🍄Take a Self-Repaying Loan
Last updated
Last updated
Now that you’ve made a deposit into Alchemix, your deposit will automatically start earning yield. You can choose to borrow against it or you can leave it to work earning credit.
We’re going to borrow against our deposit. The amount you can borrow depends on the value of the tokens you deposit.
You can see how much you have available to borrow by clicking the Vaults page, and looking at the 'Available Credit' amount.
If you have positions across several vaults, you can use the tab filters to see individual credit available on each vault.
Total deposit is the total amount of collateral you have deposited into Alchemix. This may be across one, or multiple vaults depending on how many you have set up. Debt is the total amount you have borrowed against your deposited collateral. Interest indicates how much you’ve earned, which adds to the amount of available credit you can access. The difference between interest and debt is that interest taken as credit will not need to be repaid.
The debt limit indicates the total amount you will be able to borrow. Debt will need to be repaid either automatically over time or sooner by manual repayment using the repay function.
The amount you can borrow against your deposit depends on the collateral ratio of the tokens you deposited. You can borrow anything up to the total amount of debt your assets allow.
On this page, you will see more detail about how much debt you’ve currently taken and what the debt limits are per vault.
To take your first self-repaying loan, click the ‘borrow’ button at the top of the page.
The borrow dialogue will open up allowing you to specify which alAssets you have access to borrow. In this example, since we only deposited wETH, we can only borrow alETH.
For our users' convenience, we’ve added the ability to transfer the proceeds of the loan to another wallet address. To do this, simply toggle the switch and enter the recipient's address.
Type in the amount you'd like to borrow, or click the 'Max' button to borrow the maximum amount possible. When you’re happy with your loan request click borrow to initiate the transaction.
Follow the prompts in your wallet to authorize the transaction.
Once you’ve completed the borrow, you'll see your balance update in the wallet, unless you sent your proceeds to another address.
Now you are able to see that your debt has increased at the top of the Vaults page.
Now you have your alAssets, you can find out the most efficient ways to use them at https://alchemix-stats.com/earn
You can also swap them using one of the suggested links at the top of our swap page - https://alchemix.fi/swap, manually using https://curve.fi, or use any other supported DEX.
If you have any support queries, please contact our team on the official Discord channel
Next, let’s look at how to repay your loan.
