Guide: Transfero Stables Pool
Transfero is a blockchain finance solutions company that facilitates crypto trading, asset management, and payments to and from Fiat currencies. Transfero created a Brazilian Real stable coin — the BRZ token, as a part of its international payments solution in 2018. The Transfero Stables pool will be the first DeFi money market enabling users to borrow and collateralize a Brazilian Real stablecoin along with many other blue-chip assets.
Below is an infographic that covers the whole process, followed by a step-by-step breakdown of the same.
Users can get started with the Transfero Stables pool on BNB Chain in just a few clicks.
Connecting To Midas Capital
Step 1: Visit The Midas Capital Application
The Midas App comes with an intuitive dashboard featuring all available pools with vital details such as supported blockchains, total liquidity, TVL, and more. Currently, the platform has launched several pools across Polygon, BNB Chain, and Moonbeam. Users can seamlessly view all available pools and their details without requiring to connect any wallet.
Step 2: Connect Your Wallet
To participate in the Transfero Stables pool, users will have to connect a supported wallet to Midas. The platform currently supports Metamask, Rainbow, Coinbase Wallet, and WalletConnect, and the Midas UI makes it easy for users to log in seamlessly with a single click.
If you do not have a BNB Chain network in your wallet or are using a new wallet altogether, you can visit Chainlist, connect your wallet, and add Binance Smart Chain Mainnet to your Metamask account. This, of course, is valid for all chains that you may encounter at Midas or anywhere else.
Supplying Assets To The Pool
Step 1: Choose The Transfero Stables Pool on Polygon
The Midas dashboard displays all active pools on the platform. Select the Transfero Stables pool from the main menu to get started.
Step 2: Select The Asset You Wish To Supply
Once you arrive at the pool page, you can supply a variety of assets to the pool as collateral. Currently, the pool supports BRZ, BTC, ETH, MAI, BNB, and 2BRL as depositable assets. Once you have selected the asset you wish to deposit, click on it, then click Supply.
Step 3: Confirm The Transaction
Once you click Supply, you can enter the amount you wish to deposit in the pool and then confirm the transaction. Now you have added liquidity to the pool and can generate lending interest for supported assets, and if you have supplied enough assets, borrow against your collateral.
To enable users to make the most of their assets, Midas supports various LP tokens as collateral in the pool. Therefore users can access their liquidity even when their original capital is earning rewards elsewhere. Moreover, many of these LP tokens are then redeposited by Midas into supported yield-generating strategies for additional yield for users. This is possible through the ERC-4626 tokenized vault standard.
In the Transfero Stables pool on BNB Chain, users can deposit the 2brl LP token from Ellipsis Finance, which is then redeposited into the Beefy 2brl Vault for additional yield.
Borrowing Against Your Collateral
Users that have supplied enough liquidity in the pool can borrow assets against their collateral. Currently, the minimum amount that can be borrowed is $100 worth of assets.
The Transfero Stables pool currently supports BRZ, BTC, ETH, MAI, and BNB as borrowable assets. Choose the asset you wish to borrow, enter the required amount, and then click confirm.
The pool page also displays the borrow limit with respect to the deposits made in the pool, showcasing how much of your collateral LTV you are borrowing. We recommend users not borrow 100% of their borrow limit to avoid unintended liquidations. Furthermore, the more volatile the collateral, the less amount you should borrow to have some breathing room in case the price of the asset fluctuates severely. This will help avoid liquidations in minimal price movements.
Repaying The Borrowed Assets
To repay the borrowed assets, users can head to the pool and click on the asset they wish to replay. Once the asset menu opens, click on Repay, select the amount you wish to repay, or click on ‘MAX’ to clear your debt balance.
Once the amount is confirmed, click on confirm transaction. Note that you will have to pay a higher amount than borrowed due to the accrued interest.
Withdrawing The Supplied Liquidity
Once you wish to withdraw the assets you have supplied, you can head to the pool and click on the respective asset, then click withdraw. Select the amount you wish to withdraw, or click on ‘MAX’ to withdraw all of the available amount. Once you confirm the amount you want to withdraw, click on confirm transaction.
About Midas Capital
Midas Capital is bringing isolated and customizable money markets to EVM-compatible blockchains. Enabling users, DAOs, and protocols to create customized and isolated pools for lending and borrowing any asset, Midas is building a cross-chain ecosystem that democratizes money markets. Pool creators have the flexibility to modify pool parameters (interest rate curves, oracles, collateral factors, pool fee, etc.) according to their risk appetite. With isolated pools, Midas offers stellar features for large-scale institutions, protocols, and traditional investors.
