Lend (TBA)
Lender can utilize Teller to commit capital to Ape Now
🔑 Note: The initial funding for BNPL is already secured and the feature for Lenders is not live to the public yet. (Key word yet 😉)
Lending on Teller
Those seeking to lend to Ape Now will be able to do so on Teller.
Step 1/2: Setting Lending Terms:
Lenders first approve the market forwarder by using the function approveMarketForwarder on Teller V2 Smart contract.
Lender then select 5 key terms for their funds to be lent out:
Maximum Loan Duration: How long the borrower has to pay back the loan.
APR: Interest the borrower will pay on the loan (note that borrower will need to accept terms)
Amount to lend
Currency Type (ETH/USDC/MATIC)
Pre-commit expiry date - How long is the loan offer active for the borrower to act on
Step 2/2: Pre-commiting funds to be lent
Approve token amount (how much the lender is willing to loan)
Enable commitment for the market (confirm the lender is willing are ready to lend)
Submit commitment details (Max loan duration, APR, amount to lend etc.)
Lenders can then view and modify their commitments in the dashboard
Until lenders funds are lent out to borrowers for their NFT BNPL purchases, they have the ability to:
Modify their Pre-Commits
Cancel their Pre-Commits
Similar to web2 e-commerce providing users the ability to cancel their orders until their packages have shipped.
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