How to Borrow
Learn how to borrow assets on Moonwell
Last updated
Learn how to borrow assets on Moonwell
Last updated
You can borrow assets using your supplied assets as collateral.
Supply one or more assets to the protocol. This will be used as collateral to take out an over-collateralized loan.
All supported assets are listed in Markets.
Enable asset(s) for use as collateral.
The collateral toggle allows users to specify whether they want to use an asset as collateral for borrowing.
To designate an asset as collateral, the user must select "YES" on the collateral toggle. This indicates their intention to use the asset as collateral for borrowing purposes.
For example, if a user wants to borrow against their supplied GLMR (asset), they need to choose "YES" for their supplied GLMR on the collateral toggle. This indicates to Moonwell that the supplied GLMR can be used as collateral to take out a loan (borrow).
If a user does not intend to borrow against an asset, they can keep the collateral toggle set to "NO". This indicates that the asset will not be used as collateral for borrowing.
Navigate to "Lend".
With the "Supply" modal selected, choose the asset you want to enable collateral on from the dropdown menu.
Locate the "Enabled as Collateral" toggle below the "Supply" modal, and click "Yes".
When the "Enable Market as Collateral" popup appears, click on the "Confirm" button and confirm the transaction in your wallet.
Navigate to "Borrow".
With the "Borrow" modal selected, choose the asset you want to borrow from the dropdown menu.
Navigate to "Markets".
Click "Borrow" on the asset you want to borrow.
With the "Borrow" modal selected, enter the amount you would like to borrow.
Click "Borrow"
Review the transaction details and click "Confirm Borrow".
To complete the transaction, confirm it in your wallet and wait for execution. Once successful, you will have successfully borrowed from the desired market. The borrowed assets will be sent directly to your wallet.
