# Supply & Borrow APY ### **Supply APY** Users who supply collect an APY from the users who borrow. The borrow APY is split across the entire pool, so Supply APY = Borrow APY \* Utilization. For example, if there is 2 BTC in a pool, and 1 BTC is lent out at 20% APY, the suppliers of the 2 BTC will receive 10% APY each. This APY is given in the **same token as the supply**. Deposit **BTC** for **BTC** yields, or **SOL** for **SOL** yields. This is because the APY on borrows is charged on the same yield as well. The displayed APY is based on compounding over a year. Each Token has a different set of [Parameters ](https://docs.save.finance/protocol/parameters)that determines their actual yields at different points, and can be seen [here](https://docs.save.finance/protocol/parameters). Additionally, you get [Liquidity Mining](https://docs.save.finance/protocol/liquidity-mining) (LM) rewards on SLND, UST, stSOL and mSOL. These LM rewards are collectible on the 3rd of every month, at UTC Midnight. ### Borrow APY When you are borrowing, you are **paying** a Borrow APY to the pool (for the users who supplied). This borrow APY is calculated based on the [Parameters ](https://docs.save.finance/protocol/parameters)& [The Math](https://docs.save.finance/protocol/fees#borrow-apy), and are displayed on our UI when you borrow. Borrow APY is added to your loan on a per-slot basis, so the amount of money you have to repay goes up over time. ![Get paid to borrow! ](https://1260822717-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MfHlKeK0wEppVzgq36Q%2Fuploads%2F3ssMv1n5ZpQhFNTfDMRo%2Fimage.png?alt=media\&token=274cb63b-7ceb-4302-8cf0-768095d6b6ea) On most of the tokens, such as USDC and SOL, borrowers also receive SLND rewards for borrowing. These are claimable on the 3rd of every month at UTC Midnight, same as [Liquidity Mining](https://docs.save.finance/protocol/liquidity-mining). For these, you can even get paid to borrow, as SLND Rewards > Borrow APY. These are displayed on our UI as a negative APY. There is no "Deadline" for you to repay your loans. They will just tick up over time, but you can repay them any time! ## Liquidity Mining Rewards ### Viewing Rewards Rewards can be viewed by clicking on the Pending Rewards button on the top right, near the Connect Wallet button. ![](https://1260822717-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MfHlKeK0wEppVzgq36Q%2Fuploads%2FzutL0V8aqop4Vt8WSEYA%2Fimage.png?alt=media\&token=63e61f3a-2633-47d2-91e4-6de347531d74) ![](https://1260822717-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MfHlKeK0wEppVzgq36Q%2Fuploads%2FMBPsJ836QQMbJ5DZf7pE%2Fimage.png?alt=media\&token=f692b046-eb25-48c2-b676-3ba0311880db) ### Claiming Rewards Rewards are claimable on the 3rd of each month, at UTC Midnight. SOCN rewards for the month will be claimable once the token launches. ### LM 2.0 In addition to the standard LM program where users receive SLND tokens, we are currently running a trial on a LM 2.0 program that involves call options. An additional 10% of SLND tokens have been earmarked for LM rewards with the following parameters: Options are American Strike Price: 50% of the SLND price at the end of March Expiry: One month These details are subject to change, but the terms are as follows: SLND price is at $2.00 on March 31st, you get to claim call options with a strike at $1.50 on April 3rd. You can then exercise them for the token, paying the strike to receive the full token. Exercising the option will involve topping up $1.00 per SLND token ($1.00 given to you + $1.00 your entry price). You can choose to hold or sell the SLND token after that. Again, details are subject to change, and will eventually replace our regular LM program. ### Claiming & Exercising LM Options On the 3rd of every month at UTC 00:00, your options become claimable alongside your regular LM rewards. ![](https://1260822717-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MfHlKeK0wEppVzgq36Q%2Fuploads%2Fi5F4itHdAjKXC1E2CZ1G%2Fimage.png?alt=media\&token=264815e4-3e18-403f-9485-b496ec69b2d2) Currently, the parameters are set at 50% ITM. Thus, assuming a $2 SLND price at the end of March, the strike price of the option will be $1 USDC. This means that you can pay 1 USDC to receive 1 SLND token worth $2. The image above shows a SLND LM reward of 5 SLND options, worth $5. The expiry date shown is in real time, so it will expire exactly at the stroke of midnight according to the expiry date displayed (not slot times). ![](https://1260822717-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MfHlKeK0wEppVzgq36Q%2Fuploads%2FTWP9956omHQNC8YCW3bt%2Fimage.png?alt=media\&token=262b5d82-ba88-4a7d-8efe-23ff4fabdb82) 1 Option Token = 0.1 SLND token, so 5 SLND will be 50 Options as displayed by Phantom's UI. Thus, you can claim your LM rewards in denominations of 0.1. If you have <0.1 SLND, they will be rolled forward to the next month. Our UI will handle this, so no action is needed from you. \ When you're ready, click on the Exercise button shown below to open the exercise UI. ![](https://1260822717-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MfHlKeK0wEppVzgq36Q%2Fuploads%2FEzM6hUVeOZRRVGi5Rfk9%2Fimage.png?alt=media\&token=b01fb00c-745f-4f6c-be90-793b2e45752a) On our exercise UI, you can swap your USDC for SLND immediately without leaving our site. ![](https://1260822717-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MfHlKeK0wEppVzgq36Q%2Fuploads%2FfXbjzyxUxgcbqCxOwu19%2Fimage.png?alt=media\&token=6b96aea1-df5f-4bba-a883-28f33f048e0c)