Gearbox Protocol
  • Overview
  • Link Tree & Dev Docs
  • What can you do with leverage 2.0?
  • Protocol overview
    • How it works
    • Credit Accounts
      • AllowedList: Integrations
        • OLD: V1 and V2
      • How to add new Contracts & Assets to AllowedList
    • Liquidations
      • Reserve Fund
    • Protocol Fees
    • Tech Paper
    • FAQ
    • History: DAO-First Launch
      • Birth at ETHGlobal MarketMake 2021
      • Kovan testing with DegenScore & lobsterdao
      • Credit Account Mining
      • Early Testers and Discord
  • Traders & farmers
    • Opening a Credit Account
    • Margin Trading: PURE
      • Boosted Long/Short or "Free Leverage"
    • Leverage Points & Restaking
    • Leverage Farming
      • One-Click Strategies
      • Leveraged liquid staking
      • Leveraged stablecoin farming
      • Leveraged Curve V2 and Convex
      • Leveraged vanilla yVaults
      • Arbitrage of correlated assets
    • Tips for leverage users
      • How to avoid liquidations
      • How to close a Credit Account
    • PRO: Leverage Bible
  • Passive Lending
    • Pools & APY
      • OLD: V1-V2 Pools
    • Dashboard: How to Earn
  • GOVERNANCE | DAO
    • Main DAO Governance
      • Guards [Multisigs]
      • Community Delegates
    • Quotas and Gauges
      • Dashboard: Gauge Voting
  • GEAR Token
    • Supply Information
    • Utility & Staking
    • Legal Disclaimer
  • Security & Risks
    • Audits & Bug Bounty
    • Risks and T&C
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  • Option 1: Swap all assets to the underlying and repay the debt
  • Option 2: Close a Credit Account by repaying the debt and keeping assets
  • Option 3: keep a 0-debt Credit Account

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  1. Traders & farmers
  2. Tips for leverage users

How to close a Credit Account

Closing your account and avoiding liquidations.

PreviousHow to avoid liquidationsNextPRO: Leverage Bible

Last updated 1 year ago

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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.

Option 1: Swap all assets to the underlying and repay the debt

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.

Option 2: Close a Credit Account by repaying the debt and keeping assets

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.

Option 3: keep a 0-debt Credit Account

This might be the best one, keep reading!

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:

Did you find a bug with the interface, something didn't work as you think it should have, or you have a suggestion on how to improve the user experience? on Discord!

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