Introducing QUOINE’s Lending app

We are pleased to announce the launch of our new Lending app on QUOINEX. Put your digital assets to work by offering loans to margin traders and earning daily interest of up to 0.070%.

A total of 50% of interest earned will be collected by QUOINE as an Interest Payment Fee.

Other than Japanese yen, you can create loan offers in all currencies and tokens that are supported by QUOINEX.

To use the Lending feature of QUOINEX, just click on the Lending button at the top left of your QUOINEX dashboard.

When you get there, you will find that you are able to make Offers, short for “loan offers,” which are proposals from lenders across QUOINEX who wish to lend out their funds. When an offer is live, the funds still stay in lender’s balance.

Offers are taken up by traders in the order they appear, from lowest daily interest rate to highest.

In the screenshot below, a trader who needs to borrow $20 will take up the first offer for $0.946 at 0.003% daily rate, then the second offer for $19.054 at 0.013% daily rate. What remains of the second offer ($4643.884) will then become the best offer on the market.

When an offer is taken, it becomes a loan and is displayed under the Loans tab. The amount of this offer is also deducted from lender’s balance.

The status of a loan can be:

  • opened: loan is being used by a trader (borrower).
  • closed: loan has been paid back to the lender.

Check Reinvest if you want the loan to become a loan offer again once it is paid back to you. Uncheck if you want the loan to simply return to your balance instead (no more loan offer).

All loan-related transactions can be viewed under the Transactions tab.

An offer once created but not taken up will be displayed in My Loan Offers under Lending > Offers. Click the red Close button to cancel the offer.

Interest on loans is collected from the borrower and credited to the lender accordingly:

  • Once right when the loan offer becomes a loan, as first interest,
  • Once daily at ~2200 UTC for as long as the loan stays in “opened” status, as daily interest.

Loan amount returns to lender’s balance when the borrower closes their trade and pays off their loan. How long a loan is taken depends entirely on the borrower.

If your loan is being held for too long, it is possible that the Reinvest checkbox is checked (Lending > Loans). When this happens, your loan will become a loan offer again once it is paid back to you. In a highly active market, this can become an endless cycle. Uncheck the box if you want the loan to simply return to your balance instead (no more loan offer).

We can also recall your loans on your behalf — simply send a support request titled “Recall all my loans” and we’ll be happy to assist. Keep in mind that we cannot perform the recall for selective loans, and all loans older than 24 hours will be recalled at once.

This is the first iteration of QUOINE’s Lending app. On the LIQUID platform, the Lending app will offer additional incentives for QASH holders.

Get started now on QUOINEX.

Lending is unavailable to Japan-residing users for regulatory reasons.