# 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](/banx-protocol/vaults) 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. # How to borrow? Walkthrough ## Borrow SOL with your NFTs {% embed url="" fullWidth="false" %} ### Steps * 1\) Start on the **Dashboard** page * 2\) Click 'borrow SOL in bulk' * 3\) This takes you to the **Borrow** page * 4\) Check the SOL amount you can borrow for each of your NFTs in your wallet * 5\) Select the NFTs you want to borrow against * 6\) Approve the transaction in wallet * 7\) Once confirmed, the app automatically takes you to the **My loan*****s*** page * 8\) On the **My loans** page, you can find all your active loans and history * 9\) Don't forget to[ subscribe to notifications](/banx-protocol/how-to-borrow/tips-for-borrowers#subscribe-to-notifications) so you never miss important notifications such as [termination calls ](https://docs.banx.gg/banx-protocol/pages/F7Ka4o0xDRFkETCV9nS7#3.-the-lender-terminates-the-loan) * [Keep you loans healthy](/banx-protocol/how-to-borrow/tips-for-borrowers#keep-your-loans-healthy) by progressively repaying your debt over time {% hint style="info" %} We highly recommend you to read our following sections: * [Detailed borrowing process](/banx-protocol/how-to-borrow/detailed-borrowing-process) * [Tips for borrowers ](/banx-protocol/how-to-borrow/tips-for-borrowers) {% endhint %} # Detailed borrowing process How to use the Banx protocol as a borrower
### 1. The borrower takes the loan * Interest starts accruing linearly, every second ### 2. The borrower repays the loan in full * The borrower repays: the principal, accrued linear interest and the protocol fee * The borrower recovers full control of their collateral ### 3. The lender sends a refinancing call * A lender can send a refinancing call to an active loan, at any given time. Reasons why may include: * The loan being unhealthy or displaying downward trending health * The loan being healthy, and the lender decides to claim the liquidity owed * The lender wants to exit this market * What happens next will be determined by the offers in the order book: ### 4. The order book can auto-refinance the loan * A healthy loan is more than likely to match an existing offer in the order book * If so, the loan will be auto-refinanced * The lender will recover the principal + interest and exit * The new lender will enter the loan from scratch * Nothing changes for the borrower, the loan keeps accruing linear interest every second ### 5. The order book cannot auto-refinance the loan * If the order book contains no better or matching offers, the loan is sent to the refinancing auction ### 6. The 72 hour refinancing auction starts * The loan will be offered to new lenders on the same terms * During this time the collateral cannot be liquidated * The borrower is able to repay if they want to ### 7. New lender refinances via the auction * Refinancing involves covering the principal of the previous loan and accrued interest, allowing the previous lender to exit in full * The borrower continues to borrow, and can still repay anytime ### 8. The refinancing auction ends * The auction ends after 72 hours if no new lender has stepped in to refinance the loan, *and* if the borrower still hasn't repaid * If this is the case, the lender receives the collateral and the borrower loses it # Tips for borrowers How to have a great borrowing experience ## 🧠 Keep your loans healthy * If you keep your loan healthy (i.e. at a reasonable LTV), it is *highly likely* that it will be refinanced via auction if you receive a refinancing call * Higher LTV loans may not benefit from the same level of lender appetite, potentially resulting in a higher number of refinancing calls and unsuccessful refinance attempts * Remember to check in regularly to monitor your loans and make partial repayments (to lower your LTV) if necessary ## 🧠 Subscribe to notifications In order to avoid missing important notifications such as refinancing calls, **we strongly recommend** subscribing to Banx notifications using: * Discord * Telegram * Email
# How to lend? Walkthrough ## Lend USDC via vault ### Steps * 1\) Head to the **Lend** page * 2\) Within the '**Vaults**' tab, you can navigate between different vaults, check their parameters and performance * 3\) Pick your vault and click Deposit, type amount of capital to provide and submit transaction ## Lend SOL via the order book {% embed url="" %} ### Steps * 1\) Head to the **Lend** page * 2\) Click or search the collection for which you would like to lend SOL against * 3\) Within the '**Place offer'** tab, you can create loan offers for that collection * 4\) For each offer, you can define the loan value (in SOL) and the number of loans at this value * 5\) Hit 'Place' -> approve the transaction in wallet * 6\) Once confirmed, your offer will appear in the order book * 7\) You can also head over to the **My offers** page * 7\) Here, you can see and edit the pending offer you just created ## Lend SOL via the refinancing auctions {% embed url="" %} ### Steps * 1\) Head to the **Lend** page * 2\) Within the '**Lend now**' tab, you can see all the loans in search of new lenders * 3\) Hit 'Refinance' on the loan for which you would like to become the new lender * 4\) Approve transaction in wallet * 5\) Once confirmed, head over to the **My Offers** page * 6\) Toggle to select the 'Active' tab * 7\) Here, you can see all the loans you refinanced {% hint style="info" %} We highly recommend you to read our following sections: * [Detailed lending process](/banx-protocol/how-to-lend/detailed-lending-process) * [Tips for lenders](/banx-protocol/how-to-lend/todo-update-tips-for-lenders) {% endhint %} # Detailed lending process How to use the Banx protocol as a lender
### 1. The lender places an order book offer * The lender places a SOL offer in the order book for a given collection * This remains here until a borrower takes the offer ### 2. The lender refinances a loan from auction * Refinancing auctions allow lenders to immediately enter a loan by taking over an existing loan that has received a refinancing call * This allows you to start earning interest immediately, compared to SOL offers waiting in the order book for borrowers ### 3. The loan starts * Interest begins to accrue linearly, every second ### 4. The borrower repays the loan in full * When the borrower repays, the lender recovers the principal and interest accrued at that particular moment ### 5. The lender sends a refinancing call * A lender can send a refinancing call to an active loan, at any given time * What happens next will be determined by the offers in the order book ### 6. The order book can auto-refinance the loan * A healthy loan is more than likely to match an existing offer in the order book * If so, the loan will be auto-refinanced * The lender will recover the principal + interest accrued and exit * The new lender will enter the loan from scratch ### 7. The order book cannot auto-refinance the loan * If the order book contains no better or matching offers, the loan is sent to the refinancing auction ### 8. The 72 hour refinancing auction starts * The loan will be offered to new lenders on the same terms * During this time the collateral cannot be liquidated * The borrower is able to repay if they want to ### 9. A new lender takes the refinancing auction * Refinancing involves covering the principal of the previous loan and accrued interest, allowing the previous lender to exit in full * The borrower continues to borrow, now at a higher interest, and can still repay anytime ### 10. The refinancing auction ends * The auction ends after 72 hours if no new lender has stepped in to refinance the loan, *and* if the borrower still hasn't repaid * If this is the case, the lender does not recover the principle or interest owed * Instead the lender receives the collateral # TODO: update Tips for lenders How to have a great lending experience ## 🧠 There are 2 ways to lend $SOL on Banx * Via the Lend page * Via the Refinance page Both options have their advantages and we encourage you to try out both to see what combination works best for you: ### 1) Lend page * Create offers for collections you want to lend against * Once an offer is made, sit back and wait for a borrower take your offer * Actual offer size taken can be less depending on the amount of SOL users choose to borrow ### 2) Refinancing auctions * Allows you to put your SOL to work instantly by lending to existing loans in search of new lenders * You can see exactly what collateral you are lending against * However, you have no control over the existing loans' LTVs, so it is likely some loans appearing for refinance will not be within your risk appetite {% hint style="info" %} New refinancing auctions will appear in a dedicated channel [in our discord ](https://discord.gg/banxfromfrakt) {% endhint %} ## 🧠 Subscribe to notifications In order to avoid missing important notifications, we **strongly recommend** you to subscribe to Banx notifications using: * Discord * Telegram * Email
# Multiply Increase your exposure to any asset by leveraging it on Banx to farm more yield or rewards ## Why multiply? Multiply lets you gain exposure to more tokens than you currently hold, enabling you to maximize your yield or farming. For example, holding JLP provides a base APR of 50%. By multiplying your holdings at an interest rate of 15% APR, you can achieve a boosted return of 160% APR on your total holdings. ## How multiply works? Multiply works by borrowing additional capital and swapping it for your chosen multiplying asset directly within Banx in a loop. ## How to multiply? 1\. Go to the Multiply page 2\. Decide the amount you want to multiply. 3\. Select a multiplier level, up to 100X. 4\. Track and adjust your position as needed under the “Positions” tab. # Vaults Vaults provide users with a simpler way to lend on Banx, while allowing market experts gather more capital to earn from. ## For Lenders Banx Vaults provide a passive lending experience similar to traditional lending pools but with significant improvements. ### Curated Risk Profiles Banx Vaults offer a selection of vaults tailored to different risk levels, moving away from the conventional one-size-fits-all model. This allows users to choose vaults that align with their specific risk tolerance. In traditional lending pools, all assets are exposed to the highest-risk assets. However, with Banx Vaults, lenders can get exposure to high-risk, long-tail assets with higher yield or the opposite by selecting vaults that lend exclusively against blue-chip collateral. ### Higher Yield Banx’s custom offers settings enable lenders to earn better yields. ### Transparency Banx Vaults are permissionless and distribute fully verifiable onchain allocations. ## For Risk Experts/MMs Banx Vaults introduce an innovative approach to risk management that benefits both experts and users. ### Direct Service to Users, Not DAOs Banx Vaults allow risk experts and protocols to directly serve users rather than consulting for DAOs. This creates a more scalable and user-aligned business model. ### Permissionless Infrastructure With no coding required Banx Vaults lower the barriers to entry for risk experts. They can easily create revenue-generating products with minimal effort and cost. # Protocol parameters ### Tokens ### 💰 Protocol fees * **Fixed** **0.25% upfront fee** to capture value on short duration loans (on the principal value of the loan, collected when a borrower takes a loan) * **33% of APR on the total debt accrued** to capture value on long duration loans ### 📈 Interest rates * Lenders fully control APR ### Oracles Banx primarily relies on [Pyth](https://pyth.network/) oracle price feeds for token market prices, leveraging Pyth’s extensive safety features for a more secure understanding of token price activity. However, for assets that Pyth does not support, the protocol employs [Switchboard](https://switchboard.xyz/) oracles. ### NFTs ### 💰 Protocol fees * **Fixed** **1% upfront fee** to capture value on short duration loans (on the principal value of the loan, collected when a borrower takes a loan) * **6.2% APR on the total debt accrued** to capture value on long duration loans ### 📈 Interest rates * Lend side: **34-104% APR** * Borrow side: **40-110% APR** Interest rates range depending on the LTV offered at the time. Once a loan is taken, the APR becomes **fixed**. Note: some collections have custom interest rates and ranges. These rates and ranges are currently at the discretion of the Banx team, and in the future will be controlled via governance voting based off partner points staked (see [tokenomics](/banx-nfts/holder-benefits)). # Leaderboard Season 3 will be going live in Q2 🔥 ### Season 3 (Q2) Any volume from 19 Mar '24 onwards will be carried over to Season 3, revealed in Q2. ### Why participate? * Previous seasons' rewards have included NFTs and $BANX * Leaderboard rewards can be boosted by staking Banx NFTs and/or $BANX: the more player points staked, the higher the boost ### How can I earn points? No exact formula is specified but below are some tips: * Only lending/borrowing on banx.gg counts * The more you lend/borrow, the more points you earn * Time matters: the longer a loan is active = more points * Some collections will receive temporary points multipliers (Banx Runners) There are 2 distinct leaderboards; one for borrowers and one for lenders. # Referral program Details to be communicated soon! # Holder benefits The more Banx you own and stake, the stronger the financial benefits you get
## BANX NFT Benefits Each of our Banx NFTs have two distinct **points levels** with benefits being proportional to total amount of points levels staked ### **Partner points** * [$BANX yield](/banx-nfts/staking-and-adventures#usdbanx-yield) via market buybacks using 100% of protocol fees & Banx royalties * Governance voting power ### **Player points** * Boosts on leaderboard rewards * Boost on referral rewards * Free Banx loans (once strategic round has closed) ### View points Each Banx' points can be viewed easily on the Tensor marketplace ([tensor.trade/trade/banx](https://www.tensor.trade/trade/banx)) and directly in the metadata. For example:
**Left** Banx has 63 Partner Points, and 1 Player Point **Centre** Banx has 40 Partner Points, and 4 Player Points **Right** Banx has 59 Partner Points, and 5 Player Points Depending on their interests, holders can assemble a team of Banx that sway heavily towards Partner Points, Player Points or a nice balance of both. **Best deals are available here:** [**https://frakt-protocol-toolz.vercel.app/bestdeals**](https://frakt-protocol-toolz.vercel.app/bestdeals) # Staking & Adventures ## Rewards eligibility Holders need to stake their Banx NFTs and then subscribe them to the weekly Adventures in order to unlock the associated benefits: 1️⃣ **Stake** at 2️⃣ Once staked, make sure to then **subscribe** each week to ensure you receive your rewards & [benefits](/banx-nfts/holder-benefits) **Note: you can still borrow against your Banx whilst they are staked and on adventures! Stake first, then borrow ✅** ## **Sustainable passive income** ### $BANX Yield 100% of the revenue generated by the protocol (fees + royalties) are used to buy back $BANX from the market and redistribute to Banx NFT and $BANX stakers, proportional to their respective partner points. The buybacks are done manually by the team at undisclosed times to prevent frontrunning. # Points Ecosystem ## Total supply The total supply of the Banx collection is 7777. This amounts to 35.6% of total [partner points](/banx-nfts/holder-benefits) and 33.9% of total[ player points](/banx-nfts/holder-benefits) in circulation. | BANX NFTs (35.6%) | $BANX token (64.4%) | TOTAL | | ---------------------- | ---------------------- | ------------------------ | | 467,974 Partner points | 844,800 Partner points | 1,312,774 Partner points | | 23,111 Player points | 45,090 Player points | 68,201 Player points | # Holder benefits The more $BANX you own and stake, the stronger the financial benefits you receive ## $BANX Points The $BANX token has two distinct points levels, with benefits being proportional to each total amount of points staked. ### **Partner points** * [$BANX yield](/usdbanx-token-soon/staking-and-adventures#usdbanx-yield) via market buybacks using 100% of protocol fees & Banx royalties * Governance voting power {% hint style="info" %} 17,756 $BANX tokens = 1 partner point {% endhint %} ### **Player points** * Boosts on leaderboard rewards * Boost on referral rewards * Free loans on Banx NFTs (once fundraising complete) {% hint style="info" %} 332,668 $BANX tokens = 1 player points {% endhint %} ## $HADES rewards **As per the** [**Hadeswap whitepaper**](https://docs.hadeswap.com/whitepaper/usdhades-tokenomics/usdhades-the-governance-token)**:** * 5% of the entire $HADES supply will be distributed to $BANX stakers This was granted in return for the Banx team's involvement in the development of Hadeswap. # Staking & Adventures ## Rewards eligibility Holders need to stake their $BANX and then subscribe to the weekly Adventures in order to unlock the associated benefits: 1️⃣ **Stake** at 2️⃣ Once staked, make sure to then **subscribe** each week to ensure you receive your rewards & [benefits](/banx-nfts/holder-benefits) ## **Sustainable passive income** ### $BANX Yield 100% of the revenue generated by the protocol (fees + royalties) are used to buy back $BANX from the market and redistribute to Banx NFT and $BANX stakers, proportional to their respective partner points. The buybacks are done manually by the team at undisclosed times to prevent frontrunning. # Tokenomics ## Overview * $BANX total supply = 15B * Listing price = 0.0006$ per $BANX * Listing mcap = 5.4M$ * Listing FDV = 9M$ $BANX Contract Address: BANXbTpN8U2cU41FjPxe2Ti37PiT5cCxLUKDQZuJeMMR $BANX Claim Page: [launch.banx.gg](https://launch.banx.gg) ## Allocations **Circulating at TGE (60.4%)** * 18.6% **FRKT migration** * 11.4% **Swapped Banx NFTs** * 7.1% **Presale** * 9.2% **Exchanges/Liquidity/MM** * 6.9% **Leaderboard rewards** * 3.3% **Treasury** * 3.3% **Partner Collections** * 0.6% **Catnip rewards** **Vesting starts at TGE (39.6%)** * 20.8% **Team** (6 month cliff, 12 month vesting) * 5.8% **Advisors** (6 month cliff, 12 month vesting) * 6.3% **Seed** (12 month vesting) * 6.7% **Strategic** (12 month vesting) ## Token Sales | Stage | Token Price | Valuation | Vesting | Raise | | ----------- | ----------- | --------- | --------- | ------ | | ✅ Seed\* | $0.0012 | $18M | 12 months | $1.12M | | ✅ Strategic | $0.0004 | $6M | 12 months | $0.4M | | ✅ Presale | $0.0006 | $9M | None | $0.64M | \*Seed round was closed in April '22 with an end of bull market valuation of $18M, twice the valuation of our launch. # About us
Our OG team launched the first generative art collection on the Solana blockchain ([Frakt](https://www.tensor.trade/trade/frakt)) on June 7 2021. Since then, we have been building revenue generating NFTxDEFI protocols on Solana. #### **Jun 2021** Frakt was the first generative art collection on Solana, as well as being the third NFT collection to launch on Solana #### **Nov 2021** The team behind the [Pawnshop Gnomies](https://www.tensor.trade/trade/pawnshop_gnomies) NFT collection was the first to issue an on-chain NFT loan on Solana #### **Mar 2022** Merger between Frakt & Pawnshop Gnomies #### **Jun 2022** Successful Seed Stage Raise (see [fundraising announcement](https://twitter.com/FRAKT_HQ/status/1540337860716396545?s=20\&t=56ytq2eB8D-oP_r2p3GClw)) **July 2022** Release of frakt peer-to-pool perpetual loans **Dec 2022** Frakt received a 5% [$hades allocation](https://x.com/hadeswap/status/1606043565208915968?s=20) for its contribution to Hadeswap **Apr 2023** Release of frakt peer-to-peer fixed duration loans #### **June 2023** Mint of the Banx NFT collection to unite the FRAKT and Pawnshop Gnomie communities #### **July 2023** Release of [Banx staking & adventures](/banx-nfts/staking-and-adventures), distributing 100% of our previous and ongoing revenue to adventures participants #### **Oct 2023** Rebranding from frakt.xyz to [banx.gg](https://banx.gg/) and release of our peer to peer Perpetual loans, a first on Solana #### # Roadmap TBD