Overview

Banx is a perpetual peer-to-peer NFT lending protocol.

Borrowing on Banx

1️⃣ Banx loans are perpetual: they have no fixed duration.

2️⃣ As the borrower, you can repay and exit any time. Interest rates depend on the loan-to-value (LTV) you initially borrow against, only pay for the time your borrow.

Refinancing

3️⃣ Lenders can send borrowers refinancing calls if they wish to exit. The loan will be sent to the refinance auction, where it will be offered to other lenders on the same terms.

4️⃣ The auction continues until a new lender refinances, or the borrower extends to a new offer. If neither happens after 72 hours, the NFT will be liquidated to the lender.

Lending on Banx

5️⃣ Lenders can create offers for collections they want to lend against. Loan requests are fulfilled by the closest offer value, meaning the highest offer isn’t necessarily the one that is taken.

6️⃣ Interest rates range depending on the loan-to-value (LTV) that your offer is initially taken against. Once an offer is taken, the APR becomes fixed.