Defi on NEAR: How to Deposit and Borrow on Near Blockchain with Burrow cash

How to Deposit and Borrow on Near Blockchain via Burrow.cash Burrow is a decentralized, non-custodial pool-based interest rates platform that enables users to supply assets to earn interest, and to borrow against them to unlock liquidity. Burrow is similar in nature to Aave, Compound, and other pool-based protocols. Burrow runs natively on the NEAR blockchain, a layer 1, proof-of-stake, sharded blockchain with a WebAssembly runtime. The Burrow protocol's smart contracts are written in Rust. Burrow aims to unlock liquidity for interest-bearing assets, particularly layer 1 staking derivatives such as stNEAR and stETH. Users of Burrow will be able to deposit stNEAR as collateral, then borrow more NEAR to create a leveraged staking position, or borrow a stablecoin to create a self-repaying position.

If the health factor is higher than 100%, it means the account is in a good state and can't be liquidated. Burrow contract uses a compounding interest model similar to Aave. Burrow is governed by the Burrow DAO, which operates using the SputnikDAO/AstroDAO framework. Sputnik is very flexible, enabling DAOs to create various roles with encoded responsibilities, and to execute any transactions supported by the NEAR blockchain.

Where to Buy Near tokens Thirdly, here is how to Buy Near tokens from Bitcoin you bough from Strike App or Robinhood. You might ask why do I go into this much trouble to buy Bitcoin first, it is because of fee from Coinbase and Binance is too much for little purchases for a little guy like myself. It eats to my little investment. Send your Bitcoins you bought without fees from Strike App or Robinhood Wallet to Exchange like CoinEx. I will provide links below. Trade Bitcoin into Near. Withdraw your Near into a NarWallets V3. In Coin, Near withdrawal fee is 0.02 NEAR that is $0.33 in withdrawal fee.

Where to Bridge Near Tokens Fourthly, I will show you where to Bridge Near Tokens. If you have crypto in other Blockchain you want to bridge into Near chain, you can use AllBridge to bridge it in. Use AllBridge to bridge your ABR tokens from Avalanche, BNB, Celo, Ethereum, Fantom, Fuse, Harmony, Eco, Polygon, Solana, Terra into Near chain. I will provide a link below on how to Bridge tokens from Terra into Fantom using Allbridge Bridge. After you Bridge ABR, you can use Ref.Finance to swap bridged ABR tokens into any token you want to invest in Ref Finance.

Folding on Burrow As of shooting this video, on Burrow.cash the DAI, USDT, USDC deposit APY is 4.8%, 3.5%,2.5% respectively as well as withdrawal APY is 7.9%,6.7%,5.7% respectively. Due to the withdrawal APY is higher than the deposit withdrawal it is not profitable to do a folding of deposits. For those of you who do not know what is folding, folding is where you deposit some token and borrow at 95% collateral factor similar assets mostly stable coin at a lower interest rate. Keep doing this multiple times to increase your leverage while keep the interest rate arbitrage. Since your withdrawal interest rates are higher for stable coins compare to deposit interest rates it not advisable to do here unless you going to make some kind of a reward token that makes its very valuable. As of shooting this video Burrow token BRRR price is not known and so not advisable to invest large investment here. I would not do it.

Risk and Rewards I like the fact Near gas fees are pennies. I also like the fact I can earn 4.8% APY on DAI deposits. I can fold multiple times and leverage higher to get much higher effective APY on my initial investment. I just have to un fold it sometime in the future when I am approaching the margin limits which are close to 100% borrowing. Burrow Protocol is a new DEX and there is always risk of Smart contract exploits where all funds or partial of funds can be lost due to an exploits.

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Time Stamp: 00:00 Introduction Burrow Protocol 01:19 First Buy Bitcoin Without Fees from Strike App 02:19 Buying Bitcoin Without Fees from Robinhood Wallet 03:09 Where to Buy Near tokens 03:56 Where to Bridge Near Tokens 04:34 Folding on Burrow Protocol 05:39 Risk and Rewards in Burrow.cash Protocol

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