Switch and Repay in Blend

Introduction

In Blend you have the ability to switch your deposited assets, even the ones being used as collateral, to another asset. Blend also allows you to repay your debt/loans with your deposited collateral. More information can be found below.

How do I switch my deposited asset?

In order to switch your assets you just need to go to the Switch section and follow these steps: - Select the asset you want to switch and the amount in the left side (From). - Select the asset you want to switch to in the right side (From) - Make sure to check the switch rate and check the slippage. You can edit it based on your preferences. Depending on the slippage, the expected rate might differ and the transaction might even fail if you set it too low. After this click on Continue. - In the next step you will need to send the approval and submit the transaction. The approval transaction will only be required the 1st time you do this step, unless you revoke the approval. - Make sure to have enough BTC for the transaction cost. After sending both transactions your switch will be complete.

How do I repay with my collateral/deposits?

In order to repay with your assets you just need to go to the Dashboard and follow these steps: - Click on repay on the debt you want to repay. - Choose repay "With your current collateral" - Select the asset you want to repay and amount in the left side (Borrowed Asset). - Select the asset you want to use to repay to in the right side (Select Collateral) - Make sure to check the switch rate and check the slippage. You can edit it based on your preferences. Depending on the slippage, the expected might differ and the transaction might even fail if you set it too low. After this click on Continue. - In the next step you need to send the approval and submit the transaction. The approval transaction will only be required the 1st time you do this step, unless you revoke the approval. - Make sure to have enough BTC for the transaction cost. After sending both transactions your repayment will be done.