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As a leveraged yield farmer (borrower)
The staged launch of the Bigfoot platform sees two initial leveraged yield farming opportunities or pools. One that uses our Eleven.finance 11CAKE vault and one that uses our 11CAKEBNB vault. Using an example of the 11CAKE vault can help explain how to use the platform as a leveraged yield farmer.
First off, lets recap on how our vaults work, the 11CAKE vault is a single asset staking vault that optimises returns through compounding $CAKE rewards into more staked $CAKE. To enter this Vault a user would stake $CAKE on Pancakeswap, in exchange for an LP token. The the user would take this LP token to eleven.finance and stake it in the CAKE vault and receive 11CAKE in return. This strategy then compounds a users $CAKE rewards with their initial $CAKE staked amount, to optimise returns.
The Bigfoot platform will only allow entry to this pool through use of BNB or 11CAKE tokens. A prospective leveraged farmer would come to the platform and select 'Farm' on the 11CAKE pool on the ‘Dashboard’ .
Doing so opens the popup below. Here you can select your type and amount of collateral. In this case 11CAKE (which you would have made on the eleven.finance CAKE vault) or using BNB directly (the transaction will make up your LP's with the BNB you deposit).
Below this you have the option for the amount of leverage that you would like to use for this position. Keep in mind that these are assets you are borrowing, exposing you to a liquidation risk. Familiarisation with interest rates and managing your debt position is strongly advised prior to entering a leveraged position. Once you have done this, select confirm and confirm the transaction in your Web3 wallet, and congratulations you've entered a leveraged yield farming position.
Last modified 6mo ago
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