Borrowing
🌲 Pine Protocol: Opening a Loan using your NFT as collateral
If you have questions, trouble, suggestions etc. at any time, then we’ll be directly available in Discord to help you out: https://discord.gg/pineprotocol
⚠️ 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”
👍 Select “Get Started”
👀 You should now be presented with all NFT’s in your collection under that specific wallet. Be sure to select the corresponding supported chain to display those NFTs!
☝️ Alternatively, you can use our brand-new Add to Cart feature by visiting a specific collection which you own the NFT. Simply head over to that collection in the main Pool overview page (for example WonderPals):
👉 Now select the NFTs tab
✅ Select the NFTs of your preference and proceed with the "Add to cart" button:
👀 You should now notice a number being added to the Cart button at the top-right of the screen:
✅ Once opened the Cart will display all the NFTs you have added to your Cart:
👉 When you're ready to see the Borrowing details, select the Go to summary button:
👀 Here you will be presented with all the NFTs that have been selected in the previous Borrowing page:
👉 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:
👍 You will now be presented with the Valuation screen for that specific NFT:
✅ 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)
👉 Do this for every NFT listed and once you're ready to go simply proceed by selecting "Borrow".
🦊 Approve the transaction when prompted
🎉 Congratulations! You should now have received the native's chain currency in your wallet!
👉 You can review your Open Loans at any time by proceeding to “Open Loans” or continue directly to https://app.pine.loans/borrowing/open
👉 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.
❓ Be sure to check out our Borrowing FAQs page for more information or if you have any questions regarding our Borrowing feature.
Last modified 17d ago