Supplying

Supplying Funds to PhoLend

To initiate the process of earning interest on PhoLend, one must navigate to the "Supply" section accessible via the user interface. Select the desired asset from the list presented and proceed to click on the "Supply" button adjacent to it. Input the requisite amount for deposit and affirm the transaction. For first-time deposits of a specific asset, an additional transaction approval is necessitated to facilitate the funding process. Upon successful verification of the transaction, the user’s funds will be integrated into the protocol, commencing the accrual of interest.

Earnings on PhoLend

PhoLend affords its users several mechanisms through which they can generate earnings:

1. Interest from Loans: Depositors earn a portion of the interest payments made by borrowers. The rate of earnings is contingent upon the asset’s utilization rate within the platform.

2. Flash Loan Fees: Depositors also benefit from a fraction (0.09%) of the fees accrued from Flash Loans. The rate of earnings for each type of asset is subject to variability and can be tracked via the platform, which provides a display of the average rate over a preceding thirty-day period to facilitate monitoring of rate changes.

Considerations for Supply Amounts

PhoLend does not impose a minimum requirement on the amount one can supply; however, potential suppliers should be cognizant of transaction fees, which may negate the benefits of earnings from exceedingly diminutive deposits. It is prudent for users to deposit amounts that are economically viable after considering these transactional expenses.

Withdrawing Funds

To extract funds from PhoLend, users should access the "Dashboard" and select the “Withdraw” option. This function allows users to specify the quantum of funds they wish to disengage. Alternatively, pTokens held by the users may be utilized directly for transactions within the platform without necessitating a formal withdrawal, contingent upon the availability of sufficient unencumbered liquidity. Users are advised to ensure the availability of the required liquidity, not presently engaged as borrowed funds, to circumvent potential delays in withdrawal.

Managing Collateral Settings

Subsequent to the supply of an asset, users are endowed with the capability to deactivate its utilization as collateral. This adjustment can be made within the "Supply" section of the dashboard by deactivating the "use as collateral" option for the particular asset. This modification permits the withdrawal of funds at any moment, provided it does not impinge upon any existing loans.