Deposit funds on BY
Products > Best Yield > Guides > Deposit
Last updated
Products > Best Yield > Guides > Deposit
Last updated
This tutorial will guide users in the process of depositing new funds in Idle through Best Yield strategies on the Ethereum mainnet.
To ensure a smooth onboarding on Idle, the user should meet the following requirements:
Own a supported Ethereum wallet (Metamask, Coinbase wallet, WalletConnect, Ledger, Trezor)
Own tokenized assets (DAI, USDC, USDT, WETH, WBTC)
Own Ether (ETH) to cover network fees (i.e. gas)
From the idle.finance homepage click on Enter App.
Once in the dashboard, click on Connect Wallet, and then select the supported wallet type from the list. In this guide, we will use the Metamask browser wallet.
If the user has multiple addresses in his wallet, he should select the one he plans to use to make a deposit.
If the connection is successful, in the top left corner the user will see the connected wallet, as well as the IDLE balance.
Choose the Best Yield strategy in the topbar under Earn. There are different assets available (i.e. DAI, USDC, USDT) offering different APYs depending on supply and demand equilibria and the BY strategy chosen.
Next to each token listed, the user will see either a 🛡️ or a ⚡️symbol. These symbols describe the type of Best Yield strategy users will deposit in:
Senior Best Yield 🛡️
Junior Best Yield ⚡️
The user should click on the asset he wishes to deposit.
Insert the number of tokens in the right panel and click on deposit. The smart contract will automatically set the gas limit based on current data.
First-time users will be asked to approve the token spending on the contract before depositing. The spending allowance can be unlimited or exact. Users can then check their spending limits on third-party tools such as Revoke Cash.
Once the approval is confirmed, the user will be able to deposit the approved asset into the BY strategy of choice. He will now possess IdleYield tokens for the asset deposited.
By visiting the Dashboard page, the user will be able to see an overview and the performance of his deposit/s.
Please note that the gas limit should not be decreased to ensure that the transaction does not fail and it's executed promptly.
The OG BY currently offers DAI, USDC and WETH pools on Polygon. Users can select the token they would like to deposit/redeem and then follow the standard deposit process.
Users should:
Select the Polygon network in the Idle Dashboard (top-right corner).
Select the Polygon network on the (MetaMask) wallet.
Users will be able to deposit the number of tokens previously bridged from Ethereum to Polygon.
To cover gas fees on Polygon users will need to own $MATIC to execute the deposit.
Further dedicated Polygon guides can be found in the Guides section. Such as:
Need further help? Check further our guides list or get in contact on Discord.
