Withdrawing

This page walks you through how to withdraw a deposit on Silo. We use the withdrawal of USDC from the USDC Silo as an example.

Withdrawing unused collateral

In this example, the user has deposited USDC into the USDC Silo and has not used it to borrow ETH.

1. Navigate to 'Dashboard' to view open positions

Connect your wallet and click on the ‘Dashboard’ icon to view all your open deposit and borrow positions.

2. Click the 'Withdraw' button

The screen shows all your open deposit and borrow positions under each silo.

Click the ‘Withdraw’ button next to USDC.

3. Submit your withdrawal transaction

When you click on Withdraw, you are taken to the USDC Silo where you can withdraw your deposited USDC.

Type in the amount USDC you wish to withdraw and click the ‘Withdraw’ button.

Once your withdrawal is complete, you will receive a prompt saying ‘Transaction Successful’.

Withdrawing used collateral

In this walkthrough the user has deposited USDC and has used it as collateral to borrow ETH.

1. Navigate to 'Dashboard' to view open positions

Connect your wallet and click on the ‘Dashboard’ icon to view all your open deposit and borrow positions.

2. Click the 'Withdraw' button

3. Look at the effect of your withdrawal on your Health Factor

When you attempt to withdraw USDC that you have used to borrow ETH, your Health Factor will worsen.

The bar will update to show what your new Health Factor is if you proceed with withdrawing.

Keep in mind that if your Health Factor reaches 0%, your position will be signaled for liquidation, resulting in a significant loss of funds due to liquidation fees.

4. Submit your withdrawal transaction

If you are happy with the impact of the withdrawal amount on your Health Factor, click the withdrawal button. You will be required to pay a gas fee for your withdrawal.

Once your withdrawal is complete, you will receive a prompt saying ‘Transaction Successful’.

Your borrow position in the silo will now be updated for your new Health Factor.