Borrowing Assets
Amply Finance empowers you to unlock the full potential of your crypto assets by allowing you to borrow against your collateral. Here's a step-by-step guide:
First, ensure that you have supplied a token as collateral. Refer to this section for a step-by-step guide on how to supply an asset on Amply.
Next, pull up the Supply/Borrow modal and click “Borrow Token”.
Choose What to Borrow: Select the cryptocurrency you need from the available options.
Enter Borrow Amount: Specify the amount of the chosen crypto asset you want to borrow.
Confirm Borrow: Review details and finalize the transaction to receive the borrowed funds.
Important Considerations:
Health Factor: Represents the health of your debt position. Your Health Factor decreases the more you borrow. The lowest you can go is to a Health Factor of 1.
Repayment: Remember to repay the borrowed amount plus interest to avoid liquidation.
By understanding these steps and considerations, you can effectively leverage Amply Finance to meet your financial needs.
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