Earn yield
You can earn yield by depositing BYC in a savings vault on the Earn page. The prevailing yield expressed as an annual percentage yield (APY) is shown near the top right of the page.
There are two ways of getting hold of Bytecash:
Borrow BYC directly from the protocol on the Borrow page.1
Buy BYC on the open market, for example on Dexie.
Deposit Bytecash
To start earning yield, click on Deposit, enter the desired amount of BYC and a fee in mojos per unit of costs, and click Deposit.
In your wallet, confirm the message you are asked to sign. Wait a couple of minutes for the transaction to get confirmed by the network.
On the website, you will see your new savings balance. To the right, you can see the amount of interest that has accrued on your balance.
Withdraw Bytecash
If you would like to withdraw BYC from a savings vault, click on Withdraw, enter the desired amount and a transaction fee, and click Withdraw.
Note that accrued interest will automatically be added to your balance with each deposit and withdrawal. You are always able to withdraw the savings balance instantly. Withdrawing interest instantly is only possible if there is a sufficient amount of BYC in the Protocol Treasury. Otherwise one needs to wait for a keeper to refill the Treasury.
- Depositing borrowed BYC in a savings vault is fine on testnet where economics don't matter, but on mainnet this will generally be unprofitable as the borrow APR is greater than the savings APY.↩