Everything You’ll Need: Guided Steps on Lending, Borrowing, and Shorting on Avalanche

Beta Finance will be live on Avalanche on January 19, 2022 at 2 PM UTC!

WETH.e, WBTC.e, and AVAX money markets will be the first to be live on Avalanche for Beta Finance on Jan. 19 at 2 PM UTC. To prepare all users for the upcoming launch, we’ve included a how-to guides on the following topics below:

• Migrating from Ethereum to Avalanche
• Lending on Beta Finance’s Avalanche markets
• Borrowing and Shorting on Beta Finance’s Avalanche markets
• Managing your positions on Avalanche

Migrating from Ethereum to Avalanche

To begin using Beta Finance on Avalanche, simply connect your crypto wallet (MetaMask or WalletConnect) to Avalanche C-Chain to begin using Beta Finance on Avalanche.

If you haven’t added the Avalanche network to your wallet yet, here’s an example of how to do it with MetaMask.

Click “Add Network” under the Network drop-down menu and fill in the following information:

• Network Name: Avalanche Mainnet (C-Chain)
• New RPC URL: https://api.avax.network/ext/bc/C/rpc
• ChainID: 43114
• Symbol: AVAX
• Explorer: https://snowtrace.io

Next, there are three simple steps to transferring your assets to the Avalanche network from Ethereum through the official bridge:

1. Access the Avalanche Bridge and log in to your preferred wallet.
2. Select the token and amount to be bridged. Switch networks so that it is “From Ethereum.”
3. Click “Transfer”.

You have just bridged your assets to Avalanche! Users can now use these assets on Beta Finance to initiate borrow, lend, and short positions on the Avalanche network.

Other protocols like Synapse and Anyswap also provide ways to bridge some tokens to Avalanche from other EVM networks (e.g. BSC, Fantom, Polygon).

Lending on Avalanche

Users will be able to enjoy greater capital efficiency on their existing assets by depositing them on any Beta Finance money market on Avalanche and earning additional yield from the lending interest rate and liquidity mining rewards.

There are three simple steps to lending on Beta Finance’s Avalanche markets:

1. Select the “Deposit” button under any existing money market.
2. Enter the amount of the token you wish to deposit for lending.
3. Approve the token for deposit if needed, and click “Deposit” button to initiate lending position.

Borrowing on Avalanche

Users can use DAI.e, USDC.e, USDT.e, WETH.e and AVAX as supported collateral for borrowing without needing to lend first.

There are three steps to borrowing assets from Beta Finance’s Avalanche markets:

1. Select the “Borrow” button under any existing money market.
2. Enter amount of collateral to use and the amount to borrow.
3. Approve collateral if needed, and click the “Borrow” button to initiate the borrow position.

Short Selling on Avalanche

Users can use DAI.e, USDC.e, USDT.e, WETH.e and AVAX as supported collateral for shorting without needing to lend first.

Beta Finance’s “1-Click Short” feature has simplified shorting to three easy steps:

1. Select the “Short” button under any existing money market.
2. Enter the amount of collateral to be used and the amount of token to be shorted.
3. Approve collateral if needed, and click the “Short” button to initiate the short position.

Shorting on Avalanche will leverage liquidity from Trader Joe and Pangolin DEXs and Beta Finance will calculate the best DEX to swap through by default.

Managing Your Positions

Users can select the “My Positions” tab at the top of the navigation to view a dashboard that enables them to easily manage their positions.

Borrowers and short sellers can add additional collateral to an existing position by following two simple steps:

1. Select the position you want to add more collateral to and select “Refill”
2. Enter the amount of collateral you would like to add and click “Refill.”

Users can repay their debt using either the collateral or borrowed/shorted token:

• For users who choose to “Repay with Collateral,” Beta Finance will automatically use the collateral associated with the position to repay your debt.
• Or repay directly with the borrowed/shorted token.

Closing Notes

We’re kicking off our Avalanche launch with WETH.e, WBTC.e, and AVAX markets, but we won’t be stopping there. We believe all tokens, including the long tail of volatile assets, need to have a market on Beta Finance. With this goal in mind, we will be working towards supporting the creation of money markets for newly developed and more volatile AVAX projects.

Stay tuned for upcoming blog posts where we’ll discuss more on-chain trading and hedging strategies that will introduce new opportunities to boost user utility and capital efficiency in the Avalanche ecosystem.

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We are hiring!

Beta Finance is looking to expand our team and is actively hiring. If you are passionate about DeFi and excited to build the next generation of infrastructure for DeFi, we’d love the chance to learn more about you! Please see our job opportunities here.