Farming Bots & Withdrawal Bots-BendDAO
Last updated
Last updated
BendDAO is a decentralized peer-to-pool based NFT liquidity protocol. NFT holders are able to borrow ETH through the lending pool using NFTs as collateral instantly, while depositors can provide ETH liquidity to earn BEND.
Cobo Argus' Farming Bot can help you automatically claim, swap and transfer out your rewards to a designated receiving address. You can also set up a Withdrawal Bot to automatically withdraw your ETH tokens in response to potential liquidity risks. These DeFi bots are meticulously designed to help you optimize investment efficiency and bolster risk management.
In this section, we will walk you through the process of setting up a Farming Bot and a Withdrawal Bot:
How to create a Safe{Wallet}
How to provide ETH liquidity on BendDAO
How to create a Cobo Argus account
How to set up a Farming Bot for BendDAO
How to set up a Withdrawal Bot for BendDAO
How to top up my Gas Account
How to view and manage my DeFi bots
DeFi protocols are built on decentralized networks, and users engage with these protocols and execute associated transactions through crypto wallets. Thus, having a crypto wallet serves as the initial stride towards entering the realm of DeFi. Various options are available for users to create their crypto wallets, such as MetaMask, WalletConnect, Trust Wallet, and Ledger. For illustrative purposes, this sub-section uses MetaMask as an example.
Cobo Argus is an on-chain digital asset management tool, crafted upon the foundation of Safe{Wallet}. Once you have a crypto wallet, you can proceed to create a Safe{Wallet} to kickstart your DeFi journey on Cobo Argus.
Step 1: Connect MetaMask and top up gas fees
Select the ETH Mainnet Network and connect your MetaMask. Because gas fees will be incurred when you create a Safe{Wallet}, please top up gas fees in advance (i.e., ETH on Mainnet Network).
Step 2: Head to Safe{Wallet}: https://app.safe.global/welcome
Click on "+ Create new account".
Step 3: Name your wallet, select the Ethereum network, and click on "Next"
Step 4: Add Safe Owner(s)
If your team requires multiple members to collaboratively manage funds under the Safe{Wallet}, you can add their wallet addresses and designate them as Safe Owner(s). You can also configure how many Safe Owner(s) are required to approve each transaction.
For example, adding two wallet addresses indicates that the Safe{Wallet} has two Safe Owners. Choosing "1 out of 2" represents a 1/2 signature scheme where each transaction requires confirmations from at least one Safe Owner.
Please enter the wallet addresses of your team members who need to be Safe Owner(s), choose a threshold, and then click on "Next".
Step 5: Complete a single-sig transaction using your connected wallet
Click on "Confirm" to complete a single-sig transaction. Your Safe{Wallet} will be created once the transaction is completed.
Step 6: Head back to Safe{Wallet} homepage
Congratulations! Your Safe{Wallet} has been successfully created. On the Safe{Wallet} homepage, you will see the following components:
New Transaction: Safe Owner(s) can initiate multi-signature transactions
Assets: Safe Owner(s) can view assets held in the Safe{Wallet}
Note: You can transfer your ETH tokens to this Safe{Wallet} for subsequent investment operations.
Transactions: All transactions under this Safe{Wallet} will be displayed, including queues (transactions awaiting signatures), history (completed transactions) and more
Address Book: All wallet addresses will be displayed
Apps: A list of dApps associated with the Safe{Wallet} will be displayed
Settings: You can view basic information such as the Safe{Wallet} version, Safe Owner(s) addresses, signature threshold and more
You can now head to BendDAO to provide ETH liquidity and earn rewards.
Note: Before providing ETH liquidity to BendDAO, you are recommended to deposit ETH into the Safe{Wallet} first. This will allow you to directly utilize the ETH held within the Safe{Wallet} for liquidity provision on BendDAO. Alternatively, you can use a personal wallet like MetaMask to provide liquidity on BendDAO, and then transfer the interest-bearing tokens to the Safe{Wallet}. In this sub-section, we will guide you through the process of providing liquidity directly on BendDAO using ETH held under the Safe{Wallet}.
Step 1: Head to BendDAO, connect your wallet, and select "WalletConnect"
Copy the connection link.
Return to Safe{Wallet} and click on "Use WalletConnect".
Paste in the connection link. Your Safe{Wallet} will be automatically connected to BendDAO.
Return to BendDAO and switch to the "Account" tab. You will be able to view the Safe{Wallet} you've connected.
Step 2: Provide ETH liquidity
Make sure that you hold ETH tokens in the Safe{Wallet}.
Click on "Yield" and select "Deposit" from the drop-down menu.
Switch to the "Deposit" tab and enter your deposit amount. Click on the "Deposit" button.
Return to Safe{Wallet} and click on "Submit". Inform Safe Owner(s) whose signatures are required to approve a transaction to complete a multi-sig transaction (if applicable).
Click on "Confirm". The multi-sig transaction will be broadcasted on-chain.
Return to BendDAO and switch to the "Overview" tab. You will be able to view your ETH deposits and BEND rewards.
Congratulations! You have successfully provided ETH liquidity on BendDAO. You can now set up a Farming Bot to automatically harvest and manage your BEND rewards. You can also configure a Withdrawal Bot to help you automatically withdraw ETH liquidity in the event of a security breach.
Step 1: Sign up for a Cobo Argus account
Currently, you can create an account on Cobo Argus using an email address or a wallet address. For more information on how to create an account on Cobo Argus, please refer to this user manual.
Assume that you sign up on Cobo Argus using a wallet address. To log in to your Cobo Argus account, you will need to sign a message in your MetaMask.
Click on "+Import" and select "MetaMask" to import your Safe{Wallet} to Cobo Argus.
Select all Safe{Wallets} you would like to import. Then, click on "Continue".
Enter a name for your Safe{Wallet} and click on "Import". Then, sign a message in your MetaMask.
You have successfully imported your Safe{Wallet} to Cobo Argus.
Step 1: Click on "Bots" on the left menu and locate the "BendDAO ETH Lender Farming Bot"
Select the Safe{Wallet} you would like to use and click on "Create Safe Module".
Click on "Continue" and sign a message in your MetaMask.
Inform Safe Owner(s) to complete a multi-sig transaction on Safe{Wallet} (if applicable).
Safe Owner(s) whose signatures are required to approve a transaction will need to head to Safe{Wallet} and then click on "Execute".
Safe Owner(s) will need to review the transaction details and then click on "Submit".
Safe Owner(s) will need to click on "Confirm" to complete the multi-sig transaction.
Return to the "BendDAO ETH Lender Farming Bot" homepage on Cobo Argus. Then, click on "Set Up Bot".
Enter a name for your Farming Bot.
Step 2: Set up triggers for your Farming Bot
Cobo Argus' Farming Bot currently supports three types of trigger conditions.
Time Interval: the frequency at which the Farming Bot will be triggered (e.g., per minute, per hour, daily, weekly).
Rewards Amount: the threshold amount of BEND rewards at which the Farming Bot will be triggered.
Gas Price: the Farming Bot will be triggered if the gas price is equal to or below a specified threshold.
You can set one trigger or multiple triggers.
One trigger: the Farming Bot will be triggered if the selected trigger condition is met.
Multiple triggers: the Farming Bot will be triggered only if all of the selected trigger conditions are met.
Step 3: Set up tasks for your Farming Bot
Cobo Argus' Farming Bot currently supports two types of tasks.
Notification: Cobo Argus will send an email to the Admins and Operators of the organization each time the Farming Bot is triggered.
Manage Rewards: The Farming Bot will transfer your BEND rewards to a designated receiving address or swap it on a selected DEX.
Note: If you have not added any addresses yet, click on "Add Address". If you need to transfer your rewards to a new team member's address, click on "Invite Member".
Step 4: Review token approval
Review the list of tokens in the Safe{Wallet} that require your approval for use by the Farming Bot.
Step 5: Sign a message using your MetaMask and complete a multi-sig transaction on Safe{Wallet}
Click on "Check the transaction" to view its progress.
Safe Owner(s) whose signatures are required to approve a transaction will need to head to Safe{Wallet} and then click on "Execute".
Safe Owner(s) whose signatures are required to approve a transaction will need to click on "Submit" to complete the multi-sig transaction.
Congratulations! You have successfully set up a Farming Bot for BendDAO. The Farming Bot will monitor your BEND rewards in real-time and manage rewards (i.e., claim, swap) automatically on your behalf once it is triggered.
Step 1: Click on "Bots" on the left menu and locate the "BendDAO ETH Withdrawal Bot"
Step 2: Click on "Set Up Bot" after selecting a Safe{Wallet} and a Safe Module
Step 3: Set up a trigger for your Withdrawal Bot
Deposit ratio refers to the proportion of ETH that you have deposited on BendDAO compared to the total amount of ETH that is available for withdrawal on BendDAO. In general, the amount available for withdrawal should be much higher than the amount you have deposited. If a large number of users request ETH withdrawals simultaneously, however, it may cause a sudden decrease in the total amount of ETH that is available for withdrawal from BendDAO.
You can customize a ETH deposit ratio for your Withdrawal Bot to monitor continuously. The Withdrawal Bot will automatically withdraw your ETH tokens from BendDAO if the actual deposit ratio meets or falls below the threshold you set.
Step 4: Set up tasks for your Withdrawal Bot
Cobo Argus‘ Withdrawal Bot currently supports two types of tasks.
Notification: Cobo Argus will send an email to the Admins and Operators of the organization each time the Withdrawal Bot is triggered.
Withdrawal: The Withdrawal Bot will automatically withdraw your ETH deposits and your ETH interests from BendDAO.
Step 5: Review token approval
Review the list of tokens in your Safe{Wallet} that require your approval for use by the Withdrawal Bot. Then, click on "Continue".
Step 6: Inform Safe Owner(s) whose signatures are required to approve a transaction to complete a multi-sig transaction on Safe{Wallet}
Click on "OK" to complete the bot setup.
Gas fees will be incurred each time the DeFi bot executes a task. To make sure that your DeFI bot will function properly, please top up your Gas Account in advance.
Click on "Deposit" under Gas Account or click on "Gas Account" at the top of the page.
Note: Before making a deposit, make sure that the blockchain network is correct.
Click on "Bots" on the left menu and then click on "Strategy Bots" to view all the DeFi bots you have set up.
Click on "Edit" to modify the settings of a DeFi Bot.
Click on "Terminate" if you want to permanently remove a DeFi bot. Because terminating a DeFi bot will remove its on-chain authorization, a multi-sig transaction from Safe Owner(s) is required.
This section walks you through the process of setting up a Farming Bot and a Withdrawal Bot to elevate your investment efficiency while fortifying risk control mechanisms.
If you want to learn more about Cobo Argus, please visit https://argus.cobo.com or read our product documentation.
