Crypto loan system
At Faxen, we aim to develop a loan system allowing users who have staked a Decuple NFT to apply for a loan. The amount of allocated loan will be calculated based on various factors such as LTV, staking time left, the value of the NFT, the Fax token market cap, and other relevant criteria.
Once approved, the loan will be paid to the user, with the staked NFT being frozen as collateral to secure the loan. We understand the importance of flexibility in such matters, so the specifications and criteria for each lending plan will be communicated to users and may change every quarter.
Additionally, we recognize that users may wish to use third-party financial services. As such, we offer users an option to have their NFT frozen as collateral and held by Faxen as a third party. This will allow them to utilize partner platforms and access additional finance services.
Our team will be working hard to ensure that the terms of our loan services and lending plans are fair, transparent, and flexible. We believe this loan system will be a valuable addition to the Faxen ecosystem and look forward to providing further details as they become available.