Make your Backd liquidity reactive with customizable actions
Registering LP Tokens
After providing liquidity users can register their LP tokens to an action. Backd actions require user parameterization. Meaning, users must decide how much of their Backd liquidity to allocate per each action, as well as action specific parameters. Once an action position is created it will remain open until the action(s) are filled or the user closes their position. Users can close their action position(s) at anytime.
Click here for more details on how Backd actions work
The Backd protocol protects users' loans from liquidation by executing automated collateral top ups. Creating a top-up position requires entering the following parameters:
Single Top Up
Max Top Up
The lending & borrowing protocol on which the user is borrowing funds (currently compatible with Aave and Compound)
The address of the owner of the position to top up (e.g. if Alice is the borrower on Aave that should be topped up then this would be Alice’s address).
The health factor threshold a collateral top up should occur at
Amount of a single top up increment (e.g. top up increments of 2,500 DAI)
Maximum top up amount (value of your liquidity allocated for top ups)
Once registered there is nothing else you need to do. Your liquidity will continue to earn yield and rewards while protecting your loan(s) from liquidation!
Top ups will continue to occur until one of the following criteria is met: