NFTs: Bulk Redeem | Renew | Cashout
You have a lot of open loans and want to manage all of them simultaneously? No problem!
Last updated
You have a lot of open loans and want to manage all of them simultaneously? No problem!
Last updated
Bulk Redemptions allow you to pay outstanding interest plus all the EGLD you borrowed for multiple loans all at once. This is useful if you want to redeem multiple loans at once and get back your NFT collateral.
To do so, just click the checkboxes of the loans that you would like to redeem. Click the “Redeem” button to redeem all the selected loans. You will be asked to pay the accrued interest plus the EGLD you borrowed.
In the end, you will receive all the NFTs back.
Bulk Renew your loans by selecting the loans you want to renew and clicking the “Renew” button.
Bulk renew allows you to pay the outstanding interest on multiple loans at once, to keep those loans going until the next interest payment is due.
When bulk renewing, you will just need to pay the interest charges displayed (shown as "Fee" on the screenshot).
In short: If your NFT collateral has risen in value, you are able to borrow more EGLD to get back to a 50% borrow rate.
Bulk Cashout your loans by clicking the “Cashout” checkbox (as visible in the screenshot).
If the current market value of the NFT has increased, you will be entitled to borrow extra EGLD when you renew the loan (after deduction of the Interest).
Example: You borrowed 1 EGLD against an NFT valued at 2 EGLD (50% borrow rate).
The NFT has risen in it's value to 4 EGLD (25% borrow rate).
You have outstanding interest charges of 0.04 EGLD. If you decide to cashout your NFT Loan, you will have borrowed an extra 0.96 EGLD (2 EGLD borrowed against 4 EGLD NFT - 50% borrow rate).
In this scenario, you already kept your 1 EGLD from your original loan, you paid back the due interest and took out another loan (combined to the existing loan) against the new valuation of the NFT. Because you still have 1 EGLD from the original loan, you only received 1 more EGLD to get to a 50% borrow rate.
(4 EGLD NFT value * 0.5 (max borrow 50%)) = 2 EGLD 2 EGLD - 1 EGLD (from original loan) - 0.04 EGLD (interest due from original loan) = 0.96 EGLD.
Summary: After you did the cashout of the loan, you are back to a 50% borrow rate, by borrowing more against the risen value of the NFT and you also paid the outstanding interest charges.
