How can I start borrowing or leveraging using Reflexer?

Written by Nikola

Updated 3 months ago

If you’re interested in opening a Reflexer Safe or already have one that you would like to manage more efficiently, please feel free to check out our dashboard at: https://app.defisaver.com/reflexer.

To create a Reflexer Safe and borrow RAI, you will want to go to https://app.defisaver.com/reflexer/create and enter your wanted amount of ETH to deposit and RAI to borrow, like so:

Note: If this is your first time using Reflexer or DeFi Saver, you may be required to create a Smart Wallet (dsproxy) first, meaning there would be two transactions needed in total to create the Safe. You can read more about the Smart Wallet here.

Alternatively, if you want to use the Reflexer protocol to leverage (long) ETH, you can currently use the "Open a leveraged Reflexer Safe" recipe. The quick access panel will let you enter your wanted collateral and the debt amount, where all borrowed RAI will be used to buy more ETH. Proceeding to the recipe creator interface will let you check the steps and details before executing the transaction.

Keep in mind that just like with MakerDAO and DAI, there is a minimum amount of RAI you need to borrow to open a new Safe, too. The minimum is currently 700 RAI.

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