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.
You may deposit, withdraw, and claim rewards at any time.
Learn more about BiFi token rewards:

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.

Ex: BSC mainnet

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

2. Enable Assets

When you are depositing an asset for the first time on BiFi, you need to enable the asset first.
  1. 1.
    Click Deposit next to the asset you want to deposit.
  2. 2.
    Click Enable to enable the asset.
You need native coins (i.e. ETH) for the network to pay for gas fees when enabling assets

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!
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. 1.
    Click Withdraw to withdraw the assets you have deposited.
  2. 2.
    Then, select the amount of asset you wish to withdraw. Withdrawal amount includes the interest accrued.
You claim or repay the interest accrued on your deposit or borrows in the same asset you have deposited or borrowed.
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%