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EP053 – Fluid Tokens, NFT Collateral DeFi Loans

Peter Bui - Learn Cardano Podcast

Episode by Peter Bui on August 4th, 2022

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I interview Matteo and Raul from Fluid Tokens. We talk about their platform and how you can now use non-fungible tokens as collateral in a decentralised finance loan.

How to Provide an NFT Collateral DeFi Loan on Fluid Token

Connect Your Wallet

Conenct your wallet to Fluid Tokens

When you visit the website at https://app.fluidtokens.com/, you will be prompted to connect your wallet. In this case, we are using Nami wallet, but you can also use Eternl, Flint, Gero and Typhon.

Start Borrowing

Start a borrow request for a loan on Fluid Token

Click on Borrow from the main site navigation.

This will list all the NFTs in your wallet that you could use as collateral in a loan request.

Choose an Asset & Loan Details

Choose an asset for the loan request

Choose an asset that you want to use as collateral.

Set the loan amount that you which to take out.

Set the interest rate and loan duration.

In this case, we are using the default 7.5% loan interest rate and setting the loan duration for 90 days.

Click CREATE to continue.

Confirm and Sign

A confirmation screen will appear.

Confirm the loan request, and a wallet popup will appear.

You will need to sign the transaction. Please ensure that the details of the transaction are correct.

Once you’ve signed the transaction, you are complete.

You can now see your loan request and collateral NFT under the Lend section of the website. Please note it may take a few minutes to appear.

Start Engaging with Fluid Tokens

Join their socials and try their platform to learn more about the project.

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