Overview

Banx is a modular peer-to-peer lending protocol.

On Banx, borrowers and Lenders choose their risk/reward (LTV/APR), anywhere from very low to very high.

• Banx is perpetual: no expirations, and no time-based liquidations

• Banx is p2p: no price oracle, no price-based liquidations.

• Banx is an orderbook: users may determine yield/interest individually

• Banx is modular: Banx vaults offer users the same passive experience as traditional lending pools with the notable improvements.

Borrowing on Banx

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

As the borrower, you can repay and exit any time. Interest rate is set once you borrow, and accrues only for the time your borrow.

Refinancing

Lenders can sell their loans into offers with matching parameters. If no suitable offers present, lenders can send borrowers refinancing calls indicating 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.

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

Lending on Banx

Lending in an orderbook:

Lenders can create offers for any asset 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.

Once an offer is taken, the APR becomes fixed.

Lending in a vault

Lenders can deposit liquidity into vaults managed by Curators, earning passive yield as their funds are utilized in loans. In return, they share a portion of the performance fee with the Curator.