How to close a Credit Account
Closing your account and avoiding liquidations.
Last updated
Closing your account and avoiding liquidations.
Last updated
Before you close a Credit Account, either while farming or margin trading, the protocol would want you to pay back what you owe. That is the loan you took and the interest accrued to it over the time.
The protocol will exchange all the non-underlying asset funds to the underlying asset on DEXes and repay your debt. You will receive the remaining funds to your personal wallet.
Choose the maximum size of the slippage that you will tolerate in the options page in the top right corner, and click Swap and get tokens button. If the price falls by more than the slippage while your trade is being confirmed, the trade will be reverted.
You repay the loan with your own funds. This means you have more funds on your personal wallet. After repayment is done, the assets which were on your Credit Account will be sent to your wallet. This option is possible only if your personal wallet balance in the denominated asset is at least of the amount required for repaying the debt.
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This option might be amazing if you expect any airdops to your Credit Account. For example, you farmed points. This feature helps you keep your Credit Account but remove assets from it and pay no more fees. You basically remain liquid with your capital but keep the Credit Account to yourself. See:
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