Warp v2 Beta Explainer Script

Warp Finance
6 min readAug 10, 2022

Hello, $WARP community!

The last few days have been exciting for us as well as the community — Warp v2 Beta is finally here! We released an in-depth explainer video, running through the Warp v2 Beta platform. We also conducted an AMA session to dive further into the Warp v2 Beta platform and its intricacies, outline our vision for the full-featured Warp v2 launch, and answer questions posed by the community.

For those who missed out on this Alpha knowledge, we have attached links below:

  1. Warp v2 Beta Platform Run-Through: https://youtu.be/XpqRTL59A8k
  2. Warp v2 Beta Platform Run-Through AMA: https://twitter.com/i/spaces/1vOGwyrQwgLxB

P.S: Do subscribe to our YouTube channel while you are at it 😜

We are exploring new avenues of marketing and outreach and will pick things up a notch as we are now heading into full-featured Warp v2 development and launch. If you have any troubles/queries regarding the platform, feel free to reach out to us on Discord or Telegram.

Now, coming to what the community has been waiting for — the transcription of the above-mentioned explainer video! We have transcribed the explainer video along with screenshots to guide you through the Warp v2 Beta platform. We hope this makes your life (even) easier!


Hey everyone, Bam here, I want to thank the Warp community for all the continued support. I am here to announce that Warp v2 Beta is finally ready for launch. What I hope to do here is walk you through everything we have ready. Starting from the “Markets Overview” page, you can see the amount “Borrowed”, the “Total” amount, “Average borrow APR”, “Total collateral”, etc. If you scroll down a little bit, you will find the “Markets” page, which includes the lending pairs we will deploy. At this stage, it is just the ePyvUSDC/USDC pair for which there is a lot of information. For instance, the “Collateral” currently in place, “APR”, “APY”, “Borrower ratio”, “Max borrow limit” — for which at this stage there is an LTV of 83.3% or in other words, a collateral factor of 120% — the “Time left” on the pool which in this case is 43 days, etc.

All this is before you connect your wallet of course. Now to go through the flow, I will connect my wallet. Alright, now I am in. In place of “Connect wallet”, you can now see the “Borrow” and “Earn” options. I will go through the “Borrow” scheme now. Alright, looking at the ePyvUSDC/USDC pair, you can see your “Collateral”, amount “Borrowed”, “Limit Used” “APY”, “LTV”, and everything else you would need to know as a borrower. If you scroll down a bit, you will find there is a “MAX” of 20 in terms of available “Collateral”. Automatically when you “MAX” this out, it will adjust to show how much of the “Borrow” asset you can take as a loan.

Let us say you want to deploy 10 ePyvUSDC as collateral. In exchange, you can “MAX” this out and borrow 8.3 USDC. To be able to do so, you have to “Approve” the transaction. What this means is you are approving the vault to work with these tokens (“Approve unlimited”) for the pair indefinitely. If you uncheck this, it would do so for this transaction and not further ones. I am going to “Approve unlimited”. To show a little bit of the customization here, if you enter 5 for instance, it will show you have reached just 60% of your “Borrow limit” — you can go up to 83.3% in terms of “LTV”.

I am going to “MAX” it out in this case and approve the transaction. Now for “Signing approval” — giving permission to access this token — followed by “Confirm”.

Alright, now I have confirmed the transaction. Now that I have approved the transaction, I can grant access (“Granting access”) to “SIGN” it. What this does is it allows the vault to work with those tokens. Now you can deposit 10 collateral and borrow 8.3 USDC. Let us give it a moment to execute — the transaction is confirmed.

It is visible you have “Borrowed” 8.3 USDC and submitted 10 ePyvUSDC as “Collateral” and it shows you have reached 100% of your limit. This means you have touched an 83.3% LTV. What you could do to reduce that is submit more collateral, at which point you would be able to borrow some more.

If you look at the “Portfolio Overview” page, it shows your “OWNED COLLATERAL” as well as “OWED BORROW”. In terms of “Active Positions”, it shows you have “Borrowed” $8.30 at a $1 “Borrow Price” and possess $10.00 of “Owned Collateral”.

Let us go back to the “Borrow” page and go through the “Repay” flow. There was already 25 USDC in the account and then you borrowed 8.3 USDC. This takes the total up to 33.30 USDC. To repay what you owe, which is 8.3, just “MAX” this out and “Withdraw deposited collateral”.

Again, you would need to “Approve” this. The transaction is now complete and you see “Borrowed” is 0.0 USDC, and “Collateral” is 0.0 ePyvUSDC.

The Warp team made a design choice to execute with a buffer of 0.5% of the value, which shows here in the “Residual balance” when you are executing the transaction and can be claimed at the end. If you were to “Claim” here I can now confirm that. Now given the amount, you do not want to claim the quantity, because the gas will far exceed that, but 0.5% of a higher transaction value would add up. What we wanted to make sure was that all interest is paid. With this 0.5% buffer, we could ensure you would be able to pay off the interest and not have this small amount that was still accruing interest.

Now let us go back to the “Markets Overview” page and see what it is like to be someone who earns. As someone who wants to earn on the platform, you can participate by depositing some quantity of USDC, in this USDC pair. In this case, let us deposit 10 USDC. Alright, now it shows that you have “Deposited” 10.00 USDC. Once this “APY” is active, it will show your “Earnings/Month” and over time how much you have “Earned” as well. Now that you have deposited, it shows your “Available” has gone down.

You can go over the “Withdraw” amount which is 10 USDC and click on “Withdraw + Claim”. This will take out everything you have “Deposited” plus everything you have “Earned”.

The End.


We hope this explainer script makes it even easier for you to navigate through the Warp v2 Beta platform. We look forward to your continued love and support, Warp community. We will begin Warp v2 development very soon and will continue to deliver the latest updates. We also plan on experimenting with the devlog format and intend on delivering biweekly devlogs in the magazine format, starting very soon (more on this later!).

Let’s Warp things up #WarpCommunity! 🚀

Join one or more of our social platforms to follow our journey! We are creating DeFi’s first isolated lending protocol that optimizes yield-bearing receipt tokens, and much more!

Twitter | Telegram | Discord | Website | GitHub



Warp Finance

DeFi’s first isolated lending protocol that optimizes yield-bearing receipt assets, and much more!