Deposit Assets
Learn how to deposit assets as collateral and to earn interest.
In order to borrow other assets than Dai, you must first deposit assets as collateral such as ETH or WBTC. Deposited assets can be borrowed by other users and therefore earns interest. You can also simply deposit assets without borrowing, to earn interest.
To deposit assets into Spark, navigate to the Dashboard page.
Scroll down to the the Deposit section which shows the following information:
Assets: The different assets that can be deposited into Spark
In Wallet: Amount of the specific asset in your wallet, and its value in USD.
Deposit: Amount of the asset you have deposited into Spark.
APY: The current annual percentage yield. Deposited assets can be borrowed by other users, and therefore earns yield.
You deposit assets by clicking on the Deposit button for the corresponding asset, which will open the Deposit window.
The Deposit window will display:
Amount: Here you specify the amount of the specific asset you wish to deposit.
Transaction overview: Shows the supply APY for the asset and whether the asset is enabled as collateral.
Actions: An overview of the necessary transactions you must do to create the deposit.
Once you deposit assets, the position will be updated, which is reflected in the Health Factor and overview in Your position.
You receive spTokens in return which reflect your deposit in Spark. You need these tokens to withdraw your assets from the protocol, so keep them in your wallet.
If you wish to deposit more assets, for example to increase the of your borrow position, you simply repeat this process.
You can use the Collateral toggle to enable or disable an asset as collateral for your borrow position. Disabling an already supplied asset as collateral will impact the Health Factor of your position, as the asset will no longer count towards the collateral value and loan to value.
For more information on the deposit mechanics, see the SparkLend supply documentation.
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