Announcing DeFi’s first Unsecured DAO Loan
Maple Loans is proud to announce it’s supporting DeFi’s first undercollateralized loan to a DAO 🎉 This paves the way for other DAOs to borrow in future.
Members of Unstoppable Lending community on maple.loans can fund part of the loan (in increments of 10 DAI) and earn 14% APR over 12 months (compared with 4.75% on Compound as at 20 March 2020).
BrightID loves to push the boundaries of what is possible with DAOs and we are excited to be working with Maple to show that a DAO can be an excellent borrower. We hope and believe that accessing debt will become a regular practice that can help accelerate the growth and success of many DAOs.
- Philip Silva, BrightID
Journey
🏛️ BMAIN DAO, the DAO supporting BrightID 🔆 , has created a 📜 Loan Request for 15,000 DAI in the the Unstoppable Lending community on maple.loans.
🗳️ Members of BMAIN DAO voted on Aragon and unanimously approved the proposal to take out the loan. Link to the agreement
🧧 The loan will be used for purchasing subscription tokens.
🙌This brings total undercollateralized loans originated on Maple Loans platform to 23,000 DAI
Structure
💰15,000 DAI
📈14% APR
⏳ 12 month Term | Principal + Interest paid every 30 days
📅 First Payment Date 16 May 2020
The loan is unsecured and non-recourse, Lenders bear the credit risk of default
Estimated Payment Schedule
Participate
Join the Community and fund the loan:
1️⃣ Go to the telegram or discord channel and provide your 0x wallet address to the community leader to be added to Unstoppable Loans v1.1
2️⃣ Go to maple.loans, approve a spend limit up to the amount you wish to lend
3️⃣ Click into Unstoppable Lending v1.1 (after having your 0x… added by the leader)
About Maple Loans
Maple Loans is a platform where users form Communities to Borrow and Lend undercollateralized stablecoin loans to other Community members.
The protocol takes care of requesting, funding, settling and making repayments.
