Using Nitrogen Launchpad - A Simplified Stablecoin Loan Tool
Nitrogen Network, a P2P crypto lending platform, is launching Nitrogen Launchpad, a new tool that allows people to borrow stablecoins against crypto collateral in the form of ETH and ERC-20 tokens. Nitrogen’s loan tool offers you an easy-to-understand interface to get a loan in a few clicks.
To receive a stablecoin loan, you simply choose the amount of stablecoins you want to borrow, submit your KYC information & you will get matched instantly with the lowest APR loan offers on Nitrogen’s loan platform. You can choose to receive TUSD, USDC, DAI, PAX and GUSD, which are all established and well-traded stablecoins.
All assets and calculations for correct payouts are held by a secure smart contract. This means that there’s no custodian and counterparty risk when you use Nitrogen Launchpad. So, in case of any technical problems, your assets will remain safe.
How Does it Work?
To get started, choose which stablecoins you want to borrow and select the cryptocurrency you want to use as collateral.
Pick the duration of your loan, you can choose a loan term of 3 days, 7 days or 1 month.
As you enter the amount you want to borrow, you may notice that the APR changes, depending on which stablecoin you want to borrow or the duration of your loan. This happens because your request gets matched with the best offers available on Nitrogen’s main platform.
Click on ‘Get leverage now’ (↑) and connect your preferred ETH wallet (Metamask or Ledger) to the Nitrogen Network (↓).
If you’re using Metamask, first click on “Connect to Metamask” and then you click on the “Confirm” button within Metamask to execute the payment of your collateral.
To use your Ledger hardware wallet, please refer to this guide:
https://coinsutra.com/edger-nano-s-setup-guide/
Once the payment of your collateral is confirmed, go back to the Nitrogen website and click on ‘Settle Assets’.
Enter your email address to receive information about your loan & get notified when your loan term is almost up. In this email you will also find a link to repay your loan on Nitrogen’s main platform.
Congratulations, you have just borrowed stablecoins from the Nitrogen Network!
While this loan tool may look simple on the outside, it gives you access to a wide range of loan offers. Nitrogen Launchpad exists to connect you with the right people to secure a loan from, it's great in doing just that.
Hmmm... this is interesting, I will have to look at it. I don't want to borrow, but I would be interested in loaning... although, I've been using Uniswap instead currently. Nice stash of BNB!
You can always place a loan offer on https://nitrogen.network/
I reckon they're going to get filled pretty quickly thanks to this tool ;)
This is really awesome. I was actually just reading a post about something similar that they are still working on. To know that there is an active product that does the same thing already out there is really cool. I am definitely going to have to dig into this a little more and maybe pass it along to the person that I was talking about it with. Thanks for putting this together. You did a great job!
Oh yeah, do share it with people who might be interested in using it! Thanks for the re-steem as well @bozz :)
I have to be honest although I understand the concept I really learnt from this I need to make the time to learn more about the various cryptocurrencies and get a better knowledge of things crypto
Though why are all these sounding strange to me
What do you mean exactly?
No. I mean all these tools and stuf about cryptocurrency. If not you posted it today, this will be ny first time of hearing about this and many more like that.
Yeah, it's all relatively new and cutting edge technology. I mean, this particular loan tool is really easy to understand though.
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