Borrowing
π² Pine Protocol: Opening a Loan using your NFT as collateral
β οΈ Always ensure that youβre on the right domains β - pine.loans - app.pine.loans
We advise to bookmark the URLs to prevent going into possible phishing websites that are using similar names π
π΅ Receive ETH using your NFT
π Head over to https://pine.loans/ and select βLaunch Appβ
π Head over to βBorrowingβ
π Select βGet Startedβ
π You should now be presented with all NFTβs / SFTs in your collection under that specific wallet. Be sure to select the corresponding supported chain!
βοΈ Alternatively, you can use our brand-new Add to Cart feature by visiting a specific collection which you own the NFT / SFT of.
Simply head over to that collection in the main Pool overview page (for example WonderPals):
π Now select the NFTs tab
β Select the NFTs of your preference and proceed with the "Add to cart" button:
π You should now notice a number being added to the Cart button at the top-right of the screen:
β Once opened the Cart will display all the NFTs you have added to your Cart:
π When you're ready to see the Borrowing details, select the Go to summary button:
π Here you will be presented with all the NFTs that have been selected in the previous Borrowing page:
π By selecting an NFT you can browse through different terms (pools) that better meet your criteria and allow you to set a specific loan amount:
π You will now be presented with the Valuation screen for that specific NFT:
β 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:
π After having selected a pool we can proceed to set the amount you want to borrow by moving the slider or selecting βSet Maxβ
π When you want to proceed ensure you approve the collection first if not done so yet:
π You should see a pop-up that your transaction is processing on the blockchain
β²οΈ And simply wait for it to be completed
π Do this for every NFT listed and once you're ready to go simply proceed by selecting "Borrow".
π Congratulations! You should now have received the native's chain currency in your wallet!
π You can review your Open Loans at any time by proceeding to βOpen Loansβ or continue directly to https://app.pine.loans/borrowing/open
π You can review and Repay your Open Loan at any time:
π You can also choose to extend your loan by selecting βExtend Loanβ.
π 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.
π Now select the New Borrow Amount and select Extend to execute.
β And thatβs it! Once you pay off your loan, the NFT will be under your full ownership again.
β Be sure to check out our Borrowing FAQs page for more information or if you have any questions regarding our Borrowing feature.
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