BNPL Pay Web App Preview
With the imminent launch of the BNPL Pay Dapp, we are excited to share a sneak peak of both the application and the subsequent work flow of our up and coming uncollateralized lending protocol. Here we will discuss some of the functions within the protocol and preview a small selection of screens and functions available to users.
Summary Screen
When you enter the app for the first time, you will see an overview of the protocol. Here you will see Total Liquidity, Average APR and other useful statistics to give you a summary of the performance of the platform.
What can you do with BNPL Pay?
The core operations that users will be able to perform on the platform are as follows:
🟣 LEND USDT to Banking Nodes
- USDT lent to the Nodes automatically receive up to 80% of all interest repayments from borrowers.
- Lenders also receive a share of 20,000,000 BNPL Monthly token emissions that are equally split amongst all USDT lenders across all nodes.
Note: you must be lending USDT to a node to qualify for BNPL emissions
🟣 BORROW USDT from Banking nodes
- Borrowers may apply to one or many Banking Nodes for a loan.
- A borrower can set their own interest rate and repayment terms in the submission.
Note: Your application will be subject to individual banking node terms.
🟣 FARM BNPL-ETH Liquidity on Sushiswap
- Anyone providing liquidity on Sushiswap in the ETH/BNPL pair can earn BNPL emissions + Trade fees from sushi. The current APR at time of writing is ~220% paid in BNPL tokens.
Note: Your Sushi pool tokens should be staked under the “Farm” tab.
🟣 VIEW your Banking Node
- If you have created a Banking Node, this is the screen where you have an overview of all the loan requests, node overview and other functionality relevant to running a Node
Lending USDT to a Banking Node
This is the one of the primary actions that participants in BNPL Pay protocol will be doing. Users can inspect and analyse all nodes currently running on our protocol to determine the Banking Node they feel offers the best value and security for their investment.
On the overview screen, a limited summary for a quick overview is visible. Likewise if you have already interacted with the Node before, you can quickly deposit and stake USDT or BNPL straight into the node from the overview screen.
Clicking the arrow at the right hand side takes you to a detailed overview of the node that has a lot more in depth info about your investment as well as the performance of the node, and the various loans it is dealing with:
Borrowing USDT from a Banking Node
Users wishing to borrow USDT without providing collateral must apply to one or many Banking nodes using our helpful walk through process. Here users will select the terms of their loan, attach important documents (encrypted with the public key of the banking node), describe any additional info etc.
A user submits their loan request to one or many Banking Nodes
Once the user has submitted, they must now wait for a reply. In the meantime, borrowers may wish to reach out to the banking node operator to either discuss terms, submit additional documentation or ask general questions.
Creating your Own Banking Node
Naturally we wouldn’t be a full blown DeFi platform, if we didn’t allow users to create their own banking node to run their own decentralized banks. Creating a new Bank Node allows users to compete in the marketplace of Nodes for Lenders money, for borrowers interest and for stakers trust. A successful banking node must have all 3 components to be a successful network participant.
Creating a banking node requires a minimum 2,000,000 BNPL Bond (this is explained in-depth in the whitepaper here: https://bnplpay.io/file/BNPL%20Pay_Whitepaper.pdf
Other details such as the Name, country of operation and KYC status are also required.
Our Banking Node operators are naturally free to run their Node any way they wish, assuming they meet the minimum bonded amount. However we do offer the option of allowing only KYC lenders to their liquidity pools. This is entirely optional and up to the discretion of the Node Operator.
Our third party KYC operator has a very helpful step by step process to guide the KYC onboarding for lenders if need be.
We have taken great pride in ensuring that all our pages have a lot of in-depth information to allow users to make the best decisions. We cant yet show all the functionality, but we look forward to releasing the first version shortly for everyone to try!
BNPL Pay Useful Links
🌍 Website
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