Depositing

Overview

Once you have set up MetaMask and BiFi to the same Mainnet, you are now ready to use BiFi Lending. To use BiFi on Ethereum, you need Ethereum-based tokens (ERC-20) and to use it on BSC, you need BSC-based tokens (BEP-20). You can choose the amount of each asset you want to deposit.
​Video Tutorial​
When you deposit on BiFi, you can earn interest on your assets and BiFi tokens as a reward. When you deposit BNB, you earn 2.57% interest per year (APY) on BNB. Additionally, you earn an additional 15.07% interest in BiFi tokens. As a result, you earn a net profit of 17.64% by depositing BNB.
Learn more about BiFi token rewards:

1. Setting MetaMask Network

Ethereum mainnet

Click the MetaMask extension on your browser and set the network on top to Ethereum Mainnet.

BSC mainnet

Click the MetaMask extension on your browser and set the network on top to BSC Mainnet.
BiFi supports both Ethereum and BSC. If you set BiFi to Ethereum Mainnet, but have your MetaMask set to another network, you will see an error. Make sure you are on the correct network.

2. Adding and Enabling Assets

Before you deposit an asset for the first time, you must enable the asset.
Enabling Assets
To enable an asset, click Deposit next to the asset. Note that you need to be holding ETH in order to pay for gas fees.
Add Token
Click Add Token at the bottom of the page to add an asset to MetaMask.

3. Depositing Assets

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

​Page Overview​

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. Withdrawing Assets

Click Withdraw to withdraw the assets you have deposited. Withdrawal amount includes the interest accrued from the deposit. Then, select the amount of asset you wish to withdraw.
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%
​
Last modified 5mo ago