As a lender you can explore new loan requests that require funding. Funding takes place in the form of ERC20 tokens, typically wETH or stablecoin like USDC. Funding itself requires two MetaMask transactions, an approval to spend the funding token and a signature on the loan details signed with your wallet address. These approvals are used by the protocol, namely the OriginationController, to initialize the loan.
- Navigate to Explore Loan Requests and find the Loan Bundle you would like to fund. Clicking on View Details will bring up the terms of the loan including the collateral backing the loan, the proposed interest rate, and duration of the loan.
- When you are ready to fund a loan, click on Lend at these terms in the Loan Details screen.
- A modal should appear asking you to confirm the availability of funds and the exact amount that will be withdrawn from your wallet to fund the loan. Click Lend funds to initiate the two MetaMask transactions that activate the loan and create the lender note (NFT) to represent your side of the loan.
- Sign a payload for the loan terms using your wallet address. Always check that you are signed on the same domain that are initiating the transaction from in your browser. In this case, we are running the transaction from dev.arcade.xyz, which we can plainly see on the MetaMask transaction prompt. Loan details can also be inspected for accuracy in the Message portion.
- The second transaction is an approval for the protocol to spend the funding token, in this case wETH.
- You will see a series of messages as the transaction is in the process of being verified and mined.
- Once mined, the loan should become active as evidenced by Loan Active status at the top of the Loan Details page.
- Navigating to My Loans screen will also show the new Active status of the loan and related details.
Updated 8 months ago