Borrowing against your Pi-NFT can be a valuable financial strategy within the NFT ecosystem. Aconomy provides an efficient process for proposing an offer to a validator in order to secure a loan using your Pi-NFT as collateral. This guide will take you through the steps to initiate the borrowing process.
Steps to Borrow with Your Pi-NFT as Collateral:
Access Your Profile:
Start by visiting your Aconomy profile, where you can manage your Pi-NFT assets and borrowing activities.
Select the Pi-NFT for Collateral:
Identify the specific Pi-NFT you wish to use as collateral for your loan. Click on the Pi-NFT to access its details.
Click "Borrow":
On the Pi-NFT's details page, click the "Borrow" button. This will open a card where you can propose your borrowing terms.
Propose an Offer:
In the "Propose an Offer" card, enter the details of your loan request, including:
APY (Annual Percentage Yield): Specify the interest rate you're willing to pay on the borrowed amount.
Price: Indicate the amount you wish to borrow using your Pi-NFT as collateral.
Duration: Define the loan duration, specifying how long you need the borrowed funds.
Expiration: Set an expiration date for your loan offer.
Click "Make an Offer":
After filling in the necessary details, click "Make an Offer" to finalize your request. This offer will then be available for lenders to review on the lending and borrowing page.
Lender Review:
Your loan offer will be visible on the lending and borrowing page, where potential lenders can review your proposal. Lenders may choose to accept your offer or present custom offers based on their own terms.