P H O Ξ N I X
“A DeFi prime brokerage that simplifies peer-to-peer lending and portfolio management across various blockchains”
TL;DR
This is a super easy campaign to participate in.
Mint LST
Supply LST
Borrow against your supplied funds
If you are a degen, used the borrowed funds to supply more funds - high risk
Sit back and watch your points accumulate
Intro
marginfi presents a dynamic points program, a continuous initiative designed to celebrate and reward early adopters. Participation in lending, borrowing, and referring others to the platform earns users valuable points! This system is often seen as a stepping stone towards an airdrop, a strategic move employed by many protocols. The primary goal is to recognize and appreciate those accounts that are instrumental in driving the success of the platform. By joining marginfi, users become part of a thriving community.
About marginfi
With a unique branding choice of all lowercase, marginfi sets its sights on evolving into a comprehensive suite of smart contracts. The goal? To establish a DeFi prime brokerage that simplifies peer-to-peer lending and portfolio management across various blockchains. Users can conveniently access marginfi through a desktop browser or by installing it as a Progressive Web App (PWA) on their mobile devices.
The platform’s flagship product, mrgnlend, has gained popularity as an overcollateralized money market protocol. It empowers anyone to lend or borrow assets on the Solana blockchain. In a significant expansion move in September, marginfi broadened its product range with the launch of LST. This SOL liquid staking token, with a 0% commission, offers depositors attractive yields derived from network rewards and Miner Extractable Value (MEV) extraction.
Task 1: Download Phantom Wallet
You are going to need a SOL wallet in order to continue. If you do not have one already, we recommend Phantom.
Phantom Wallet is a non-custodial Web3.0 wallet that is highly popular for the Solana blockchain. It’s intentionally designed to store Solana-based crypto assets and support decentralized applications built on the Solana blockchain.
Your trusted companion for NFTs & DeFi on Solana, Ethereum, & Polygon
Task 2: Fund your wallet with SOL
You are going to need SOL in your wallet in order to continue.
You can purchase SOL directly in Phantom Wallet, or you can send from an exchange or another wallet, the choice is yours.
The amount will depend on your circumstance. Continue reading, view the upcoming tasks and make a decision that is right for you.
This guide will walk your through the steps to receive digital assets such as your cryptocurrencies or NFTs on Ethereum, Polygon, and Solana using your newly created or imported Phantom wallet.
Task 3: Visit marginfi and connect your wallet
Head over to marginfi and connect your wallet by clicking the button in the top right corner.
Task 4: Mint LST
This is not mandatory and you can supply other tokens to marginfi (such as SOL) if you wish, however it may make more sense to mint LST, directly in the marginfi app, and then supply that to the pool.
The highest natural yield available from any LST on Solana. By a lot.
LST is the highest natural yielding LST
LST is powered by Jito's MEV-boosted client
LST only stakes to 0% commission mrgn validators
Minting list will also increase your points, so you are in effect “killing two birds, with one stone”
Steps:
Click ‘mint’ in the top navigation bar.
Select your token & set amount.
Click ‘Mint LST’ and confirm the transaction in your wallet.
Task 5: Lend to marginfi
Points are earned for lending to marginfi. You can lend any amount and earn points, the more you lend, the bigger your multiplier of points. Don’t overstretch yourself, lend only what is right for you.
Click ‘lend’ on the top navigation bar.
Choose your token and set amount (e.g. LST if you minted it)
Click the ‘Supply’ button and confirm in your wallet.
You can withdraw your funds whenever you wish, however doing so will result in you no longer earning points.
Task 6: Borrow from marginfi
You can now borrow against the funds you have supplied. This task will also earn you points. The amount you borrow will determine how many points you earn. You can borrow any amount, and you must pay it back in order to release your supplied funds.
Click ‘lend’ on the top navigation bar.
Choose the ‘borrow’ tab
Choose your token you wish to borrow
Click the ‘Borrow’ button and confirm in your wallet.
These funds will be sent to your wallet. Be careful here and watch the health factor and make a not of the liquidation price. If the token price falls below, your funds will be liquidated. Please note, this is completely optional and you do not have to borrow funds. Lending funds and not borrowing against them, ensures your funds are safe and you cannot get liquidated. You simply won’t earn points for borrowing.
HIGH RISK: For the degens, another option is to borrow max funds, then use those funds to mint more LST. Then add that LST to your supply to bring your health factor to a more comfortable level. You can repeat this step multiple times, but it becomes riskier each iteration. Also remember that you must pay this back in order to fully retrieve your funds and a large price change could make this more expensive, providing you do not get liquated. On the other hand it could make it cheaper and then its win-win for you. Use according to your own risk tolerance and monitor the health factor & liquidation price. Doing this will increase your points multiplier beyond what your original funds could, but adds risk - use at your own peril.
That’s it, you are done. Just sit back and watch your points accumulate. If you are taking the degen route, monitor your health factors and liquidation prices. If it starts to become unhealthy be sure to supply some more funds to level it out, or payback some funds for the same result.
May you be showered with points. Happy farming!
DISCLAIMER: Please be aware that there is inherent risk associated with endeavors like this. Factors such as exploit vulnerabilities, rugpulls, contract risks, and liquidation events are always present. While we provide information, it is crucial to understand that any actions you take based on this information are entirely your own decision. We assume no responsibility if outcomes do not align with your expectations. Proceed with caution and conduct thorough research. Additionally, keep in mind that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly.
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