Creating a borrowing proposal
Since PWN is peer-to-peer, every borrower must create a borrowing proposal on the platform, detailing the collateral they want to use (tokens, NFTs, or a bundle of both), the asset to borrow, and the loan terms they are comfortable with.
Visit https://app.pwn.xyz and connect your wallet.
Click on "Borrow" on the right-hand side module.
Pick your collateral and amount (you can use tokens and NFTs, and even bundle both).
Pick the borrowed asset and amount
New Feature: After you select your collateral and/or borrowed asset, the app will automatically push all matching lending proposals in the "I want to borrow" module on the left. If one fits your terms, just click on the "Borrow" button.
Pick your desired loan terms:
Loan to value
APR (Interest rate)
Loan duration
Proposal validity period
Submit your borrowing proposal by clicking on "Post Proposal"
Once your borrowing proposal is submitted, it will appear in the "I want to lend" section of the app, where any lender will be free to fund it or counter-offer.
⚠️ The asset(s) listed as collateral won't leave your wallet until your borrowing proposal gets funded. Make sure they remain available until your proposal expires or it will be invalid.
You'll be notified in the app once when one of your proposals gets funded.
Once you get funded, you'll be prompted to set a reminder. All you have to do next is to make sure you repay on time to avoid defaulting.
⚠️ You can cancel or edit your borrowing proposal at any time. Simply head to the "Your Lending" section in your dashboard, find the offer you'd like to edit and cancel and click the corresponding button.
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