Leveraged Farming Setup Guide
Hello SolFarmers. In this post, we will be going through the steps to utilize our new leveraged farming and interest reserves.
Interest Reserve Deposit
Depositing into the Interest Reserve is similar to our vaults. First, select the Reserve you would like to deposit and select the amount. After, press “Deposit” and you will be prompted to sign 1 tx.
Once the tx has confirmed, you will see the funds in “Deposited” and the total supply would be increased. You will start earning interest based on pool utilization. As you can see in the two screenshots, the APY of the pool changes based on supply and utilization.
To withdraw, you can do the same actions as deposit but in the withdrawal module.
Opening a Position
To start, please ENSURE you have enough SOL in your account, we recommend at least 0.1 SOL.
To open a position, navigate to the leverage farming tab and review the pool you would like to open a position in. For our example, we will be opening a position in RAY-USDC.
Press “Farm 2x” button and you will be given a position prompt. Note you can adjust leverage in 0.1x increments, you can do so either in the farming page or in the pop up. In the pop up, select the asset you would like to supply. For this example, I will be supplying RAY and borrowing USDC.
You would need to change the asset to USDC in order to borrow. Once changed, it will show the supplied and borrowed asset amounts. After confirming the details, press “Farm” and you will be prompted to sign. Note if you are using a Ledger via Sollet/Phantom, you will need to sign 5 times on the Ledger. Otherwise, it is just 1 prompt on Sollet/Phantom. There will be 5 transactions broadcasted.
Unfortunately, sometimes transactions may fail to broadcast due to network issues but our dApp has a catch for these errors, you can simply reopen the pop up and you will be prompted to retry and the dApp will rebroadcast the failed transactions.
Once the transactions confirm, you can find your position in the positions tab and manage it there.
To close the position, you can press “Close” and sign the transactions and once confirmed the position will unwind and return any funds into your account.
If you have any questions, please join the Discord and a team member will assist.
About SolFarm
📧contact@solfarm.io
