Borrowing BTC
Last updated
Last updated
BiFi is the first Decentralized Finance (DeFi) that allows users to lend native Bitcoin (BTC) and borrow Ethereum-based (ERC-20) tokens, and vice versa. Experience multichain lending and borrowing for the first time on DeFi, implemented with Optimistic BTC Lending. We ensure maximum security and the best user experience.
The process for borrowing BTC against Ethereum-based collateral, or vice versa, is the same as borrowing all other assets on BiFi. See 'How to Borrow on BiFi Lending'
Once you have deposited BTC, you can start borrowing Ethereum-based (ERC-20) tokens against BTC collateral. Then, start leveraging the borrowed Ethereum-based tokens to earn even more BiFi token rewards.
Click 'Borrow' and enter the amount to borrow. It will take some time for BiFi to process BTC borrowing as it verifies with several confirmations to securely process the multichain transaction.
Once complete, the borrowed asset can be found in your MetaMask wallet.
You can also deposit Ethereum-based (ERC-20) tokens to borrow BTC. Then, start leveraging the borrowed BTC to earn even more BiFi token rewards.
Click 'Borrow' and enter the amount of BTC to borrow. It will take some time for BiFi to process this as it verifies with several confirmations to securely process the multichain transaction.
Once the multichain transaction is complete, you can find the borrowed BTC amount on My BTC Address registered during Registering BTC Address.
