How to Supply HOTCROSS to earn lending interest?
Last updated
Last updated
OpenLeverage currently supports the desktop Firefox or Chrome version of the Metamask wallet for interacting with the OpenLeverage Protocol. MetaMask is a browser plugin, which you can download here.
These wallets are currently supported: Metamask, WalletConnect, Coinbase, Bitkeep, ONTO, Portis, Fortmatic, SafePal, and Coin98.
Connect your MetaMask wallet using the button “Connect Wallet”.
Choose the wallet you want to use
You can participate in their referral program by clicking here or just clicking the button below to skip this part.
For the HOTCROSS lending pool, you need to switch the network to BNB Smart Chain.
Click "Approve HOTCROSS" first to give permission to access your HOTCROSS and confirm it in the MetaMask pop-up.
Click "Deposit", enter the amount you want to lend, and then click "Deposit" to authorize the transaction. The MetaMask transaction confirmation will pop up automatically. Click the "confirm" button, and wait until the transaction succeeds.
By depositing into the Lending Pool, you will receive the LToken that represented your deposited position. Here is an example transaction.
LToken is an interest rate-bearing token for each lending pool, allowing the third-party to incentivize their community to provide liquidity into the lending pools into support margin trading for their token pairs.
In the "My Positions" - "My Lending" column, you can find the current deposit status. To withdraw funds and the interest you earned, enter the amount in the blank space, select "Withdraw" and confirm the transaction in the MetaMask pop-up.
The current Lending Interest Rate is <0.01% because the pool is new and there is no borrower yet. It will increase as funds are borrowed.
The lending rate is derived from the interest rate model that dynamically balances supply and demand. It will increase when funds are borrowed for margin trades. The lending rate will be 10% - 20% APR with 50% utilization of the lending pool.
Click here for a detailed interest rate model.
