How can I start borrowing or leveraging using Reflexer?
If you’re interested in opening a new Safe or your perhaps already have one that you would like to manage more efficiently, you can do so using our Reflexer Dashboard.
To create a Reflexer Safe and borrow RAI, you will want to go to our dashboard and go to "Create". The next step would be entering your wanted amount of ETH to deposit as collateral and an amount of 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 Wallets here - LINK.
A more detailed Dashboard walkthrough is available in the article previous to this one.
Alternatively, if you want to use the Reflexer protocol to leverage (long) ETH, you can currently use the "Open a leveraged Reflexer Safe" recipe in our Recipe Creator Dashboard, located in the left menu. 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 every other protocol, there is a minimum amount of RAI you need to borrow to open a new Safe, too. The minimum is currently 2,663 RAI. This can change periodically.
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