Guideline: How to use Bami Lending

10/08/2021

With Bami Lending, users can:

  • Supply assets for others to borrow and receive interest; or
  • Supply assets as collateral for loans of other assets and pay interest correspondingly

The borrowing and lending interest rates fluctuate depending on the supply and demand of Bami users.

You can use Metamask, Trust Wallet or Coin98 wallet to perform transactions on Bami Protocol. This tutorial uses the Metamask Chrome extension.

The guideline contains:

  1. Overview of the Lending interface
  2. Supply assets
  3. Borrow assets
  4. Repay your borrows
  5. Withdraw assets

1. Overview of the Lending interface

Access app.bami.money select Lending from the feature menu. Connect wallet.

On this interface:

  • Supply Balance is the total value of the assets you have supplied to Bami Lending. Borrow Balance is the total value of assets you have borrowed from Bami Lending. Net APY is net interest rate on the total value supplied and borowed.
  • Borrow Limit: The percentage of borrowed value in comparison to the supplied value.

2. Supply assets

Below is the list of assets you can supply for lending, applicable lending APY and the balance of that asset in your wallet. This list will change from time to time at the announcement of the Bami team. Select the asset you want to supply.

Enter the Supply Amount.

Things to note:

  • Supply Amount: The amount you want to supply
  • Wallet Balance: The balance in your wallet (also the maximum amount you can supply)
  • Supply APY: The rate of profit of the supplied asset (annually)
  • Supply Balance: The amount you have supplied so far
  • Collateral Factor: Borrow limit applicable to the asset supplied
  • Used as Collateral: Allow/Disallow the use of this asset type as collateral. You can change the settings after supplying.
  • Your Borrow Limit: The limit of your total borrowing value. As you supply assets, you will see your borrow limit increase. (In case of the first supply, the number will not change.)
  • Borrow Limit Used: The borrow limit you have used. As you supply assets, you will see your used borrow limit decrease.

After checking the information, click Approve to allow the smart contract to interact with your wallet in case of first supply. After approval, click Supply and confirm the transaction on the wallet.

After supplying, you will see the assets, APY and total amount supplied below.

If you want to use the supplied assets as collateral for your borrows, turn the Collateral button on and confirm the transaction on the wallet.

3. Borrow assets

Below is the list of assets you can borrow, applicable borrow APY and the maximum amount you can borrow from Bami Lending. This list will change from time to time at the announcement of the Bami team. Select the asset you want to borrow.

Enter the Borrow Amount.

Things to note:

  • Borrow Amount: The amount you want to borrow
  • Available Liquidity: The maximum amount you can borrow from Bami Lending
  • Borrow APY: Interest payable on the borrow (annually)
  • Borrow Balance: Amount you have borrowed so far
  • Your Borrow Limit: The limit of your total borrowing value (calculated based on the total supplied assets)
  • Borrow Limit Used: The borrow limit you have used. As you borrow more, you will see your borrow limit used increase.

After checking the information, click Borrow and confirm the transaction on the wallet. After borrowing, you will see the assets, APY and total amount borrowed as below.

4. Repay your borrows

Select the borrow you want to repay from the list of current borrows, click Repay.

Enter the Repay Amount or click Max to pay the full amount. This max amount includes the interest payable.

Things to note:

  • Repay Amount: The amount you want to repay
  • Borrow APY, Borrow Balance, Your Borrow Limit: Same with the item in Section 3 of this guideline
  • Borrow Limit Used: The borrow limit you have used. As you repay, you will see your borrow limit used decrease.

After checking the information, click Repay and confirm the transaction on the wallet. After repaying the full amount, you will no longer see it in the list of current borrows.

5. Withdraw assets

 

Select the asset you want to withdraw from the list of assets, click Withdraw.

Enter the Withdraw Amount or click Max to withdraw the full amount. This max amount includes the interest you will receive from supplying assets for others to borrow.

Things to note:

  • Withdraw Amount: The amount you want to withdraw
  • Fee: Withdrawal fee (currently 0.05% of the total amount to be withdrawn)
  • Supply Balance, Supply APY: See Section 2 of this guideline.
  • Your Borrow Limit: The limit of your total borrowing value. As your withdraw, you will see your borrow limit decrease.
  • Borrow Limit Used: The borrow limit you have used. As you withdraw, you will see your borrow limit used increase.

After checking the information, click Withdraw and confirm the transaction on the wallet. After withdrawing the full amount, you will no longer see it in the list of current supplied assets.

Above are detailed guideline of the Bami Lending feature. In case of questions, users can contact Bami Protocol’s Telegram group here or submit a ticket at help.bami.money for support.

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