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How to Borrow Tokens
How to Borrow Tokens

Step by step guide on Borrowing from Banker Joe

Joe avatar
Written by Joe
Updated over 2 years ago

Banker Joe is a permission-less lending protocol. Anyone may borrow tokens from Banker Joe so they can leverage their portfolio. To Borrow Tokens first you must Supply Tokens and Collateralize those Tokens. The below guide runs through the process of Collateralizing, Borrowing and Repaying.

Enable Collateral

  1. Go to the My Portfolio page.

  2. In the 'Account Assets' section, you will see a list of the tokens that you have deposited, and the balance and total value.

  3. You can also find the collateral value. This is the amount that you can borrow tokens against the asset.

  4. On the right side, there is a toggle to turn on collateralization.

  5. Click the switch to turn on and enable your deposited tokens as collateral.

  6. To disable collateral, just turn the toggle off.

Borrow Tokens

  1. Go to Lending Markets page

  2. On the right side of the page, you can find list of tokens to Borrow, with information such as total Liquidity and deposit APY

  3. Click on the Token you wish to borrow, this will bring up a more detailed page

  4. Enter the number of tokens you wish to borrow

  5. Click Approve (if required)

  6. Click Borrow to borrow tokens from the market

  7. Congratulations, you are now borrowing tokens from Banker Joe!

Borrowing Tokens is not free, everyday you will pay Interest on your position that you have borrowed. The 'Borrow APY' is a representative yearly figure that you will pay on your borrowed position.

Repay

You may withdraw your tokens any time, provided you have repaid any outstanding borrowed tokens

  1. On the Lending page, click the Token you wish to withdraw.

  2. On the Token Detail page that pops up, click Repay.

  3. Enter the amount you wish to Repay.

  4. Click Approve (if required).

  5. Click Confirm.


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