Welcome, D33Dgens!
Metapoly, the pioneer Metaverse Bank that creates liquidity and utility for your Metaverse Assets, now releases its first phase — the land NFT Borrowing & Lending protocol!
Metapoly works as “a decentralized non-custodial Metaverse NFT liquidity and lending protocol” through this beta launch, where users can participate as Lenders (liquidity providers) or Borrowers (NFT owners). Lenders provide liquidity stablecoin USDC to the market to earn passive income, while Borrowers are able to borrow USDC with their over-collateralized metaverse land NFTs as collateral. At the beta launch, Otherdeed is supported, while the team will be adding in more blue chip land projects in the near future.
If you’d like to read the official announcement of the Metapoly Borrowing & Lending Beta Launch, please check out this medium article.
Now, let’s dive in on how you can Borrow or Lend on the Metapoly beta app!
Step 1: Go ahead and visit https://beta.metapoly.org/#/ or you can access the protocol through Metapoly’s Official Website.
Step 2: Click “Connect your wallet” and choose the wallet you will use. The network should be under Ethereum Mainnet.
Step 3: On the first page, which is the Dashboard, you’ll be able to see all basic information such as:
- Total Debt of my Borrowing;
- Total Balance of my Deposits;
- Total APR;
- Total APY (Total Principal and Total Interest)
Now, we have two options on this platform — which is Borrowing and Lending. See the instructions below for what you need:
For Borrowers — Borrow & Repay / Liquidation
Borrow
1.Visit the “Borrow” page on the left side menu. It will show all your land NFTs in the connected wallet, including the collection name and token ID.
2.Please select a land NFT you want to use as collateral.
3.Once you click the land NFT, input the USDC amount to borrow, and click “Borrow USDC”. The floor price of your land NFT, Borrow APY, The amount of USDC you can borrow, etc will be displayed.
You can borrow up to 40% of the floor price of your Land NFT. Read more information from the FAQ about borrowing and lending here! If you wish to borrow from more than one land NFT, you will need to repeat the same procedure as currently there’s no multiple selecting functions in the protocol.
4.Then a new dialogue box will show the Borrow information, then click “Confirm Borrow”.
5.If this is your first time borrowing on Metapoly, there are 2 transactions you have to approve. First, you will be asked to approve the access to your NFT from Metapoly. Please click “Confirm”, and wait while executing the transaction.
6.After that, you will be asked to confirm the borrowing transaction itself. Please click “Confirm”. After executing the transaction, there will be a dialogue box to show the status of the transaction.
7.If you close the dialogue box, then you will be able to see borrowed USDC against your land NFT. You can repeat the borrowing up to the “Max USDC. Borrow” amount.
Repay
1.Visit the “Borrow” page on the left side menu. It will show all your owned land NFTs including the collection name and token ID.
2.Please select a land NFT that you want to repay the loan.
3.In the “NFT Information”, you can find the amount borrowed. Click the “Repay” tab, input the amount you want to repay, and click “Repay USDC”.
4.Then it will show a dialogue box with Repay information, then please carefully check the information and click “Confirm Repay”.
5.If this is your first time using USDC on Metapoly, there are 2 transactions you have to approve. First, you will be asked to approve the access to your USDC from Metapoly. Please click “Confirm”, and wait while executing the transaction.
6.After that, you will be asked to confirm the repaying transaction. Please click “Confirm”. After executing the transaction, there will be a dialogue box to show the status of the transaction.
7.If you close the dialogue box, then you will be able to see the updated NFT information. If you repaid all borrowed balance, then NFT will be returned to your wallet.
For Lenders — Lend & Withdraw
Lend
1.Visit the “Lend” page on the left side menu. As a default, the “Lend” tab is selected, and it will show your balance of USDC.
2.Please input the USDC amount you would like to deposit and lend and click “Lend USDC”.
3.If this is your first time lending on Metapoly, there are 2 transactions you have to approve. First, you will be asked to approve the access to your NFT from Metapoly. Please click “Confirm”.
4.After that, you will be asked to confirm the lending transaction itself. Please click “Confirm”.
5.After executing the transaction, there will be a dialogue box to show the status of the transaction.
6.If you close the dialogue box, then you will be able to see deposited USDC lending.
Withdraw
1.Visit the “Lend” page on the left side menu. As a default, the “Lend” tab is selected. Please go ahead and click the “Withdraw” tab. Here it will show your balance of deposited USDC.
2.Please input the USDC amount you would like to withdraw and click “Withdraw USDC”. Then it will show a dialogue box with Withdraw information, then please carefully check the information and click “Confirm Withdraw”.
3.Then you will be asked to confirm the withdrawal transaction. Please click “Confirm”. After executing the transaction, there will be a dialogue box to show the status of the transaction.
4.If you close the dialogue box, then you will be able to see the updated balance of the USDC you own.
Congratulations!
Now you are all set for successful Borrowing & Lending on Metapoly. You can continue using this function from now on Metapoly’s website. If you have any questions, or feedback for our Beta version, feel free to contact us through our discord, twitter, or telegram.
Metapoly, Metaverse bank that creates liquidity and utility for your metaverse assets. Borrow & Lend, Stake, Lease, and more.
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See our official links: https://linktr.ee/metapolyorg
