Start journey with LOTS — Product Tutorial (I)
To all those who want to grow your crypto assets through lending instead of selling, Here comes your BIG BONUS!
Welcome to journey with us on LOTS. For our first-time users, our tutorial is NOW available here, by reading and following it, you will be able to have your first insightful experience of the newest product KUN. We will be excited to have you on board and co- BUIDL the imaginable ecosystem.
Things to know before starting journey on LOTS
We offer products that enable borrowers to find investors via a decentralized and secure marketplace. The lending process is performed on smart contract: products run precisely without any third-party interference or fraud.
We currently offer a secured loan that
1. borrower get funded with ETH from lender by putting certain ERC20 tokens as collateral; or
2. borrower get funded with stable coins by putting certain ERC20 tokens or ETH as collateral;
- Smart contract holds ETH and collaterals that enabling 100% safety.
- Borrower gets collateral back after repayment
- Early repayment is allowed without penalty
- Lender claims collaterals when default happens
Collaterals standards
LOTS currently only accept ERC20 based token as collaterals. LOTS updates the list of accepted token over the time. Let us know if your favorite ERC20 token that is not on the list.
The standards LOTS apply for selecting tokens as collaterals are:
- Listed on at least two big exchanges
- At least three month trading history
- Relatively low volatility
- Good liquidity
What fees does LOTS charge?
LOTS charges both borrower and lender 0.01 ETH fee for providing loan funding and repayment services. Users will also be charged gas fee by Ethereum network during lending process.
Step 1 — Download and install Metamask (https://metamask.io/) in Chrome/Opera browser
Step 2 — Create an account or import account in Metamask
Step 1 — Create an empty contract
Step 2 — Deposit LOTS tokens to activate your contract: make sure you have 100 lots tokens in your wallet account
Step 3 — Set loan terms: select terms of loan and approve relative parameter data to contract address
Wait for lender to lock your loan request: you can set your loan request up to 7 days, after that it expires
Step 4 — Deposit collateral tokens to contract address and get funded with ETH
Step 5 — Claim ETH and get it transferred to your wallet
Step 1 — Browse loan requests in “View All Requests” session and click “Fund” button of loan you want to fund
Lock the chosen loan
Step 2 — Click “Fund” to send desired amount of ETH with parameters to contract address to fund the loan. Loan contract would also charge fees (make sure your wallet have enough ETH)
Step 1 — Go to “My loans” and select the loan you want to repay under “my borrowed loans”. Ensure you have enough ETH in your wallet
Step 2 — Click “Repay” or “Pay installment” to allow loan contract transfer ETH
Your loan is fully paid off and you get collateral back. Reset the contract for your next use.
Is early repayment allowed?
Yes, it is up to borrowers and there is no penalty.
As a lender, you are only able to claim collaterals if loan is in default: Move the scroll bar to the rightmost side and click “withdraw” to claim collaterals back.
Before claiming collaterals, either lender or borrower should validate price of collaterals.
If you have further questions or any interests to partner with LOTS on our product, contact us by filling in the REQUEST on our website through the ‘Product’ channel on the navigation bar. (www.lots.org)
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