Access Alkemi on Ledger Vault

This section is for Operators only.

Overview

This section describes how to lend crypto and earn rewards in Ledger Vault via Alkemi. Alkemi is a lending protocol on Ethereum similar to Compound. You can lend and borrow Ethereum assets like ETH, USDC and wrapped Bitcoin (wBTC) to earn yield paid in ALK tokens.

You can learn more about lending crypto assets with Alkemi here.

Alkemi

Before you begin

You need to be Creator on at least one smart contract governance rule to have access to the Vault DApps. If not, reach out to your Administrators to request it.

Can I lend other assets?

  • Yes, besides ETH, Alkemi will also let you lend USDT, USDC and wBTC.
  • The steps to lend those assets are the same as for lending ETH.
  • All lending transactions are conducted on the Ethereum network so make sure to have some ETH in your Ethereum account to pay for fees.
  • Ethereum transactions can be expensive, this website will let you know when fees are cheap.

Step-by-step guide

  1. In your Ledger Vault workspace, click on the DApps section in the sidebar.
  2. Select the Alkemi DApp.
  3. At the top-left corner, select the Ethereum account you want to use.
  4. Select the Ξ icon to open the menu then select Lend .
  5. Navigate to the Lend Markets section, and select ETH > Deposit .
  6. Choose the Amount then click Deposit . Ledger Vault will now help you sign the deposit transaction with your Personal Security Device.
  7. Review your transaction on the Confirmation modal. Note that you can go back to previous steps up to the Fees selection, should you want to adjust the speed or add a Title & Note. Once you have reviewed your transaction details, click Confirm .
  8. Review the transaction on your PSD and click on Confirm if it matches your intent.

How to claim ALK rewards

  1. In the Alkemi dashboard, select your ALK balance.
  2. Select Claim ALK.
  3. Review your transaction on the Confirmation modal. Note that you can go back to previous steps up to the Fees selection, should you want to adjust the speed or add a Title & Note. Once you have reviewed your transaction details, click Confirm .
  4. Review the transaction on your PSD and click on Confirm if it matches your intent.

Why are my rewards paid in ALK tokens?

The Alkemi protocol is designed to pay all rewards in ALK tokens and not in the same deposited crypto asset. You can learn more about ALK here.

See also