Repaying Borrows

Users pay back their borrows with interest.

Video: How to repay assets on Algofi

How to repay borrows

After borrowing, a user is eventually expected to repay their borrow with interest. If a user doesn't repay their borrow, they are at risk of being liquidated if they accrue sufficient interest.
To repay, click the relevant asset in the "Borrowed" section.
YLDY asset in the "Borrowed" section
The repay modal appears after click an asset.
Repay modal for YLDY market
The user enters an amount less than or equal to their borrow balance and clicks "Repay" to initiate a transaction to be sent. "Your Borrowed" encompasses the initial amount the user borrowed as well as their accrued interest. Below, for a user using MyAlgo Wallet, the pop-up displays transactions that are being prepared to be signed and sent.
MyAlgo Repay Group Transaction
Press continue and enter your password to send the signed transaction to the blockchain. Algofi issues group transactions in order to keep the market fully synchronized and up to date. In this example we can see the transfer of 750000 units of YLDY (ASA ID #43994923 above) in the final transaction of the group.
Transfer of YLDY asset during repay

Platform changes after repay

After repaying to the protocol, a user will see their balances decrease by the amount repaid:
User YLDY balance decreases after repay
A user will also see their borrow in the "Borrowed" section decreased by the amount repaid:
YLDY borrow decreased by the amount repaid
Lastly, a user's borrowed amount will decreased, bringing their borrow utilization down:
Borrow utilization has decreased after repaying YLDY