How To Borrow
How do I borrow Bitcoin using my Ordinals?
Find a Collection: Visit the Borrow page and locate a collection that you own an Ordinal from and click “Borrow”.
Select your Ordinal: Choose your desired Ordinal from the collection to use as collateral. The terms will be displayed.
Choose Desired Transaction Speed: Pick between Low, Medium, and High speed in sats/vB.
Option 1: Accept offer bundle
If there's more than one loan offers within 2% of the loan amount, you will be given the option to accept whichever offer is signed first.
Option 2: Hit the "Confirm" button to confirm.
Otherwise, you will automatically accept the offer and await lender's signature.
Await Lender's Approval: The lender has to sign and broadcast the transaction to start the loan. The lender must manually start the loan due to Bitcoin's technical structure.
Loan Starts: Once initiated by the lender, you will be notified, the loan begins, and you can monitor it under “Borrowings” on your Portfolio page.
How can I cancel a loan request?
Cancel your loan request in the "Pending" section of your Portfolio page, before the lender initiates the loan.
Once the lender has signed the loan, neither the borrower nor the lender can cancel the loan anymore.
How do I repay my loan?
Go to your Portfolio page.
Locate your active loan and choose your desired fee rate (Low, Medium, High).
Click "Repay".
Confirm and sign the transaction in your wallet.
You will need to wait for the repayment to be confirmed before you can unlock your Ordinal.
How do I unlock my Ordinal?
Go to your Portfolio page.
Once the loan is repaid, click "Unlock".
Locate your repaid loan and choose your desired fee rate (Low, Medium, High).
Click "Unlock".
Confirm and sign the transaction in your wallet.
Once the claim transaction is confirmed, your Ordinal will return to your wallet.
What if my loan defaults?
In case of default (non-repayment), the collateral Ordinal transfers to the lender, but you retain the borrowed Bitcoin.
How long do I have to wait for my loan?
The waiting period for your loan to start depends largely on the lender's response time. Once you accept a loan offer, the lender is notified immediately. Some lenders are online and can start the loan right away, while others may be away from their devices and take longer to initiate the loan process.
If the lender does not respond for an extended period, you have the option to cancel the loan request and accept a different offer. However, we recommend waiting at least 8 hours before taking such action to provide ample time for the lender to respond and start the loan.
How can I check if my pending transaction will confirm?
Check the current fee rates on mempool.space. If your effective fee rate is equal or higher than the current fee rate in the mempool, your transaction will be confirmed soon.
If one or multiple UTXOs that were allocated for the loan were being spent before the loan started, the lender needs to rebuild the loan and the borrower must sign the transaction again. The lender should wait for the borrower to sign again. Once the borrower signs, the loan starts.
Please note that the wallets are currently not displaying who pays the network fees, but it will always be the borrower.
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