Depositing tokens into Hundred Finance's money markets
Hundred Finance provides multiple borrowing and lending markets for a variety of cryptocurrency assets. By depositing cryptocurrencies in the platform, users earn a variable interest rate on their deposits determined by the interaction of supply, demand and smart contract-set interest rate models. User deposits provide the pools of liquidity made available on the platform to borrowers, while also granting the ability to act as collateral. Users who have provided collateral assets are able to borrow tokens of their choice, but in doing so accrue interest that has to be repaid in order to release their total supplied balances.
How to Supply and Borrow on Hundred Finance
To supply a token to the platform, all a user needs do is:
- Select their chosen network using the Network button in the top-right of the UI
- Click on the asset market with which they wish to interact
- Approve the token in the Supply tab
- Choose the amount of the token to be supplied or press Max to deposit the wallet's entire balance of that token
- Press the Supply button to initiate to transaction and deposit the tokens
Approving and supplying a token
Reclaiming underlying assets after having supplied them to the protocol is a simple matter of visiting the Withdraw tab, inputting that amount able to be withdrawn and submitting a Withdraw transaction.
It is necessary to remember that due to supplied assets collateralizing borrows on the platform, fully withdrawing assets requires that a user has no borrowing positions.