How to use Goldilend
Opening a Loan
Select NFT(s) to use as collateral and system evaluates NFT(s) to determine maximum borrowable amount.
You will need to input:
Loan amount (≤ maximum borrowable amount)
Loan duration (must be within allowed terms)
You will need to approve the NFT transfer before you can process borrow transaction
Repaying a Loan
To get the detailed view of your current loans head to the Repay tab. When repaying the loan make sure you have the amount required in HONEY already in your wallet, select Repay, Max, then Confirm.
The loan will then be deemed fully repaid and you will receive back the NFT collateral.
Extending a Loan
To extend the maturity date on any loan you will need to pay the new interest amount required on the loan balance at the time of request. You can choose to extend with additional borrow amount as long as LTV permits or just extend the time frame to repay in full, and only need to pay the new interest rate on the total borrow amount.
Depositing HONEY
You can deposit HONEY into the lending pool from the gHoney tab in Goldilend.
Approve the amount of HONEY you want to spend then deposit to receive 1:1 exchange into gHoney.
gHoney can the be deposited into the reward vault to collect BGT rewards as interest.
Withdrawing HONEY
From the gHoney tab you will be able to see your current position in gHoney tokens, select the down arrow to toggle from HONEY to gHoney as your send asset.
Select up to the maximum and confirm your withdraw, your gHoney tokens will be redeemed for HONEY. Redemption limits are determined by liquidity available in the pool at time of redeem. Depositors should be aware of the possibility of bad debt. This can occur when a liquidated loan auction is unsuccessful and there is insufficient HONEY in the insurance fund to repay the balance of the unpaid loan. In this event, there is a possibility that gHoney redemptions will become unavailable.
Its simple to be part of the liquidation process with Goldilend, head to the Auctions Tab to see the collaterals that are active for liquidation.
Bids and Claiming
Users can use "Place Bid" to participate in the Auction, with the debt amount being the floor price of the asset for sale, if there are active bids on the collateral you can simply place any amount above the "min bid" amount.
When an Auction is won you will need to "Claim" your collateral from the Auction tab
Insurance Fund
In the event that the highest bid is not enough to satisfy the debt, the collateral will be transferred to the Goldilocks Multisig and the insurance fund will be used to cover any losses.
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