Agora+ Walkthrough

Borrow Against Auto-Compounding LPs on Metis Blockchain

4 min readJan 31, 2022

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Our newest feature on the Agora Money Market is a new instance to stake LP tokens as collateral and borrow against them. Introducing Agora+!

Not only that, these LPs will be auto-compounded first—meaning your LP position is growing whilst it’s being staked as collateral to borrow other assets!

You can avoid selling your hodlings, earn more with less work, and get more assets… all in one fell swoop!

Continue reading for: Walkthrough, Liquidity Mining, and Join Agora.
This concludes the TL;DR. See related FULL ARTICLE here.

WALKTHROUGH

{I} Supply Assets to Liquidity Pool

Add liquidity at Netswap, or other partners.
For walkthrough purposes, we will demonstrate with Netswap’s USDC USDT LP.

If you’re lost or want to see your options, start at OCP’s OmniSteaks instead:
Explore the assets, figure out where to buy the tokens you need, and find their corresponding pools directly from the OCP platform.
You can navigate the OCP interface as follows:

{I.} Buy Token Link, {II.} Add Liquidity Link, {III.} Corresponding Token Quantity in Wallet, {IV.} LP Tokens Deposited. {V.} Auto-compounding APY

{II} Take LP Tokens to OCP’s Auto-Compounding Platform

OCP OmniSteaks — Metis Chain ← Click Here
Find your LP.
Click the box to expand the menu.

Click the corresponding box to expand the auto-compounding menu.

{III} Stake Assets — Receive “Puff Tokens”

Approve, then confirm in your wallet.
Enter quantity or “Deposit All,” then confirm in your wallet.

First…

Then…

Auto-compounding is now active!
The LP is now adding more m.USDT-m.USDC LP every 24 hours.
But… what is a Puff Token? See below.

Always read the fine print! Note: Agora is no stranger ;-)

Upon staking, you receive a Puff Token receipt that allows you to later unstake and claim the underlying LP that’s being auto-compounded. As noted in the above image, please exercise caution.

Note: Puff Tokens may not be immediately visible in your wallet.

{IV} Take Puff Token to Agora+

Agora+ ← Click Here
Find your Puff Token Asset.
Click to open the staking menu.
Enable, then confirm in your wallet.

Select your asset. Click to open the Menu. Enable. Confirm in wallet.

{V} Stake Collateral

Enter quantity, then confirm in your wallet.

Use the “%” or “MAX” buttons to add set quantities!

Use Agora+ to borrow against these assets. For example, you could borrow $USDC (at a relatively low interest rate) to by $NETT tokens and then stake them for a higher APY than you’re borrowing! That’s step VI!

{VI} Borrow

Find the asset you would like to borrow.
Click to open the staking menu.
Enable, then confirm in your wallet.

Borrow assets after you’ve staked and enabled collateral.

Enter quantity.
Click “Submit,” then confirm in your wallet.

👼 Now YOU are earning trading fees, more underlying LP tokens, and borrowability at the same time.
Borrow low interest assets.
Buy and stake higher interest ones!
Divine!

{VII} DeFi Mindfulness

Be mindful of your borrowing limit!

The limit changes when your collateral changes in price (constantly.) If your limit breaches the 100% threshold due to market forces, you will be liquidated.