How to use NANOLEND Platform — Decentralized Lending

This tutorial will guide you through NANOLEND Platform.

We are currently on Alpha on Rinkeby Network. We are looking forward to go on Mainnet with more features and updates within this month or by March.

UPDATE: USE MAINNET instead of Rinkeby

1. Make sure you have Metamask Unlocked in Rinkeby network
2. Goto https://app.nanolend.network
3. Fill up the form and Create a Loan Request.

4. You would have to wait for mining to complete then you can view it from Accounts under Loan Requests section.

To use borrow/lend NANO you need to sign your NANO/xrb address

5. Once Loan is Broadcasted you will come to this page which will show you details.

Collateral Tokens — Tokens you will have to keep collateral as safety for lender in case you don’t return with the money.

Loan Tokens — Tokens which you will receive as loan

Return Tokens to Lender- Calculated with the premium you want to give on loan ( 50% on example )

Click on each token it will direct you to an address where you need to send your respective tokens ( Borrower will send Collateral tokens and Lender will send Loan Tokens )

Once tokens are locked you have a chance to unlock tokens before anyone accepts. Once accepted you cannot unlock and cancel .

6. Change your Metamask Account to a different address ( to become a lender )

7. Once Accepted you can send the Loan tokens to the address and Lock it . Once loan tokens are locked timer is started.

You can also cancel the Accepted Loan in case you don’t want to loan out .

8. Change Metamask back to Borrower’s Account. Now you can withdraw the tokens (0.1 ETH in example)

You need to return the tokens with premium within Due Date or else lender can withdraw your collateral

9. Once withdrawn you can use it to do whatever you need. Then return the tokens with premium back to the address and lock it.

10. Once returned the borrower will get back its collateral tokens and lender will gets its loan tokens with premium.

On failing to return within the Due Date Lender has a choice to either withdraw the collateral tokens or hope you will return back his tokens.

We support Multi-Tokens therefore you can borrow/lend any number and combination of tokens.

We also support assets outside of ethereum .

You can right now use real NANO (aka Raiblocks) with the platform.

Since this is on Rinkeby network DO NOT SEND any real tokens/ETH ( besides NANO )

For testing we have created two tokens NLEND and LEND2 tokens on Rinkeby network. To get them or any questions join our discord and ask for them https://discord.gg/6zapXvF

Have a Nice Day