✨Lynn Brooke exploring DeFi's world✨ Here I share simple how-to's from my experiences, easing the way for fellow DeFi explorers
Lynn Brooke40 Acres - Overview
40 Acres introduces a new era of utility for veNFT holders, going beyond voting to unlock liquidity, automation, and passive income. Designed for users of veAERO and veVELO, this protocol enhances the way you interact with your locked assets - allowing you to borrow against them, automate compounding of rewards, and earn through lending. 🔍 What you will find in this article:What you need.Borrowing with veNFTs (without liquidation risk).How auto-compounding works.Earning yield through USDC le...
Lynn BrookeGetting Started with Rabby Wallet Mobile App
After familiarizing yourself with installing and starting the Rabby browser extension and the Rabby Desktop app, it's time to explore the Rabby Wallet's mobile application. Expanding the Rabby Wallet ecosystem to mobile devices enhances accessibility and convenience for managing digital assets on the go. This guide will specifically focus on importing a MetaMask address and adding a watch-only address. Quick Safety Tip for Mobile Wallets: When using mobile wallets, consider keeping ...
Lynn BrookeBridging xVELO to VELO: A Simple Guide
With Velodrome expanding as the Superchain hub, it has introduced xVELO as the token for non-Optimims networks like Ink, Soneium, and Mode. However, if you are looking to convert xVELO into VELO on Optimism, this guide will walk you thorugh two methods to get it done efficiently. 📌 What you will find in this article:How to swap xVELO to VELO using Velodrome’s native swap feature.How to use vFAT Tools as an alternative method.Useful tips for a smooth conversion process.✅ What you need:A walle...
Lynn Brooke40 Acres - Overview
40 Acres introduces a new era of utility for veNFT holders, going beyond voting to unlock liquidity, automation, and passive income. Designed for users of veAERO and veVELO, this protocol enhances the way you interact with your locked assets - allowing you to borrow against them, automate compounding of rewards, and earn through lending. 🔍 What you will find in this article:What you need.Borrowing with veNFTs (without liquidation risk).How auto-compounding works.Earning yield through USDC le...
Lynn BrookeGetting Started with Rabby Wallet Mobile App
After familiarizing yourself with installing and starting the Rabby browser extension and the Rabby Desktop app, it's time to explore the Rabby Wallet's mobile application. Expanding the Rabby Wallet ecosystem to mobile devices enhances accessibility and convenience for managing digital assets on the go. This guide will specifically focus on importing a MetaMask address and adding a watch-only address. Quick Safety Tip for Mobile Wallets: When using mobile wallets, consider keeping ...
Lynn BrookeBridging xVELO to VELO: A Simple Guide
With Velodrome expanding as the Superchain hub, it has introduced xVELO as the token for non-Optimims networks like Ink, Soneium, and Mode. However, if you are looking to convert xVELO into VELO on Optimism, this guide will walk you thorugh two methods to get it done efficiently. 📌 What you will find in this article:How to swap xVELO to VELO using Velodrome’s native swap feature.How to use vFAT Tools as an alternative method.Useful tips for a smooth conversion process.✅ What you need:A walle...
✨Lynn Brooke exploring DeFi's world✨ Here I share simple how-to's from my experiences, easing the way for fellow DeFi explorers
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Borrowing on Moonwell allows users to take out over-collateralized loans by using supplied assets as collateral. This guide will help you navigate the borrowing process on Moonwell.
What you will find in this article:
What you need:
Wallet: make sure your wallet is connected.
Supplied assets: you must have supplied one or more assets to Moonwell (see the article “Lending on Moonwell” to learn how).
Collateral enabled: ensure that your supplied assets are enabled as collateral (explained below).
Enabling assets as collateral:
1)Access collateral settings: go to the “Lend” section from the main menu.
2)Select asset: choose the asset you want to enable as collateral from the dropdown menu in the “Supply” modal.
3)Enable collateral: under the “Supply” modal, locate the “Enable as Collateral” option. Select “Yes” and confirm by clicking the “Confirm” button. Approve the transaction in your wallet.
Selecting an asset to borrow:
It’s important to note that collateral must be enabled on the same network from which you want to borrow. Borrowing across networks is not supported, so ensure your collateral is set correctly.
For protocol stability, Moonwell does not allow recursive borrowing, meaning you cannot borrow the same asset you have supplied.
Option A: Using the Borrow menu
1)Navigate to Borrow: select “Borrow” from the top menu.
2)Choose asset: from the “Borrow” modal, select the asset you want to borrow.
Option B: Using the Markets menu
1)Navigate to Markets: select “Markets” from the top menu.
2)Borrow option: click on “Borrow” next to the asset you want to borrow.
Completing the Borrow transaction:
1)Enter amount: in the “Borrow” modal, input the amount you want to borrow.
2)Review and confirm: click on the “Borrow” button, review the transaction details, and ensure you keep an eye on your credit limit. Click “Confirm Borrow” and approve the transaction in your wallet.
3)Check % Credit Remaining: monitor the “% Credit Remaining” bar, which shows your total borrowed amount versus available credit, helping you managing your borrowing limits effectively.
4)Receive assets: once the transaction is confirmed, the borrowed assets will be sent directly to your wallet.
This guide provides a straightforward approach to borrowing on Moonwell, allowing you to leverage your assets effectively across networks. For more detailed insights, be sure to explore our related articles on managing your borrowed positions.
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.
Borrowing on Moonwell allows users to take out over-collateralized loans by using supplied assets as collateral. This guide will help you navigate the borrowing process on Moonwell.
What you will find in this article:
What you need:
Wallet: make sure your wallet is connected.
Supplied assets: you must have supplied one or more assets to Moonwell (see the article “Lending on Moonwell” to learn how).
Collateral enabled: ensure that your supplied assets are enabled as collateral (explained below).
Enabling assets as collateral:
1)Access collateral settings: go to the “Lend” section from the main menu.
2)Select asset: choose the asset you want to enable as collateral from the dropdown menu in the “Supply” modal.
3)Enable collateral: under the “Supply” modal, locate the “Enable as Collateral” option. Select “Yes” and confirm by clicking the “Confirm” button. Approve the transaction in your wallet.
Selecting an asset to borrow:
It’s important to note that collateral must be enabled on the same network from which you want to borrow. Borrowing across networks is not supported, so ensure your collateral is set correctly.
For protocol stability, Moonwell does not allow recursive borrowing, meaning you cannot borrow the same asset you have supplied.
Option A: Using the Borrow menu
1)Navigate to Borrow: select “Borrow” from the top menu.
2)Choose asset: from the “Borrow” modal, select the asset you want to borrow.
Option B: Using the Markets menu
1)Navigate to Markets: select “Markets” from the top menu.
2)Borrow option: click on “Borrow” next to the asset you want to borrow.
Completing the Borrow transaction:
1)Enter amount: in the “Borrow” modal, input the amount you want to borrow.
2)Review and confirm: click on the “Borrow” button, review the transaction details, and ensure you keep an eye on your credit limit. Click “Confirm Borrow” and approve the transaction in your wallet.
3)Check % Credit Remaining: monitor the “% Credit Remaining” bar, which shows your total borrowed amount versus available credit, helping you managing your borrowing limits effectively.
4)Receive assets: once the transaction is confirmed, the borrowed assets will be sent directly to your wallet.
This guide provides a straightforward approach to borrowing on Moonwell, allowing you to leverage your assets effectively across networks. For more detailed insights, be sure to explore our related articles on managing your borrowed positions.
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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