⏱️Quick Start Guide
Quickly get started using the LEND omnichain DeFi protocol powered by LayerZero.
🕐Quick start
In this section we'll get you using LEND in less than 10 minutes. Let’s see how to start LENDing so you can earn more from your crypto assets, borrow seamlessly crosschain and earn points in the LEND dapp!
Get everything ready
Before getting started:
Follow for the step-by-step on how to add LEND testnet to your Metamask.
This guide assumes you have got Sepolia ETH and bridged to the LEND Testnet.
We are ready to get started!
Lending & Earning more from your crypto!
Lending is a core feature of the LEND platform. It’s an easy way to start earning from your assets onchain and allows you to access the best rates in DeFi. When you supply supported tokens they get used to facilitate incoming borrow requests and you get paid the interest! It’s a great and safe way to get stuck into DeFi earnings and easily diversify your portfolio to work for you!
The first step is always connecting your wallet so make sure you follow these instructions before you do anything else!
1️⃣ Connecting Your Wallet
Connecting your wallet to LEND is simples! *meerkat noise*
1 - Just visit the LEND dApp, hit the big connect wallet button!
2 - Choose one of the options to connect your wallet.
3 - Follow the instructions, confirm the transactions & switch networks if appropriate.
4 - You're ready to go! 🎉
2️⃣ Supplying Assets To LEND & Earning
Supplying assets to the LEND markets is an incredibly quick way to immediately start earning from your crypto portfolio! Now that you have connected your wallet you're ready to start earning!
For the sake of this tutorial, we will be supplying $USDC on the sepolia network.
1 - Make sure you visit the LEND Markets after visiting the LEND dApp.
2 - Scroll down to the bottom section where you can see all markets! Here you can see a complete breakdown of the supply rates and borrowing rates for all Markets. The supply APR will show you how much you can expect to earn when you deposit assets.
3 - Select the market you want to supply to and start earning with and hit 'manage' this will take you to the specific market page. This will bring you up all the specific stats about the market. To supply simply fill out the supply section here, hit deposit now and confirm the transactions in your wallet!
4 - Once you've done this you'll recieve your tTokens for that market and immediatley start earning! 🎉
3️⃣ Borrowing Assets From LEND Markets
Borrowing is a core feature of the LEND platform. It is the process of depositing crypto assets as collateral and using it to borrows alternative assets, on any chain without a large fear of liquidations and margin calls.
Borrowers could include anyone! From hedge funds to everyday investors. Anyone providing collateral can borrow. For the sake of this tutorial, we will be borrowing $USDC on a different network to the one we provided it on.
Before you borrow you need to make sure you've already supplied assets to the LEND markets. If you haven't done this yet scroll back up and find out how to do it!
1 - First step is to once again visit the LEND Markets page.
2 - Scroll down to the bottom section where you can see all markets! Here you can see a complete breakdown of the supply rates and borrowing rates for all Markets. The borrow APR will show you how much you can expect to pay when you borrow assets.
3 - Select the market you want to supply to and start earning with and hit 'manage' this will take you to the specific market page. This will bring you up all the specific stats about the market.
4 - Select the chain you want to borrow on. Remember! This can be any available chain, if you've deposited assets on Sepolia you can now immediately borrow from Arbitrum! (All thanks to our use of LayerZero tech!🤝
5 - Now you've selected a market you want to borrow on simply click 'Borrow' in the management portal below, and simply fill out the amount of tokens you want to borrow, hit borrow now and confirm the transactions in your wallet!
6 - Once you've done this you'll have received the tokens and you can be on your way!🎉
Remember to keep an eye on your account health - this will allow you to check the general risk of your account, your current borrow balance and how much you have left remaining before you would need to supply more assets to the lending markets before you could borrow any more!
4️⃣ Repaying Borrows & Withdrawing Supplies
Now you know how to supply assets to LEND markets to earn the best rates in DeFi, and borrow any asset cross-chain in a single click you're pretty familiar with the LEND app. The only thing left to discuss is withdrawing assets and repaying any active borrows you create!
1 - First step this time is to visit the dashboard page, as this is where you can actively track and manage all of your current supplies and borrows!
2 - Scroll down the page and quickly glance at all of your current supplies and borrows!
For the sake of this tutorial, we will first discuss repaying an active borrow!
3 - Click on the 'manage' tab for the active borrow you want to repay. Then click the 'Repay' option in the management portal.
4 - Enter the amount of tokens you want to repay, hit 'repay now' and you will have successfully repaid a portion of your active loan.
Your account health will increase when you do this! - Whenever you repay a borrow on LEND your account health will increase and you active supplies will be much safer!
Now we've repaid a borrow we'll talk about how to withdraw an active supply and retrieve these assets back in your wallet!
1 - Yet again we'll be visiting the dashboard page, as this is where you can actively track and manage all of your current supplies and borrows!
2 - Click on the 'manage' tab for the active supply you want to withdraw from. Then click the 'Withdraw' option in the management portal.
3 - Enter the amount of tokens you want to withdraw, hit 'Withdraw now!' and you will have successfully withdraw asset to directly to your wallet.
Remember, keep an eye on your account health! - Whenever you withdraw assets from LEND your account health will decrease and any remaining active borrows will be more at risk! Withdrawing will also reduce your available borrow limit for any future borrows until you have re-supplied the assets again!
CONGRATULATIONS! You're now a LEND pro! Start earning the most from your crypto assets, or access liquidity on any chain at the touch of a single button!
To learn more about LEND and the future of omnichain DeFi lending, join our Telegram and say hello 👋
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