Borrowing on Silo Finance allows you to take out a loan from a lending market using your deposited assets as collateral. You must first be a lender before borrowing, as you need collateral to borrow against. This guide will walk you through how to borrow on Silo Finance.

What you will find in this article:

What do you need:

How to Borrow:

1)Access the dApp: go to app.silo.finance .

2)Connect your wallet: in the top-right corner, click “Connect Wallet” and select your wallet provider.

3)Select your Silo deployment: use the drop-down menu in the top-right corner to choose the network of market you wish to operate on.

4)Access your Market:

  • Option A: go to “Markets” and select the market you deposited into. this will take you to the market page where you can manage your position (Deposit - Borrow - Withdraw - Repay).

  • Option B: from the top navigation bar. click “Dashboard”. Here, you will find your open positions with management options.

5)Borrow assets:

  • Click the “Borrow” option for the market you wish to borrow from.

  • Select the asset you wish to borrow from the drop-down menu.

💡Note: you can only borrow the two assets you haven’t deposited.

  • Enter the amount you want to borrow or click “MAX” to borrow the full amount available.

💡Minimum borrowing: the minimum borrowing amount is $50. Ensure that your deposit covers the collateral requirement (i.e., with a Max LTV of 80%, you would need at least $62.50 deposited to borrow $50).

  • You will see borrow information like the amount available to borrow (based on the Max LTV of the market) and your health factor based on the amount borrowed.

    • 💡Max LTV: this represents the maximum amount you can borrow against your collateral and it is expressed as a percentage. For example, if the Max LTV is 80%, you can borrow up to 80% of your collateral’s value.

    • 💡Health Factor: a ratio that indicates how close a position is to being liquidated. A Health Factor of 0% means the position may be signaled for liquidation, so the closer it is to 0%, the higher the risk of liquidation.

6)Confirm borrowing: if you are happy with the amount and the health factor, click “Borrow” and confirm the transaction in your wallet.

7)Congratulations, you have successfully borrowed from Silo! Your borrowed assets will appear in your wallet.

8)Review information: an updated information box about your deposit with the new borrow details will be shown on the right side of the dashboard.

By following these steps you can successfully borrow assets on Silo Finance. After borrowing, make sure to monitor your health factor to ensure your position remains safe from liquidation.

Lynn Brooke

This article serves educational purposes and is not financial advice. We encourage you to do your own research and be responsible for your actions in the financial space.

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发布时间：2024-10-11 10:50:28