The concept of “lending and borrowing” has been around for ages and is one of the core aspects of any financial system, especially the “fractional banking” setup that is predominantly used across the globe today. The idea is extremely straightforward — i.e., lenders provide funds to borrowers in return for a regular interest rate, and that’s quite literally it. Also, traditionally, such deals are usually facilitated by a financial institution such as a bank or an independent entity such as a peer-to-peer lender.
In the context of cryptocurrencies, lending and borrowing can be facilitated via two primary routes — via a centralized finance institution or through the use of decentralized finance protocols.
Decentralized Finance protocols, allow users to become lenders or borrowers in a completely decentralized way, such that an individual has complete control over their funds at all times. This is made possible via the use of smart contracts that operate on open blockchain solutions such as EFG dApp.
ECOC Financial Growth (EFG) is a blockchain-based borrowing and lending dApp — you can lend your crypto out and earn interest on it. To do this, you must deposit your ECOC to the EFG smart contract as collateral and borrow EFG against it. The EFG dApp automatically matches borrowers and lenders, and adjusts interest rates dynamically based on supply and demand. The special thing about EFG is you can stake EFG in the dApp to receive GPT as a reward.
Grace Period Token (GPT) is a token used to delay the settlement of mortgage assets. It is designed through ECRC-20 standard and becomes the main factor in the protection of investors’ risk extension benefits in EFG’s lending behavior.
How to borrow EFG?
To start borrowing EFG, you must deposit ECOC first as a collateral. The system will calculate the amount of EFG you can borrow according to your collateral!
- Go to EFG dApp website
- Create and connect your ECOC wallet to the dApp
- Select “Lending”
- On the right side, you can see “Borrow” and then click “EFG”
- Input the amount of EFG you need to borrow
- Click “Borrow” to confirm
- The borrow amount will be reflected in “Borrow Balance” section
How do I start staking EFG?
After you finish borrowing EFG, you can either staking EFG in the dApp. To do this, you will receive GPT as a staking reward!
- Select “Staking”
- Input the amount of EFG you need to stake
- Click “Deposit” (waiting time based on block confirmation)
- Upon successful deposit, EFG will be reflected under “Staking List”
- Your staked reward (GPT) will be appeared on the right side
- Congratulations! You have just started staking EFG
When will I get rewarded?
The dApp grants you the rewards every day — the longer you stake EFG, the more GPT you will receive!
For more information