How to avoid liquidation

We highly recommend that you keep an eye on your "Open position", so you can add collateral or repay BIM, to avoid liquidation.

Adding Collateral

One method to avoid liquidation is to add more collateral to your position, xBOMB.

To do this, if you haven't already, purchase BOMB and then convert to xBOMB so you are holding the correct yield bearing asset.

Once you are holding xBOMB, head over to the bim.money xBOMB pool and add your collateral. To borrow zero BIM do not enter anything in the "BORROW BIM" section.

Another viable strategy is to follow the above steps and then borrow a small percentage of BIM, for example 25%. If you previously borrowed more than 25%, this will decrease your liquidation price to a more comfortable level.

Repaying BIM

The other method to avoid liquidation is to simply repay some/all of your BIM.

A guide for which can be found here.

Once you have repaid your BIM, your liquidation price will become lower, making your position safer.

What happens if you do get liquidated?

An in depth guide for liquidations can be found here. In short, you lose the collateral you supplied however you keep the BIM you borrowed and you also no longer have to pay off your debt.