This page walks you through how to deposit a token on Silo. We will deposit USDC into the USDC Silo as an example.
When you click ‘Enter App’ on the Silo Finance website, you will automatically be taken to the ‘Markets’ page. This will show all currently available markets.
In the top right hand corner you will see a 'Connect Wallet' button.
Click this button and follow the prompts to connect your wallet of choice.
Clicking on a silo will automatically take you to the deposit page.
The top left box allows you to deposit USDC or the Bridge Asset(s) (in this case, ETH) and will show your total balance available to deposit.
Clicking the ‘USDC’ button will open a dropdown menu that allows you to deposit ETH instead.
The bottom left asset cards show the silo’s deposit information which will be separated into USDC and ETH. Of note, it showcases the total borrowed amount, amount left to borrow, utilization rate as well as Deposit and Borrow APY for each asset in the silo.
The card on the right shows any open deposit positions. Since no deposits have been made, no positions are currently shown.
To begin depositing USDC, you will need to click “Allow Silo to use your USDC”. This will require you to sign an approval in your wallet which will require a one time gas payment.
You will receive this update when approval is successful.
Enter your desired USDC amount, click deposit, and sign the transaction in your wallet. Once the deposit is completed, your position will show in the ‘Open Deposits’ section in the top right hand card of the application.
Note the deposit APY for USDC in your open position is the same as the deposit APY for USDC in the USDC Silo, shown in the bottom left asset card.