At this point, a popup will appear with Liqd’s terms and conditions. Please read and (if you agree) select “Accept & Continue” at the bottom of the popup to use liqd:
By continuing, you agree and accept the below terms and conditions.
- The crypto you’d like to borrow (wBTC, wETH, DAI, USDT, or USDC) – selectable on the left side of the first line as a dropdown menu.
Note: A loan must be repaid in the same crypto that it is borrowed from.
- The amount of the loan, set by you.
- The duration of the loan (How many days, weeks, or months you’d like the loan for)
- And the APR you are requesting
Once all of those are inputted, the Repayment amount (in current dollar value) will update. THIS $ value is just an estimate. The actual loan is generated in the crypto you selected above and must be repaid (with interest) in that same currenc from the wallet that borrowed it.
Note: Each of these values (as well as the asset you listed) will impact a potential lenders likelihood of lending to you. If you are unable to receive a loan as you expect, you can update the terms of the loan by selecting “update terms” from the assets page (still from My Assets as before).
If all of these meet your expectations, select “Allow Liqd to Access your NFT”
Because Liqd is the conduit for the loan, you need to grant explicit permission for it to interact with the NFT you are using for collateral. This is similar to the requirements that you grant for a token swap on Decentralized Exchanges.
It will generate a prompt for “Signature” or “Signing” of a transaction, which essentially allows Liqd’s smart contracts (presuming another party agrees to your loan terms), to remove the asset from your wallet and place it in Escrow (more on this in a moment), where it will be held until you have repaid the loan as agreed.
As mentioned above, you are able to update the terms of your requested assets loan (BEFORE the loan is fulfilled) by navigating to your assets page.
Your asset will still be in your wallet. It will be listed on Liqd’s pages for others to review your terms and (if they so chose) generate a loan.