What is AMPLY (AMPLY)?
Amply Finance operates as a decentralized lending platform where users can lend and borrow cryptocurrencies. Users can supply assets and contribute their cryptocurrencies to our lending pools. In return, users receive interest paid by borrowers. Secondly, users can also borrow assets. If user has deposited crypto as collateral, they will be able to borrow other cryptocurrencies. The amount one can borrow depends on the risk level of the chosen collateral and the maximum loan-to-value (LTV) ratio.
How does AMPLY work?
Once you wish to close your position, one can repay their borrowed cryptocurrencies along with any accrued interest to close out the loan position. Lastly, if there no more outstanding loans, one can withdraw their deposited crypto assets from the lending pools at any time.