Take a Self-Repaying Loan
Now you’ve made a deposit into Alchemix. Your deposit will automatically start earning yield. You can choose to borrow against it or you can leave it to work earning credit.
We’re going to borrow against our deposit. The amount you can borrow depends on the value of the tokens you have deposited.
You can see how much you have available to borrow by clicking the Vaults page, and looking at the 'Available Credit' amount.
If you have positions across several vaults, you can use the filters to see individual credit available on each vault.
Total deposit is the total amount of collateral you have deposited into Alchemix. This may be across one, or multiple vaults depending on how many you have set up. Debt is the total amount you have borrowed against your deposited collateral. Interest shows how much you’ve earned which adds to the amount of available credit you have access to. The difference between interest and debt is that interest taken as credit will not need to be repaid.
The debt limit indicates the total amount you’ll be able to borrow. Debt will need to be repaid either automatically over time, or sooner by manual repayment using the repay function.
The amount you can borrow against your deposit depends on the collateralization ratio of the tokens you deposited. You can borrow anything up to the total amount of debt your assets allow.
On this page you’ll see more detail about how much debt you’ve currently taken and what the debt limits are per vault.
To take your first self-repaying loan, click the ‘borrow’ button at the top of the page.
The borrow dialogue will open up allowing you to specify which alAssets you have access to borrow. In our case we’ve only deposited WETH so we only have access to borrow alETH.
The Borrow modal
For our users convenience we’ve added the ability to transfer the proceeds of the loan to another wallet address. To do this simply flick the toggle and input the recipient's address.
Type in the amount you'd like to borrow, or click the 'Max' button to borrow the maximum amount possible. When you’re happy with your loan request click borrow to initiate the transaction.
Follow the prompts in your wallet to authorise the transaction.
Once you’ve completed the borrow, you'll see your balance update in the wallet, unless you sent your proceeds to another address.
Now you’ll be able to see that your debt has increased at the top of the Vaults page.
Now you have your alAssets, you can find out the most efficient ways to use them at https://alchemix-stats.com/earn
You can also swap them using one of the suggested links at the top of our swap page - https://alchemix.fi/swap, manually using https://curve.fi, or using any other supported DEX.
Next let’s look at how to repay your loan.