# Leverage/Earn

The Gearing Token (GT) is an ERC721 token designed for investors seeking leveraged yields with an associated liquidation risk. The Fixed-rate Token (FT) is an ERC20 token that allows investors to earn fixed income by purchasing the token at a discounted price and redeeming it at its maturity date. Please follow the below steps to buy GTs and FTs.

## Buy FT

## Step 1

Select the FT you want to buy. As an example, let's use WETH with a maturity date of December 27, 2024.

<figure><img src="/files/1RezGQJNXu3TIFvwkUY4" alt=""><figcaption></figcaption></figure>

## Step 2

Click and type in the amount of FTs you want to buy. The system will automatically calculate the slippage, fee, and effective APY. If everything is correct, click "submit" to submit your order.&#x20;

<figure><img src="/files/4OQHUq7XXd7of4BtCCu9" alt=""><figcaption></figcaption></figure>

## Step 3

You must customize token approvals with a spending cap before making deposits. This allows dapps to interact directly with and transfer specific quantities of ERC-20 tokens from your wallets. Click "Next" to proceed.&#x20;

<figure><img src="/files/vbPYKLneXFqI6g6MFpGy" alt=""><figcaption></figcaption></figure>

After completing this step, you will be able to buy FTs. Click "Confirm" to proceed.&#x20;

<figure><img src="/files/UnBgcOxbeEFmsRDpblb4" alt=""><figcaption></figcaption></figure>

## Step 4

You can view the order history and positions by clicking "Dashboard" at the top of the page.&#x20;

<figure><img src="/files/weLtfzXS4JXyjArrb4dE" alt=""><figcaption></figcaption></figure>

## Sell FT

If you would like to sell your FTs, click the expand arrow symbol. Indicate the amount of FTs to sell and sign the transaction to proceed.&#x20;

<figure><img src="/files/1IG2zyAEa4WVrQO9xNgo" alt=""><figcaption></figcaption></figure>

## Redeem FT

You can also hold FTs until maturity. Once they reach maturity, you can redeem them to get your underlying tokens back.

***

## Buy GT&#x20;

## Step 1&#x20;

Select the GT you want to buy. As an example, let's use WETH with a maturity date of December 27, 2024.

<figure><img src="/files/3YhpomdwuVXdrdYxhjlW" alt=""><figcaption></figcaption></figure>

## Step 2

Click and type in the amount of GTs you want to buy. The system will automatically calculate the amount of collateral and the amount of debt for the transaction. It will also show the leverage ratio, leveraged APY, slippage, fee, and estimated net profit. Once everything is correct, click "Submit" to send the order.&#x20;

{% hint style="info" %}
Please note the liquidation threshold is the maximum acceptable LTV ratio for a loan during its lifetime. It varies depending on the underlying token.&#x20;
{% endhint %}

<figure><img src="/files/8RcK4WmObKURm1zIWTWi" alt=""><figcaption></figcaption></figure>

## Step 3

Click "Confirm" to proceed.&#x20;

<figure><img src="/files/bE0Zy2iI1ShBsVW8okNJ" alt=""><figcaption></figcaption></figure>

## Step 4

You can view the order history and positions by clicking "Dashboard" at the top of the page.&#x20;

<figure><img src="/files/gHCm8QeTZXLVGhxR6NS1" alt=""><figcaption></figcaption></figure>

## Repay

If you would like to repay your debt, click the expand arrow symbol. Indicate the amount of GTs to repay and the collateral to remove. The system will automatically calculate the amount of PT collateral you will receive. Click "Submit" to proceed.&#x20;

<figure><img src="/files/DTwkFTicawt1d72Cldjy" alt=""><figcaption></figcaption></figure>

## Add Collateral

If the health factor continues to drop and approaches 1, you can add more collateral to avoid having your loan liquidated.

<figure><img src="/files/y8eh2TFTZ0UxSX4s52C2" alt=""><figcaption></figcaption></figure>

### Remove Collateral

You can also remove your collateral to enhance your capital efficiency

<figure><img src="/files/cHg4BAkiwunbR16nVDDS" alt=""><figcaption></figcaption></figure>


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