Borrowing BIM
IMPORTANT, only buy BIM from this address: 0xA677a11A6d3abb32F1E195db5650b147577194c6
If you haven't already, you will need to purchase BOMB and then convert to xBOMB.
After you have xBOMB, head over to bim.money and click on "GET BIM".
Across the top, you will see:
COMPONENT -These are the components you can use as collateral to borrow BIMs.
Total Value Locked (TVL) -This shows the total value of the components that are deposited in each market by all users.
LEFT TO BORROW -This shows how many BIMs are still available to be borrowed using that component. Once this number goes to 0, no leverage position or new loans can be opened. In order to borrow more BIM users need to wait for the replenishing of that particular market!
INTEREST -This is the annualized percentage of which your debt will grow each year.
LIQUIDATION FEE -This is the discount a liquidator will get when liquidating a position that has been flagged for liquidation.
Click on "xBOMB".
You'll be greeted by the BORROW/REPAY sections.
First, decide how much xBOMB will be used as collateral. Then decide how much BIM will be borrowed by either typing in the numbers or using the percentage buttons below.
The light blue SAFE indicator will help warn you if you have put settings that are over risky. The LIQUIDATION PRICE will display the component price at which we can be flagged for liquidations. We recommend to keep your borrowing limit low whilst xBOMB liquidity grows, don't just max it out!
If you do not choose a borrow percentage or enter an amount, you will only add collateral. You will not borrow any BIM. This is good to do if you would like to make your pre-existing position safer. More collateral = Lower Liquidation price.
Liquidation Price
A liquidation price of $0.71 means that if your interest-bearing token drops to or below $0.71, your position is at risk of being liquidated. The liquidation price shown is always linked to the interest-bearing token which is used to borrow BIM. You can read more about liquidations in the dedicated section of this Wiki. If you already have a position open, make sure to check the updated Total Liquidation price of that position in the MY OPEN POSITION box.
Update Price
This toggle checkbox allows users to pay a small gas fee to have bim.money retrieve the most recent oracle price for the component they are using to borrow BIM. Bear in mind that every time someone interacts with one of our markets with this box ticked, the price will be updated retrieving the most updated one from the oracle and displaying it in the UI for every user.
When you are ready, press the ADD COLLATERAL AND BORROW button. This will remove your xBOMB and place them in the contract, and put the respective BIM tokens in your wallet.
Managing Positions
Open positions can be managed in the same window as used to initially open a position. Here we can:
Add collateral
Borrow more BIM (assuming the maximum has not been met)
Repay borrowed BIM
Remove collateral (based on the user current debt level/collateral ratio)
My Open Position
On the right, you will see a frame called MY OPEN POSITION that contains dynamic information pertinent to this specific position. If you adjust your position, these numbers will adjust accordingly. Please note that every time you edit your position (add more collateral or borrow more BIM ) these numbers will adjust accordingly. The liquidation price stated here is the one that will decide when your total position gets liquidated or not.
The following will describe what each parameter details.
Collateral deposited - This is the amount of component tokens you have supplied to this position.
Collateral value - This is the total value in USD of all the components you have supplied to this position
BIM borrowed - This is the total value and quantity of MIM you have borrowed. The protocol always considers 1BIM to equal 1USD
Liquidation price - This is the price of the component at which your position will be flagged for liquidation.
BIM left to borrow - This is how many BIM you may still borrow before have reached your maximum allowance. To adjust this allowance you may either repay or add collateral.
1BIM = 1USD - This static number reminds the user that the protocol always considers 1BIM to equal 1USD.
1 xBOMB = 3.2571 BIM - This is current price of xBOMB. If this number equals the Liquidation price, you will be flagged for liquidation.
The MANA Bar
This bar gives the users a visual representation of the status of their current positions. Again, this bar is isolated and specific to the current component page opened.
Here are a few factors:
A full bar means it is very safe, and an empty bar means this position is flagged for liquidation.
If you supply collateral but don't borrow any BIM your bar will be full.
This number shows you how much your collateral price needs to fall for you to be flagged for liquidation
Other Frames
This window simply displays the balances of these tokens in your currently connected wallet.
This window displays the static parameters of this collateral type. These numbers will remain constants unless governance elects to modify them.
Maximum collateral ratio - Maximum collateral ratio represents the maximum amount of debt a user can borrow with a selected collateral token.
Liquidation fee - This is the discount a liquidator gets when buying collateral flagged for liquidation.
Borrow fee -This fee is added to your debt every time you borrow BIM . As an example, if you borrow 1000 BIM your debt will be increased to 1005 BIM but you will actually receive 1000 BIM . These 5 BIM will be distributed to the bomb.money protocol wallet.
Interest - This is the annualized percent that your debt will increase each year. The interest fee is later distributed to the bomb.money protocol wallet.
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