Burrow is a decentralized, non-custodial, pool-based interest rates platform built on the NEAR blockchain. It allows users to supply assets to earn interest and borrow against them to unlock liquidity, similar to protocols like Aave and Compound. Burrow focuses on unlocking liquidity for interest-bearing assets, particularly layer 1 staking derivatives such as stNEAR.
Is Burrow Finance a secure platform?
Burrow's smart contracts are written in Rust and run natively on the NEAR blockchain, which enhances security. The platform has undergone security audits and offers bug bounties of up to 250,000 for identifying vulnerabilities. Additionally, Burrow implements risk management features such as over-collateralization and liquidation mechanisms to protect users' assets.
How to use Burrow Finance?
To use Burrow, users need to connect their wallet to the platform and select the desired action, such as supplying assets or borrowing. Users can supply assets to earn interest, designate them as collateral, and borrow against them while maintaining a healthy collateral ratio. The platform also offers a staking program for its native BRRR token, allowing users to earn additional rewards.
What service does Burrow Finance offer?
Burrow offers lending and borrowing services for various crypto assets, including staking derivatives. It provides a staking program for its native BRRR token, which allows users to earn boosted rewards. Additionally, Burrow supports leveraged positions, self-repaying loans, and is working on implementing cross-chain functionalities through Chain Abstraction.
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