You can now deposit assets to BiFi Lending straight from the wallet!
BiFi is a decentralized lending protocol on Ethereum, Binance Smart Chain (BSC), Avalanche, and even Bitcoin. BiFi distributes BiFi tokens to users who lend, borrow, or stake in the protocol. Think of it like a high-interest savings account, but without a middlemen (e.g. a bank) automated by smart contracts.
This part will cover how to deposit assets to BiFi Lending pool to earn interest and BiFi tokens directly within the wallet. Only deposits are available in our earliest version. To borrow or stake assets, go to app.bifi.finance on your desktop and connect your preferred wallet.
How to Deposit Tokens and Earn Interest on BiFi
Step 1. On home screen, click "BiFi Protocol".
Step 2. Select the asset you want to deposit.
(Note:Bitcoin deposits are only available on BiFi Lending app at the moment. To deposit Bitcoin, go to app.bifi.finance/lend on your desktop.)
Step 3. Enter the amount of tokens to deposit to BiFi Lending.
The receiver address is automatically filled in with your address. Click MAX to deposit the maximum amount of tokens you hold. Then, click Next.
Step 4. Check the estimated transaction fee.
Click Custom Fee to set the transaction speed to slow, average, or fast. Click Advanced Options to configure the transaction fee in detail.
Click Done to complete the deposit.
(Note: You must have sufficient balance for network transaction fees to complete the transaction.)
Only deposits to BiFiLending is available in our earliest version of the wallet. To deposit BTC, borrow or stake assets, go to app.bifi.finance on your desktop, connect your preferred wallet, and start borrowing and staking to earn interest and BiFi tokens.