After your stTokens [stAssets] have been transferred to Umee, they can be supplied on the Umee money market to earn lending yield and be used as collateral for cross chain borrowing. On the Umee app, you can see a list of featured markets for different assets.
- First you need to make sure you have stAssets in your wallet on the Stride network. Quite often they are still on the Osmosis network on the DEX. Therefore, withdraw them back to your wallet. And you need some native Umee tokens to pay the fees (0.5 Umee will be more than enough)
You should go here (https://app.osmosis.zone/assets), find your stAssets, and then hit “Withdraw” Umee tokens can be purchased there as well.
- On the Umee Dashboard https://app.umee.cc/#/dashboard/ you will see a list of available assets to supply or borrow. Find the stAsset you wish to borrow against and select “Transfer.” Send your stATOM from the Stride chain to the Umee chain by entering the amount you wish to send, selecting “Transfer,” and approving the transaction in your wallet.
- Select stATOM from the chart on the Umee market. You will see the Supply and Borrow charts along with market details discussing the stAsset’s key metrics. You will need a positive wallet balance in order to supply stATOM (your balance should be positive after Step 1).
Select “Supply.” Enter the amount of stATOM you wish to supply on Umee, then approve the transaction in your wallet.
- After supplying stATOM as collateral, you are now able to borrow assets on the Umee market. to borrow against your stATOM, select the asset you wish to borrow and hit “Borrow.” In this case, we will also use stATOM to borrow.
- Enter the amount that you wish to borrow against. When doing this, be sure to monitor your borrow position, supply position, and your borrow limit used. Select “Borrow” and approve the transaction in your wallet.
- You should now see stATOM in the “Supply” and “Borrow” sections on the Umee Dashboard, meaning you have both supplied stATOM as collateral and are simultaneously borrowing against it as per the outstanding balance shown on the right.
NOTE: Be aware of your borrow limit. Your borrow limit is directly related to how much collateral you have supplied. In this case, since the borrow limit is almost reached, because the borrowed amount is approaching the amount of collateral supplied.
Updated about 1 month ago