Borrower

Before staking NFT in Starfish protocol for loans, the following considerations should be taken into account:

  • Acknowledge the collateral ratio of the NFT collection

  • Loans will be distributed in various assets, namely, USDC, USDT, DAI, ETH, ASTR and more.

  • Acknowledge the interest rate & payment currency (based on loan currency)

  • Liquidation mechanism

Once users are familiar with the parameters and conditions of creating a NFT loan, they can proceed with the following steps to borrow assets by staking their NFTs:

  1. Deposit NFT as Collateral. (Borrowers can only deposit whitelisted NFT for loans)

  2. Verify and lock deposited NFT in NFT collection escrow contract, which is secured and locked.

  3. Choose the type of token to borrow and acknowledge

  4. Pass through NFT oracle to get the latest floor price and determine the amount of tokens to be borrowed.

  5. Receive NFT loan in stablecoins or ETH or ASTR.

  6. Pays back debt (loan + borrow interest) to get back NFT staked.

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