🌲 Pine Protocol: Opening a Loan using your NFT as collateral
⚠️ Always ensure that you’re on the right domains ⚠ - pine.loans - app.pine.loans
We advise to bookmark the URLs to prevent going into possible phishing websites that are using similar names 📗
💵 Receive ETH using your NFT
👉 Head over to “Borrowing” (beta)
👍 Select “Get Started”
👍 You will be prompted to connect your MetaMask or Wallet Connect if not done so yet:
✅ Read through and “Accept” the Pine Termsof Service in order to continue.
👀 You should now see be presented with all NFT’s in your collection under that specific wallet
👉 Pick any NFT from a collection that is currently supported under our Active Pools list. (an NFT collection with the label “no pools” indicates it’s not currently supported)
💬 Pine Protocol will initiate to calculate the Valuation for that specific NFT and return you with an overview including all the terms:
✅ By default the most favorable pool is selected for you to borrow against. However always explore multiple pool options to see if one exists that better meets your criteria:
👉 After having selected a pool we can proceed to set the amount you want to borrow by moving the slider or selecting “Set Max”
👍 When you want to proceed ensure you approve the collection first if not done so yet:
🦊 Approve the transaction when prompted
👀 You should see a pop-up that your transaction is processing on the blockchain
⏲️ And simply wait for it to be completed
(you may receive a “Valuation Expired” message if the previous “Approve Collection” transaction took a long time to process. Simply refresh the page and try again)
👉 You may now proceed to approving your loan by selecting “Get Loan”:
🦊 Approve the transaction and wait for the magic to happen
🎉 Congratulations! You should now have received the ETH in your wallet!
👉 You can review and Repay your Open Loan at any time:
👉 You can also choose to extend your loan by selecting “Extend Loan”.
👉 Here you will be presented with several options. Similar to selecting a pool when initially opening a loan, you can also browse multiple pools here and select one with conditions according to your criteria.
👉 Now select the New Borrow Amount and select Extend to execute.
✅ And that’s it! Once you pay off your loan, the NFT will be under your full ownership again.