An A-Z Guide on how to use Alpaca Finance

Alpaca Finance is a lending protocol allowing leveraged yield farming on Binance Smart Chain. It helps users enjoy lending, farming, staking, and even more DeFi service on its platform with a diversified stable yield and leveraged position. 

This article will guide you through all DeFi services on Alpaca Finance step-by-step: lending, farming, staking to optimize profit!

Quick preparation to use Alpaca Finance

Download and install Coin98 Wallet

Mobile Wallet

Alpaca Finance is now available on the Coin98 Mobile Wallet for both iOS and Android users. Download here!

Extension Wallet

The Coin98 Extension Wallet is available on Google Chrome. Follow these steps below to install Coin98 Extension Wallet for Google Chrome:

Step 1: Open Coin98 Wallet Extension on Chrome Web Store.

Step 2: Click Add to Chrome.

Step 3: A pop-up notification is displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. This drop-down will show you Coin98 Extension Wallet is installed and enabled in Chrome.

Tip: Pin Coin98 Extension Wallet for easy access on the next visit.

Create a Binance Smart Chain Wallet (BNB BEP20)

As Alpaca is a Defi protocol on Binance Smart Chain, you need a BSC wallet (BNB & BEP20) to use this platform.

After installing or updating Coin98 Wallet, you can follow the instructions below to create a BSC wallet (BNB & BEP20), or import an existing wallet on other platforms into Coin98 Wallet. If you are already a Coin98 Wallet user, please re-import your multichain Wallet to automatically update your own Binance Smart Chain wallet (BNB & BEP20) as well as other new wallets available in the latest version.

To start using Alpaca Finance, please note that whenever you're using BNB, BUSD,... you have to transfer your assets to the BEP20 Wallet beforehand.

In case you accidentally transfer money to TRC20, ERC20 or SPL wallets, don't worry, Coin98 Wallet supports the Cross-Chain Bridge to convert your tokens to BEP20 standard natively. This is considered one of the innovative solutions offered by Coin98 Wallet that allows users to experience more of the DeFi world within one single application.

Note: Alpaca Finance requires BNB to pay for the gas fee. Therefore, you must have a proper amount of BNB.

How to lend on Alcapa Finance 

How to deposit your asset into Lending Pools on Alpaca Finance

First, you visit this link https://app.alpacafinance.org to experience a variety of lending opportunities. 

Next, click Connect to Wallet.

Coin98 Wallet has just integrated with Alpaca Finance as the official wallet on the platform; Therefore, you can connect with Alpaca Finance directly via Coin98 Wallet.  

Step 1: Choose Lend on the left side of the screen. 

Step 2: Choose the lending pool you want to lend to. 

There are various available lending pool offerings for you, such as ALPACA, BNB, BUSD, USDT, TUSD, BTCB, ETH. 

Step 3: Choose Deposit on the desired asset pool. In this section, I will take the BNB pool as an example.

Step 4: Enter the amount you want to deposit and click Confirm.

Step 5: Click Confirm again on a pop-up notification to accept the transaction. 

Note: When the transaction completes, you will receive ibBNB in your Wallet. 

How to withdraw from a lending pool on Alpaca Finance 

To withdraw your assets from Alpaca Finance vaults, follow the steps below:

Step 1: On the homepage, choose to Withdraw from the pool you have lent to. 

Step 2: Specify the amount you want to withdraw, and click Confirm. There will be a pop-up notification from Coin98 Extension Wallet, and please confirm again to complete the transaction. 

How to stake on Alpaca Finance 

Staking ibTokens 

You switch to the Stake tab for staking ibTokens. There are also lots of options provided to you. Nevertheless, you can stake ibtokens which you obtained from lending service. 

Here I will use ibBNB taken from the lending pool for the example.

Step 1: Choose ibBNB.

Step 2: Enter the amount of ibBNB you want to stake, then select Approve. 

Step 3: Confirm the transaction on the pop-up notification from Coin98 Extension Wallet. 

Step 4: Choose Stake and Confirm again on the pop-up notification. All done! 

After a period of staking, you can claim your staking reward at the same interface of staking. 

Staking on Graze 

If you lend ALPACA, you can get ibALPACA to earn rewards on Graze. Besides staking opportunities, you can use your ibALPACA to earn rewards on Graze. 

Staking on Graze is similar to the standard staking steps above; you can follow it to do so by yourself.

After a period of staking, you can claim your staking reward at the same interface of staking. 

How to farm on Alpaca Finance 

Alpaca Finance allows users to open leveraged yield farming positions on PancakeSwap and WaultSwap pools. To open a leveraged yield farming position, please follow these steps below:

Step 1: Choose Farm on the left side of the screen. 

Step 2: There are many supported pools with a diversified range of APY. Please select a farming pool, and click Farm.

Currently, there are over 50 active pools that users can experience and earn yield. For the farming section, I will take the CAKE farming pool as an illustration.

Step 3: Fill in some information: 

• The amount you would like to farm.
• The desired leverage, max with 2.5x. In this case, I scale the leverage down to 1x. 
• The asset you want to borrow.

Step 4: Check the information on the box, then choose Approve. 

Step 5: Confirm on the pop-up notification to open a leveraged yield farming position. 

 Once the transaction has gone through, you'll see your farming position in the "Your Positions". You can adjust your position or close your farming position anytime. Let me show you how.

Adjust a Leveraged Yield Farming Position

Click Adjust Position, and modify the required parameters. You can add collaterals to decrease your leverage or tick the “Borrow More?” box to reduce your leverage. Next, select Adjust Position to finish. 

Close a leveraged yield farming on Alpaca Finance 

You can close your farming position fully or partially. Here is the detailed instruction for each:

To close the entire position:

Step 1: Select Close Your Entire Position in the top-left drop-down menu,

Step 2: You can choose either minimize trading or convert to BNB (The converted token is based on the token you used as collateral). 

Step 3: Review the relevant information, and click Close Position to execute the transaction. 

To close a partial position:

In addition, you can close your position up to a specific part by sliding the bar to modify the percentage you want to close. To finish, click Close Position. 

How to use Alpaca Finance on Coin98 Mobile Wallet 

After logging in, to access Alpaca Finance, click Browser and choose Alpaca Finance at the Stake & Farm category. 

On the Alpaca Finance interface, select Connect to Wallet, then click to Coin98 Wallet. All done! 

Now you can experience lending, staking, and farming on Alpaca Finance with the same steps by connecting Alpaca Finance via Coin98 Extension Wallet. 

Tips: You can change any wallets on the list with just a click. 

Closing thoughts

Hopefully, this article has been helpful in explaining and assisting you to use many DeFi services on Alpaca Finance. 

If you have any questions or problems, leave a comment below or join the Coin98 Wallet Chat - Global to get assisted.

See you in the next articles!