## What Is BNPL Pay (BNPL)?

BNPL (Buy now, pay later) is a decentralized lending protocol that puts credit in the hands of those who need it the most: users without capital. We tackle the problems presented by uncollateralized borrowing through a unique design in which a decentralized network of banking nodes services the needs of the industry. With our protocol anyone can become a bank, and anyone can apply for a loan.
The BNPL Protocol utilizes a decentralized network of centralized banking nodes (CeDeFi) to service a maximum number of loans. We have chosen such an approach for multiple reasons.

The BNPL Protocol allows for anyone to create a banking node, and these nodes compete for capital from lenders and for the loan fulfillment of borrowers. Such a system is conducive in reaching maximum utility for both borrowers and lenders. We have designed our protocol to allow banking nodes full autonomy in their individual operations. At the same time, we provide lenders full transparency of each banking node’s track record and other relevant metrics.

Credit and counterparty risk are inherent to uncollateralized lending. Without the need for collateral or global ability for enforcement, borrowers have little incentive to meet their obligations. We set out to merge the borderless, permissionless world of Ethereum with the segregated and widely varying rules of the legal world. Therefore, we have chosen a CeDeFi model. The protocol is decentralized by allowing anyone to set up nodes or lend capital. The nodes are centralized to delegate the tasks for the legal world and service loans based on their individual abilities to mitigate counterparty risk.

Node operators will be required to stake a minimum of 2,500,000 BNPL tokens to have skin in the game to manage capital, and are rewarded with a percentage of interest accrued by their pool. These tokens are subject to slashing in the case of lost funds. Node operators and independent stakers can become further involved through our vouching system, where additional tokens can be staked into a node. Both risk and reward is shared equally with the node operator. With this, lenders know in the event of default loss any penalizing action taken against nodes and stakers will be rewarded directly back to them as a form of rebate. They can judge which pools to commit capital to based on the Staked Asset to Liquidity (SATL) ratio of a given pool.


## How Many BNPL Coins Are There in Circulation?

The BNPL Pay token generation event (TGE) was on 14th September with 1 billion BNPL tokens created at genesis. 42.50% of our tokens will be rewarded to lenders and liquidity providers of BNPL via exponential decay. We will also be airdropping an additional 1% of the supply to active users in DeFi. 12.5% of tokens were sold during a seed round, followed by 10% of tokens sold in a private sale and 6% in a public sale. The BNPL Treasury will be holding 14% of tokens for operational requirements and the final 14% are allocated to team members.


### Who Are the Founders of BNPL Protocol?

BNPL Pay is backed primarily by TradeFi corporate advisory experts with significant understanding of, and experience in, the fintech and BNPL sector. A key backer, Australian based Clee Capital, has a history of success in funding and advising BNPL players in South East Asia over the last 12 months. Other early investors include several crypto funds with strong ties to the Thorchain ecosystem.
The execution team is made up of 9 experienced individuals with a plethora of experience in DeFi and traditional finance. The team spans the globe with presence in Australia, Singapore, United Kingdom and Dubai. In addition, the project has retained Dentons for legal counsel, and Hacken for smart contract auditing in order to ensure access to the best advice available in a space that still has substantial regulatory and security risks.



### Where Can I Buy BNPL Protocol (BNPL)?

BNPL is available for trading in the following markets:

[MEXC - BNPL-USDT](https://www.mexc.am/exchange/BNPL_USDT)

[SushiSwap - BNPL-ETH](https://app.sushi.com/swap?inputCurrency=ETH&outputCurrency=0x84d821f7fbdd595c4c4a50842913e6b1e07d7a53)

[SushiSwap - BNPL-XRUNE](https://app.sushi.com/swap?inputCurrency=0x69fa0fee221ad11012bab0fdb45d444d3d2ce71c&outputCurrency=0x84d821f7fbdd595c4c4a50842913e6b1e07d7a53)

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