> For the complete documentation index, see [llms.txt](https://docs.cian.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cian.app/bondify/for-users-quick-start/user-strategies/looper.md).
# Looper
**One-lock looping.** The borrowed USDC never reaches you as cash. When you deposit collateral and set a leverage target, the protocol borrows the target debt from SLF and immediately converts it into more of the collateral asset, routed through a DEX or the official mint path, whichever is cheaper. The entire loan becomes yield-bearing collateral locked inside the position. There is no path to borrow USDC and walk away with it, which removes the cash-out attack vector a normal lending market has.
**Open a position** two ways: build natively (pick asset and leverage), or migrate an existing leveraged position from Aave or Morpho without unwinding.
**Manage** an open position: adjust leverage by adding or repaying SLF debt, claim rewards and points, or use it to issue a Yield Token or a Junior Token.
**Exit** three ways, fastest last:
* Repay debt and withdraw collateral yourself. The underlying unstake cycle applies, multiplied by leverage (a 5× position on a 7-day asset takes \~35 days to fully unwind).
* Delegated unstake: pick an exit percentage, the protocol unwinds, repays SLF, and returns your profit plus points.
* Tokenize to Junior Token and sell on the secondary market, typically within a minute.