Fringe Finance

Fringe Finance, an all-new and inclusive DeFi lending platform, saw the integration of $LON as a collateral type into its Primary Lending Platform (PLP). With Fringe’s PLP, borrowers can take out $USDC loans against their altcoins. Now $LON holders will get access to stablecoin loans and will be able to unlock part of the value of their positions without selling their tokens.Below, we’ve prepared a short tutorial on borrowing $USDC with Tokenlon Network tokens.<h2 id="header-0">How do $USDC Loans work?</h2>Through Fringe Finance, you can take out instant $USDC overcollateralized loans against:<ul><li>$OCEAN (Ocean Protocol)</li><li>$LINK (Chainlink)</li><li>$REN (Ren Protocol)</li><li>$ZRX (0x Token)</li><li>$BNT (Bancor)</li><li>$IOTX (IoTeX)</li><li>$MANA (Decentraland)</li><li>$MATIC (Polygon)</li><li>$PAXG (Pax Gold)</li><li>$SAND (The Sandbox Token)</li><li>$FXS (Frax Share)</li><li>$UNI (Uniswap)</li><li>$SHIB (Shiba Inu)</li><li>$LDO (Lido Finance)</li><li>$OGN (Origin Protocol)</li><li>$LON (Tokenlon Network Tokens)</li><li>$DODO (DODO)</li><li>$FOX (Shapeshift FOX Token)</li><li>$KNC (Kyber Network)</li><li>$APE (Ape Coin)</li><li>$TOMOE (ERC-20 $TOMO) (Tomochain)</li><li>$FTX (FTX Token)</li></ul>Here’s how it works:On the Primary Lending Platform, you can deposit altcoins into your personal collateral safes. Your wallet is the only key to moving the assets on your collateral safes. You, and only you, maintain full control of your assets throughout the duration of your loans. Fringe’s PLP has been doubly audited by HashEx and CyberUnit; thus, it has the highest standard of security in crypto. Still, we encourage users to always do their own research before dropping assets to a smart contract.Once assets have been deposited into the platform, you may take out loans against your holdings. The amount a user can borrow depends on the total value deposited in the collateral safe, the asset’s maximum borrowing capacity, and the asset’s loan-to-value ratio (LVR). $LON current LVR in Fringe’s PLP is 53% — depositing $1000 worth of $LON allows a user to borrow up to 530 $USDC.Outstanding loans accrue interest continually. This interest, however, does not increase proportionally as your $LON increases in value. This means that any gains from your $LON position are entirely yours. If your $LON drastically depreciates, your position may become undercollateralized and subject to liquidation. In other words, the platform will be allowed to sell an equivalent amount of your deposited $LON plus a liquidation fee to settle your loan.<h2 id="header-1">What is Tokenlon Network?</h2>Based on Ethereum blockchain technology, Tokenlon is a decentralized exchange and payment settlement platform. It now drives Tokenlon DEX, a decentralized exchange and payment settlement platform designed to give everyone access to a safe, dependable, and easy trading experience.<h2 id="header-2">How to borrow USDC with $LON on Fringe Finance</h2>You can get an instant $USDC loan with $LON in five easy steps.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/78f425015dbe474eb1c54175fc8ce348.png" />1. Go to Fringe Finance’s PLP and open the Borrow tab. Click the Deposit button on the right of the Tokenlon Network token and press Enable. Metamask will prompt you to confirm a transaction enabling the deposit of $LON into Fringe’s PLP.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5eb08f4d2e0b4baba988cfea787ad7fe.png" />2. First, enter the amount of $LON tokens you would like to deposit. Click Deposit and confirm the operation via your MetaMask wallet.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c381a866a62b47bc95f09e3d333180f6.png" />3. Click $LON’s “ ⋮ ” button to open the drop-down menu, and then click Borrow.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5fe0b95ff10f4b129b093d71e7e380fc.png" />4. Enter the amount of $USDC you want to borrow, taking care to keep the Health Factor as far from 1 as reasonable to avoid being liquidated. Click Borrow and confirm the operation via your MetaMask wallet.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/65a453eb90844e4e84711df669c8d837.png" />5. That’s it! Your borrowed $USDC will be available in your wallet automatically.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/12147bc3f65d48c4aea5a68390728b4a.png" /><h2 id="header-3">How to repay your loan</h2>You can repay your $USDC loan in three easy steps.1. On the Borrow tab of the Fringe Finance’s PLP click Repay.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ae210f05e024408080f3b7c9468576fd.png" />2. Enter the amount of $USDC you want to repay. Click Repay and confirm the operation via your MetaMask wallet.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d991f82d7cdd459f987a9ae9ece42dc5.png" />3. After the successful confirmation of the transaction, your loan will be repaid. Hence, you will be able to withdraw your deposited $LON by clicking Withdraw.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8a08d1951a374a1fad2a7fd2716aabd4.png" /><h2 id="header-4">Learn more about Crypto Borrowing and Lending</h2>LON is one of the top altcoins that can be used as collateral to get an instant loan on Fringe Finance. You can check other accepted altcoins on our Primary Lending Platform, alongside the $USDC lending functionality that allows you to effortlessly earn interest on your $USDC.

Borrowing USDC with LON: A Guide

Table of Contents

Fringe Finance

Other articles published on Oct 17, 2022

HELPING ANIMALS WITH IGUVERSE IS EASY

Web3 Roundup — October 2022: First edition of our biweekly newsletter!

EVM and Compatibility

Cost Basis in Crypto Tax Payment (Hard Calculations and Simple Ways to Save)

Zentachain - Centralized Messenger

Empowering communities with CoinMarketCap - Celebrating our 1-year anniversary of WOO X

Join our free newsletter for daily crypto updates!