Dear 8V users:
The specific introduction of 8V contract mortgage loan is as follows.
Mortgage loan business can use the digital assets held by users as mortgage assets for encrypted loans to obtain short term liquidity to meet their short term needs；the borrowed digital assets can be traded on any product on the platform, or proposed on the platform.
- How to enter the mortgage loan interface?
You can enter the mortgage loan interface on the second page of the navigation bar on the home page via 8V app.
- Which mortgage currencies are supported by mortgage loans?
Currently only supports USDT loans with BTC and ETH currencies as collateral assets.
- Mortgage repayment period and how to repay?
After the loan is successful, you can use USDT to make partial repayment, full repayment, or mortgage asset repayment at any time, and you can increase or decrease the amount of mortgage assets;
USDT repayment: Select the repayment ratio on the "USDT Repayment" page or manually enter the repayment amount, and the system will automatically calculate the various parameter information of the loan order after returning the corresponding amount; click Confirm to execute the repayment operation;
Mortgage asset repayment: You can choose to use the corresponding mortgage assets for repayment. The system will sell the mortgage assets at the market price, and the obtained USDT will be used to repay the loan and interest. The mortgage asset repayment logic is consistent with the forced liquidation settlement. The platform will start from A 10% settlement fee will be charged for the remaining amount after repayment, and the remaining funds will be transferred to the user's account balance. When repaying the loan, the interest will be returned first; if the partial repayment is performed, the accumulated interest will also be deducted first.
- How is the interest calculated?
The daily interest rate of ETH is 0.03%, and the annualized interest rate is 10.95%. The daily interest rate of BTC is 0.035%, and the annualized interest rate is 12.775%.
Daily interest = loan amount * daily interest rate. Daily interest is not actually deducted from your balance, it is only calculated and credited to the accumulated interest. affect mortgage rates. The interest on the day of the loan is calculated at the time of borrowing, and the subsequent daily interest is calculated at 0:00 (UTC+8) on the day
- What is the mortgage rate?
Mortgage rate refers to (loan amount + accumulated interest) / collateral asset value. When the mortgage rate is greater than or equal to the mortgage rate of margin call, the system will remind you to replenish the mortgage assets; When the mortgage rate is greater than or equal to the forced liquidation mortgage, the system will immediately perform forced liquidation settlement.
- What is forced settlement?
The logic is consistent with the "mortgage asset repayment". The system will exchange all the mortgage assets into USDT at the market price to repay the loan and interest, and charge 10% of the remaining amount as a settlement service fee; please replenish the mortgage assets in time to avoid forced liquidation. Remaining amount will be charged as a settlement service fee; please replenish the mortgage assets in time to avoid forced settlement.
- How to get a mortgage?
- Select BTC or ETH as collateral assets for USDT borrowing.
- Enter the USDT loan amount. The minimum USDT loan amount is 100u, and the upper limit is 1,000u. It cannot exceed the range of the loanable amount
- After entering the loan amount, the system will calculate the required amount of the corresponding mortgage assets according to the market price. Please ensure that the corresponding mortgage assets in the account balance are sufficient. If the mortgage assets do not meet the borrowable amount, you need to recharge;
- Click the "Confirm Borrowing" button. Please check the detailed information of the loan order in the loan confirmation pop-up window. Click the "Confirm" button, and the loan is successful. The borrowed amount is transferred to the wallet balance of the user's account; if the "Cancel" button is clicked, the order will be deemed canceled and no loan order will be generated.
8）Mortgage loan related parameter data
ETH-USDT
|
Daily interest rate/annial interest rate |
0.03%/ 10.95% |
|
Initial mortgage rate |
65% |
|
Margin rate |
75% |
|
Liquidation Mortgage Rate |
83% |
|
Platform service fee |
10% |
BTC-USDT
|
Daily interest rate/annial interest rate |
0.035%/ 12.775% |
|
Initial mortgage rate |
65% |
|
Margin rate |
75% |
|
Liquidation Mortgage Rate |
83% |
|
Platform service fee |
10% |
- Mortgage rate = (loan amount + accumulated interest) / collateral asset value; *accumulated interest is the sum of daily interest
- Initial mortgage rate: USDT that can be borrowed = USDT value of mortgage assets * 65%
- Mortgage rate for margin call: the sum of borrowed USDT and accumulated interest/mortgage assets≥75%
- Forced liquidation mortgage rate: the sum of borrowed USDT and accumulated interest/mortgage assets ≥ 83%
- Daily interest = loan amount * daily interest rate
8V team
December 19, 2022
8V Official Social Media
Telegram (En): https://t.me/global8v
Telegram Community (En): https://t.me/global8vchat
Facebook: https://www.facebook.com/8V.Global/
Instagram: https://www.instagram.com/8v.global/
Reddit: https://www.reddit.com/r/8Voffical_group/
Comments
0 comments
Please sign in to leave a comment.