Learn how to use Abracadabra.money to take out a loan denominated in $MIM (Magic Internet Money) against your interest-bearing $ETH position (yvcrvSTETH) in order to continue earning interest on your $ETH position and earn interest on what you've borrowed.
Here's how to do that:
Deposit your $ETH at Yearn.fi here: https://yearn.fi/invest/0xdCD90C7f632....
Yearn supplies your ETH or stETH to the liquidity pool on Curve. steCRV are staked in the gauge on curve.finance to earn $CRV and $LDO rewards. Rewards are swapped by Yearn for WETH and resupplied to the liquidity pool to obtain more steCRV. This is how Yearn auto-compounds your ETH for you.
Your yvcrvSTETH is then pledged as collateral here: https://abracadabra.money/pool/12. It continues to earn interest whilst it's pledged as collateral. This is known as a "Lombardi Loan": https://www.lombardodier.com/home/pri...
(You can also loop this yvcrvSTETH you've deposited by following these instructions: https://docs.abracadabra.money/intro/....)
Against your yvcrvSTETH, you're able to take out a $MIM loan. That's one way to get liquidity without selling your $ETH and triggering a taxable event.
You can then use that borrowed $MIM as liquidity here, https://curve.fi/mim, without staking in the gauge at Curve.
And then you stake your mimCrv tokens to earn $CVX on top of Curve’s native rewards here: https://www.convexfinance.com/stake
--
Join our DeFi Mentorship program so that you can get the support and skills you need to succeed: https://www.patreon.com/libertasbella
▶️ 3Speak
