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Hi @monad_xyz , hi @the10kSquad , and all Monad Ecosystem researchers🧑💻
There have already been a million posts about what you can do in Monad, but what about #MonadDeFi ?
I've spent some time in Monad and here's what I found for you my whales 🐳
First of all you should realize that this action is more suitable for those who have a lot of MON tokens, but it is also suitable for those who have MON lying around for nothing, so let's get started
For interaction we need @nostrafinance , @Bean_DEX , @kinzafinance , @MagmaStaking
Links:
https://t.co/cBuOngiMXV
https://t.co/5CA7YLw0eH
https://t.co/suUZ2Qz1zS
https://t.co/GKyA1S3dL0
instruction⬇️
1) MON wrapped WMON on the @Bean_DEX ;
2) We go to @nostrafinance and put WMON tokens into the lending;
3) Borrow WBTC;
Great, let's summarize: we put WMON at +70% and took WBTC at -0.3% is not a miracle? But we don't stop there.
Let's move on to @kinzafinance
1) Lend our WBTC at 91%;
2) Borrow gMON token and make unstake in @MagmaStaking ;
3) We get MON tokens in our hands and we can do our chain again.
In total we have
Lend - WBTC (+91%); WMON (+70%);
Borrow - WBTC (-0.3%); gMON (-13%); In the gMON token we took into account the percentage of increase of gMON token relative to MON due to steaking
To increase the percentages we can do several rounds of these actions and get >300% on WBTC and >200% on MON🐳
When working with lending protocols, make sure that the Health factor is around 3 for your peace of mind and security❗️❗️❗️
#MonadTestnet #monadart