is within your borrowing limit based on the collateral you’ve supplied. Your borrowing limit will be displayed based on the collateralization ratio of your deposited assets.
Confirm the Transaction: After verifying the amount, click the Borrow button to initiate the transaction. Once the transaction is confirmed, the borrowed amount will be transferred to your wallet, and you will begin accruing interest on the borrowed funds.
