Which assets does BenFi support for deposit and borrowing?
Currently:
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Deposits: BUSD only.
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Borrowing: BTC as collateral to borrow BUSD. We plan to support additional assets in the future; please stay tuned for official announcements.
What are the fees for using BenFi?
BenFi's fee structure is straightforward and transparent, primarily including the following components:
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Protocol Revenue: BenFi's primary revenue source is the spread between borrowing and lending interest rates. The protocol retains a small portion of this spread to fund its ongoing operations and development. The annual percentage yield APY displayed to you when you supply or borrow already accounts for this.
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Network Gas Fees: When you interact with BenFi smart contracts, such as deposit, repayment, or withdrawal, you will need to pay gas fees to the BFC blockchain network. These are standard network fees and are not charged by BenFi.
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Liquidation-Related Costs: In a special circumstance, such as a liquidation event, all of your collateral will be taken over and liquidated by the protocol. The proceeds will first be used to repay your entire debt (principal and interest). Any surplus funds remaining will be deposited into the platform's "Liquidation Reserve Pool."