Introduce lending wallet
Lending funds are defined as a separate type of fund with a common fund. Activities related to lending will use lending funds.
To apply for a loan/loan, you need to transfer from the main fund to lending.
Step 1: Go to Fund > My Wallet > Lending
Select the type of assets you want to convert and choose Transfer to appear on Transfer Interface.
Step 2: Enter the number of assets you want to convert and select confirm.
If the balance in the main wallet is sufficient, there will be a notice of success.
To switch from lending to the main account, select the arrow to reverse the conversion.
For users who want to lend:
Suppose you want to lend 500 USDT and accept collateral as BTC, with an interest rate of 5%.
First, login to https://vinex.network/ then go Lending tab, choose the BTC / USDT market (collateral/loan assets)
Fill the information in Lend USDT section
Amount: The value of USDT you want to lend.
Interest APR: The annual interest rate you desire
Term: Loan term
Choose Lend USDT, if the balance in your Wallet lending account is sufficient, there will be a notice of a successful loan order.
You will see the loan order appear on the order book and marked with a small red triangle.
Orders also appear in the Open Order:
When your loan order is matched by a borrower, your order will be changed to Finished status and appear on the Loan Open tab.
For users who want to borrow:
Suppose you want to borrow 500 USDT and choose collateral as BTC, with an interest rate of 5%
First, First, login to https://vinex.network/ then go Lending tab, choose the BTC / USDT market (collateral / loan assets)
Enter information in Borrow USDT Section
Amount: The value of USDT you want to borrow.
Collateral displays the number of assets you need a mortgage
Interest APR: The annual interest rate that you desire
Term: Loan term
Select Borrow USDT to complete the order, if the balance of the mortgage in your lending property is sufficient, there will be a notice of a successful order.
You will see the loan order appear on the order book and are marked with a small blue triangle.
The command also appeared at the Open Order:
When your order is matched by loan 1 lender, your order status will be changed to the left and appear in Loan Open tab.
Entry Price is the price of the collateral at the time of borrowing.
Liquid Price is the price at which the mortgage drops to that level, your loan will be liquidated.
Current Interest is the amount of interest you need to pay at the present.
If you want to repay the loan earlier, select Repay
Suppose 1 borrower borrows a loan of 500 USDT, 4% interest rate for a 15-day period, mortgage in BTC at the time of BTC $ 7587.
-> Borrower needs a mortgage of 0.0988 BTC (equivalent to 750 USDT = 150% of loan value.)
Assuming after 5 days the loan order is matched, the BTC price drops to $ 5566, causing the mortgage value to fall to 110% of the loan value (equivalent to 550 USDT), the loan order will be liquidated to secure the assets of lender.
At this time, the collateral BTC will be liquidated to ensure the lender's money and profit:
The lender will receive the principal and interest amount as follows:
500 + 4% * (5/365) * 500 + 4% * (10/365) * 500 * 50% = 500.54 USDT
Capital + Interest rate of 5 days + Interest of 10 days remaining = Total earnings
So, out of 0.0988 BTC mortgage, 0.0899 BTC equivalent to 500.54 USDT will be liquidated to pay the lender. The remaining BTC amount of 0.0089 BTC will return to the borrower.