As Borrowers: Get Instant Loans
Hasai bring instant liquidity for any NFT holders. NFT holders can borrow and repay ETH anytime.
Deposit your NFT as collateral for you to be able to borrow Ethereum. Deposited NFTs will be put into an NFT pools as collateral. Collateral will be stored in smart contracts.
Step 1: Deposit NFT as collateral
Step 2: Lend ETH
Step 3: Repay loan and reclaim collateral
Hasai supports users using NFTs as collateral to borrow ETH. Hasai supports any NFT collections. All Kinds of NFTs could be deposited as the collateral to borrow the ETH.
Selling your assets means closing your position on that particular NFT collections. Hence, if you are long on the asset, you would not be entitled to the potential upside value gain. By borrowing you are able to obtain liquidity (working capital) without selling your NFTs. Users are mainly borrowing for unexpected expenses, leveraging their holdings or for new investment opportunities.
Before borrowing you need to deposit any ERC721 asset to be used as collateral. After this, simply head to the Borrow section and click on “Borrow” for the asset you want to borrow.
The maximum amount you can borrow depends on the NFT's value you have deposited and the available liquidity. For example, you can’t borrow the ETH if there is not enough liquidity or if your health factor doesn’t allow you to.
You repay your loan in the same asset you borrowed, which is only ETH acceptable. For example, if you borrow 1 ETH you will pay back 1 ETH + interest accrued.
The interest rate you pay for borrowing ETH depends on the borrowing rate which is derived from the supply and demand ratio of ETH. See more in the Dual Rates.
You can find the current borrowing rate in different pools at any time in the Borrowings section of the dashboard.
In order to payback the loan you simply go to the Borrowings section of your dashboard and click on the repay button for the ETH you borrowed and want to repay. Select the amount to pay back and confirm the transaction.
If you choose Health factor model, there is no fixed time period to pay back the loan. As long as your position is safe, you can borrow for an undefined period. However, as time passes, the accrued interest will grow making your health factor decrease, which might result in your deposited NFTs becoming more likely to be liquidated.
If you choose Overdue model, you need to pay back the loan in the lending period, or your deposited NFTs need to be liquidated.