# Depositing

## Overview

Deposit assets on **Bitcoin** or any asset on **Ethereum, BSC, Avalanche, Klaytn** networks to start earning interest and BiFi rewards. 

For example, when you deposit BNB on BSC network, you earn 2.57% interest (APY) on BNB. Additionally, you earn an additional 15.07% interest in BiFi tokens. As a result, your net APY is **17.64%** by depositing BNB.

![](https://3335507894-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MYDrxlLtSunwzR1HUeg%2F-MYDuLyhUo3Z1A1NkCFw%2F-MYE7wptnzebFwB3fp6S%2F_2021-03-18__9.40.10.png?alt=media\&token=5f6ad846-cf5a-4e52-ae8e-e378f5175f17)

You may deposit, withdraw, and claim rewards at any time.

[BiFi Lending Video Tutorial](https://www.youtube.com/watch?v=MBqnhqYDfL0\&feature=emb_logo)

[Start Lending on BiFi](https://app.bifi.finance/lend?medium=bifiguide_en\&source=lending\&campaign=deposit)

Learn more about BiFi token rewards: 

{% content-ref url="reward" %}
[reward](https://docs.bifi.finance/guide/lending/reward)
{% endcontent-ref %}

## How to Deposit

### 1. Set Up Network on MetaMask

#### Ex: Ethereum Mainnet 

Open MetaMask extension on Chrome, click the top-right icon, and select `Ethereum Mainnet`.

![](https://3335507894-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MYDrxlLtSunwzR1HUeg%2F-MYDuLyhUo3Z1A1NkCFw%2F-MYE8YSSyQY7_o1l8ECD%2FScreen_Shot_2021-03-18_at_20.51.03.png?alt=media\&token=9583fb1e-d211-4dcb-b681-b19fdd4d771e)

{% content-ref url="../wallet/metamask-guide/metamask" %}
[metamask](https://docs.bifi.finance/guide/wallet/metamask-guide/metamask)
{% endcontent-ref %}

#### Ex: BSC mainnet

{% content-ref url="../wallet/metamask-guide/bsc" %}
[bsc](https://docs.bifi.finance/guide/wallet/metamask-guide/bsc)
{% endcontent-ref %}

Open MetaMask extension on Chrome, click the top-right icon, and select `Smart Chain`.

![](https://3335507894-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MYDrxlLtSunwzR1HUeg%2F-MYDuLyhUo3Z1A1NkCFw%2F-MYE8edmhqTxK-CL3oHv%2FScreen_Shot_2021-03-19_at_13.27.26.png?alt=media\&token=12b97216-e23b-44b5-9c4c-57dfc3ac5988)

{% hint style="warning" %}
**Make sure you are on the correct network on MetaMask!** **If you set BiFi to Ethereum Mainnet, but have your MetaMask set to another network, there will be an error.** 
{% endhint %}

### 2. Enable Assets

When you are depositing an asset for the first time on BiFi, you need to enable the asset first.

1. Click `Deposit` next to the asset you want to deposit. 
2. Click `Enable` to enable the asset.

{% hint style="info" %}
**You need native coins (i.e. ETH) for the network to pay for gas fees when enabling assets**
{% endhint %}

![](https://3335507894-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MYDrxlLtSunwzR1HUeg%2F-MYDuLyhUo3Z1A1NkCFw%2F-MYE9GWzNrDrrPeozYEg%2F_2021-03-18__9.40.29.png?alt=media\&token=f0540119-db53-4259-b187-8608bb511f96)

### 3. Deposit Assets

Now the fun part! 

Once you have enabled assets, you can start depositing. Click `Deposit` next to the asset and enter the amount you wish to deposit. Click `Deposit` on the bottom right to finish depositing! 

![](https://3335507894-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MYDrxlLtSunwzR1HUeg%2F-MYcoYXWTfMiiA3r3n9f%2F-MYcpUYS_80zYbz-T2fP%2FBNB_Deposit.gif?alt=media\&token=8752885b-2673-4f3d-a47b-403f825b17e9)

![](https://3335507894-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MYDrxlLtSunwzR1HUeg%2F-MYDuLyhUo3Z1A1NkCFw%2F-MYE9S2e3-ZieRSXr1or%2F_2021-03-18__9.37.19.png?alt=media\&token=eef8bb5c-8f07-4017-8f7e-77740201d795)

**Deposit Amount**\
Use the bar to set the percentage from the amount you are holding.

**Wallet Balance**\
View your current wallet balance from the selected deposit amount

**APY**\
The amount of interest you can earn on your deposits in a year.

**Collateral Ratio**\
The asset collateral ratio, or the percentage of deposited assets that can be borrowed against.

> Collateral Ratio: 75% You can borrow 0.75 ETH worth of assets when you deposit 1 ETH

**Token Price**\
Current price of the asset you want to deposit.

**Borrow Limit**\
The maximum amount of assets you can borrow from the selected deposit amount. The more assets you deposit, the greater the borrow limit becomes proportionate to the collateral ratio.

> Borrow limit before deposit >> after deposit ($46.40 >> $46.49)

**Used Borrow Limit**\
You can see your current borrow limit, based on your current deposits and borrows. The more you deposit, your collateral increases and thus your borrow limit.

> Used borrow limit before deposit >> after deposit (0% >> 0.48%)

### 4. Withdraw Assets

1. Click `Withdraw` to withdraw the assets you have deposited. 
2. Then, select the amount of asset you wish to withdraw. Withdrawal amount **includes** the interest accrued. 

![](https://3335507894-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MYDrxlLtSunwzR1HUeg%2F-MYDuLyhUo3Z1A1NkCFw%2F-MYEA02aPe4kVisOli6i%2F_2021-03-18__9.36.56.png?alt=media\&token=aaa1e4b8-83a6-4e4a-bf54-22a8e6cf7baa)

{% hint style="info" %}
You claim or repay the interest accrued on your deposit or borrows in the same asset you have deposited or borrowed.
{% endhint %}

**Withdraw Amount**\
Amount you want to withdraw from your deposits.

**Maximum Withdraw Amount**\
Maximum amount you can withdraw (Deposit with all accrued interest)

**APY**\
The amount of interest you can earn on your deposits in a year

**Collateral Ratio**\
The collateral ratio for the asset, or the percentage of deposited assets that can be borrowed against.

> Collateral Ratio: 75% You can borrow 0.75 BNB worth of assets when you deposit 1 BNB

**Token Price**\
Current price of the asset you want to deposit.

**Borrow Limit**\
The maximum amount of assets you can borrow from the selected deposit amount. The more assets you deposit, the greater the borrow limit becomes proportionate to the collateral ratio.

> Borrow limit before withdrawal >> after withdrawal ($46.40 >> $23.31)

**Maximum Borrow Limit**\
You can see your current borrow limit, based on your current deposits and borrows. The more you deposit, your collateral increases and thus your borrow limit.

> Used borrow limit before deposit >> after deposit (0.48% >> 0.96%) Percentage of your collateral you can borrow (borrow limit) after withdrawal: 100% - 0.96% = 99.04%