One of the most popular use cases for DeFi collateralized lending protocols is yield farming. In order to maximize the yield, you can repeat the process of depositing and borrowing to increase your position. However, this requires you to repeat multiple transactions and pay high gas fees. Exiting the position also requires multiple transactions.
BiFi X Earn lets you maximize your leverage for yield farming in a single transaction. It also lets you monitor the performance of your position and exit your position in a single transaction.
If you deposit 1 ETH and select 4X boost, BiFi X adds 4 ETH in flash loans to deposit and make the total deposit 4 ETH (4X). It then borrows 3 ETH to repay the flash loan. You end up with 4 ETH in deposits and 3 ETH in borrows — earning BiFi rewards for 7 ETH worth, instead of 1 ETH you started with. Read below to see how you can start a Earn position.
1. Select the asset.
Click on the token symbol to select the asset you want to use for yield farming.
2. Set amount.
Input the amount you want to deposit. You can see the value of your deposit in USD based on the current price.
3. Set boost.
Select the level of boost you want.
4. Review expected results.
Once you set the asset, amount, and boost, you can see the expected result.
5. Start position.
6. Manage position.
Once the transaction is confirmed, you can now manage your position.