Fringe Finance

Fringe Finance, an all-new and inclusive DeFi lending platform, saw the integration of $SNX as a collateral type into its Primary Lending Platform (PLP). With Fringe’s PLP, borrowers can take out $USDC loans against their altcoins. Now $SNX 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 Synthetix tokens.<h2 id="header-0">How do $USDC Loans work?</h2>Through Fringe Finance, you can take out instant $USDC overcollateralized loans against:<ul><li>$REN (Ren Protocol)</li><li>$IOTX (IoTeX)</li><li>$PAXG (Pax Gold)</li><li>$LINK (Chainlink)</li><li>$ZRX (0x Token)</li><li>$OCEAN (Ocean Protocol)</li><li>$SNX (Synthetix)</li><li>$WETH (Wrapped ETH)</li><li>$BNT (Bancor)</li><li>$MANA (Decentraland)</li><li>$MATIC (Polygon)</li><li>$LON (Tokenlon Network Tokens)</li><li>$DODO (DODO)</li><li>$FXS (Frax Share)</li><li>$FOX (Shapeshift FOX Token)</li><li>$LDO (Lido Finance)</li><li>$SAND (The Sandbox Token)</li><li>$SHIB (Shiba Inu)</li><li>$UNI (Uniswap)</li><li>$OGN (Origin Protocol)</li><li>$GTC (Gitcoin)</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 <a href="https://github.com/HashEx/public_audits/blob/master/Fringe%20Finance/Fringe%20Finance.pdf" rel="noopener noreferrer nofollow">HashEx</a> and <a href="https://drive.google.com/file/d/1LS7Xmxpgs2ontY0RSvpsLwyRZ20ypK26/view" rel="noopener noreferrer nofollow">CyberUnit</a>; 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). $SNX current LVR in Fringe’s PLP is 51% — depositing $1000 worth of $SNX allows a user to borrow up to 510 $USDC.Outstanding loans accrue interest continually. This interest, however, does not increase proportionally as your $SNX increases in value. This means that any gains from your $SNX position are entirely yours. If your $SNX 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 $SNX plus a liquidation fee to settle your loan.<h2 id="header-1">What is Synthetix Network?</h2>Synthetix is a DeFi protocol that gives users on-chain access to a diverse range of crypto and non-crypto assets. The system, which is built on the Ethereum blockchain, provides users with access to highly liquid synthetic assets (synths). Synths track and offer returns on the underlying asset without requiring the asset to be held directly.The platform’s goal is to widen the bitcoin ecosystem by incorporating non-blockchain assets, allowing users to get access to a more robust financial market.<h2 id="header-2">How to borrow USDC with $SNX on Fringe Finance</h2>You can get an instant $USDC loan with $SNX in five easy steps.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/775eba13f14a48da9f44526feaf256ee.png" />1. Go to <a href="https://app.fringe.fi/" rel="noopener noreferrer nofollow">Fringe Finance’s PLP</a> and open the Borrow tab. Click the Deposit button on the right of the Synthetix token and press Enable. Metamask will prompt you to confirm a transaction enabling the deposit of $SNX into Fringe’s PLP.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5df87f13cf7446ba9fb5115ced9fe511.png" /><a href="https://i.imgur.com/tkXbjOH.png" rel="noopener noreferrer nofollow">https://i.imgur.com/tkXbjOH.png</a>2. First, enter the amount of $SNX 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/ab91f0ee69454c96906a71f7e03c89f9.png" />3. Click $SNX’s “ ⋮ ” button to open the drop-down menu, and then click Borrow.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8f965bb3021d4d62a886c621a3ac8c6a.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/b9af37e93bb34024a4388efec43ad374.png" />5. That’s it! Your borrowed $USDC will be available in your wallet automatically.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0232a04d35c5491db98cb09e30c22413.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 <a href="https://app.fringe.fi/" rel="noopener noreferrer nofollow">Fringe Finance’s PLP</a> click Repay.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f3d745c42b0644b290559876303ab72b.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/87ecf93ed4684bf8a06076acbc51d33f.png" />3. After the successful confirmation of the transaction, your loan will be repaid. Hence, you will be able to withdraw your deposited $SNX by clicking Withdraw.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/977318a4f0ce4139b262c2884f27e038.png" /><h2 id="header-4">Learn more about Crypto Borrowing and Lending</h2>SNX 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 <a href="https://app.fringe.fi/" rel="noopener noreferrer nofollow">Primary Lending Platform</a>, alongside the $USDC lending functionality that allows you to effortlessly earn interest on your $USDC.

Borrowing USDC with SNX: A Guide

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Fringe Finance

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