Loan

NEAR Protocol

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NEAR Protocol loans.
Borrow against NEAR.

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What is NEAR Protocol?

NEAR is a decentralized development platform that uses a Proof-of-Stake (PoS) consensus mechanism and will eventually feature a sharded architecture to scale transaction throughput. Its block generation scheme is called Doomslug and its proposed sharding design is dubbed Nightshade. These technologies will work together to scale the network and minimize congestion. NEAR has also been designed to be developer and user-friendly as it features a few key innovations to accelerate the application development and user-onboarding processes. The NEAR blockchain was created and developed by the NEAR Foundation. Its mainnet went live in April 2020, and network validators voted to unlock token transfers in October 2020. NEAR's bridge to Ethereum (called the Rainbow Bridge) launched in March 2021.

How do loans backed by NEAR works

Crypto loans provide an easy solution for those borrowing and lending. Individuals can secure loans in USDT by using their crypto as collateral while retaining ownership of their digital currencies. This approach removes the need for credit checks and extensive paperwork, streamlining the process and making it more cost-effective.

Lenders have the option to place their cryptocurrencies, such as NEAR Protocol (NEAR), into a secure account on the Beast platform. A custodian manages the connection between borrowers and lenders, ensuring a safe transaction process. Acting as a reliable intermediary, they make sure the interests of both parties are well-protected.

For borrowers, this means accessing necessary funds without the need to liquidate their crypto holdings. It becomes especially valuable during times of market volatility, as it helps to sidestep potential losses. The lending structure further simplifies obtaining loans and eliminates credit checks.

Lenders receive interest on their provided funds through loan repayments, allowing them to earn from their cryptocurrency investments. This creates a mutually advantageous scenario where borrowers obtain loans and lenders gain rewards.

The Beast platform oversees the interactions between borrowers and lenders while utilizing blockchain technology to enable secure transactions without need for middlemen. This setup significantly reduces the risk of fraud and fosters a trustworthy lending atmosphere.

NEAR Protocol Loan Calculator

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Loan amount

USDT

Collateral Required

Interest rate

15% per year

Monthly Interest Amount

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Yearly Interest Amount

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Crypto Loans explained

In our video, we take you on an exciting and informative journey into the realm of crypto lending and borrowing on the Beast platform. Discover how this revolutionary system works, learn how to take out a loan, and explore the seamless process of loan repayment. Packed with valuable insights and tips, this video is your ultimate guide to harnessing the potential of crypto credit.

How to get a loan on NEAR Protocol? Borrow usd against NEAR Protocol on Beast

The process of getting an NEAR Protocol cryptocurrency loan is quite simple. First, you need to create your account on Beast, a platform that offers NEAR Protocol cryptocurrency lending services. Then, you need to provide your NEAR as collateral and specify the loan amount you want to borrow. The platform then evaluates your collateral and gives you access to the required amount of Tether USDT.

Your creditworthiness is determined based on the value of your collateral, making the process of getting a cryptocurrency loan fast and convenient.

However, it is important to remember that NEAR Protocol cryptocurrency loans are not without risks. In case you default on the loan, your collateral can be seized. Therefore, you should carefully assess your repayment capacity before taking out a cryptocurrency loan.

How to get a loan on NEAR Protocol? Borrow usd against NEAR Protocol on Beast

To authorize an NEAR Protocol Crypto Loan, you will need to go to Features tab → Loan section → Borrow button

Choose the required loan amount the terms and conditions of the crypto loan, and apply for it by confirming it with a code from 2FA - application or E-mail or Telegram-bot.

Learn more about NEAR Crypto Loans

NEAR Protocol lending

NEAR Protocol lending has gained significant traction among cryptocurrency enthusiasts seeking liquidity. With NEAR Protocol loans, users can leverage their NEAR assets to borrow funds quickly, avoiding the need to liquidate their investments. These loans are supported by the value of the borrower’s NEAR holdings, creating a safe lending atmosphere. Now, borrowers can acquire NEAR loans effortlessly and utilize the funds for various needs, such as investing, bill payments, or launching new ventures. This cutting-edge approach to NEAR lending has unlocked fresh possibilities for individuals to maximize their NEAR assets and obtain essential capital.

NEAR as a collateral

NEAR Protocol, often referred to as NEAR, has gained traction as a favored option for crypto-secured loans. Through lending platforms built on NEAR Protocol, users can either obtain loans using NEAR or lend their NEAR to earn interest. These loans enable individuals to leverage their NEAR holdings, offering quick access to cash without the need to liquidate their assets. Borrowers also have the option to secure loans in USD using NEAR, which adds to their flexibility and liquidity. So, how do loans on NEAR Protocol function? Essentially, users pledge their NEAR as collateral, and based on its valuation, they can access a loan. These payday crypto loans offer a practical solution for those looking for rapid funding while keeping their NEAR Protocol investments intact.

Loans secured by NEAR Protocol feature competitive interest rates.

At Beast, we recognize how essential competitive interest rates are. That's why we provide loans backed by cryptocurrency at a very appealing rate of 9%. Whether it's for personal or business needs, our affordable loans offer an economical way to access liquidity without needing to sell your valuable cryptocurrencies.

A standout aspect of Beast's crypto loans is our collateralization method. If a borrower fails to repay the loan, the collateral in NEAR remains with Beast, while the borrower retains the Tether USDT they received. This creates a just and equitable system for loan recovery, which benefits everyone involved.

To mitigate the risk of NEAR Protocol's value dropping, Beast employs an automatic liquidation system. If the collateral’s worth dips below a predetermined limit, the loan will be liquidated. This forward-thinking strategy shields both the lender and the borrower from possible losses during market fluctuations.

Transparency and ease are priorities at Beast. Our customers can effortlessly track their loan status through our intuitive platform. Furthermore, borrowers enjoy the option to add more collateral, repay their loans early, or close the loan by settling the borrowed amount along with any interest accrued.

If you’re curious about obtaining a loan with cryptocurrency, Beast provides instant coin loans. You can secure funds against NEAR Protocol and receive Tether USDT. Our crypto-backed loans present a swift and efficient solution to meet your financial requirements.

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Why choose NEAR Protocol Beast Loan

Take advantage of limitless possibilities: Get any amount at any time with our unbeatable cryptocurrency line of credit.

Easy access to funds

By leveraging your crypto assets as collateral, you can quickly obtain loans without the need for extensive credit checks or income verification, making the process more efficient and accessible.

35+ Currencies

Choose your collateral from over 35 cryptocurrencies and borrow instantly from USDT.

No inspections!

Cryptocurrency loans allow you to access credit without checking your credit history.

Interest - hourly

We charge interest on the loan hourly. However, during the first hour after taking out the loan, you have the opportunity to repay it without any additional fees. This sets us apart from our competitors.

Lower interest rates

Because cryptocurrency loans are collateralized, lenders often offer lower interest rates than traditional unsecured loans, making them more cost-effective for borrowers.

Flash approval

Receive funds in the same minute without spending more than 3 taps

Maintain ownership of your crypto

With crypto-backed loans, you retain ownership of your digital assets while using them as collateral. This allows you to benefit from potential market growth and regain full control of your assets once the loan is repaid.

FAQ

What is Beast NEAR Protocol Crypto Loan?

Beast NEAR Protocol Crypto Loan is a secure, overcollateralized, and flexible loan product. Users can take loans by pledging their crypto assets as collateral. With Beast, you don't have to worry about rehypothecation since we don't lend out your collateralized crypto to others.

How do I pledge my assets and start borrowing with Beast NEAR Protocol Crypto Loan?

To start, choose the crypto you'd like to pledge as collateral and the amount you'd like to borrow. Ensure you have sufficient crypto assets in your account to cover the required collateral. Once the process is complete, your collateral will be locked, and the loan will be transferred to your account.

What is LTV, and how much can I borrow from Beast NEAR Protocol Crypto Loan?

LTV (Loan-to-Value) represents the ratio between the value of the loan plus accrued interest and the value of your collateral. The LTV percentage determines how much you can borrow based on the collateral you pledge. For example, with a 50% LTV, if you pledge 1,000 USDT, you may borrow up to 500 USDT worth of assets.

Are there limits to how much I can pledge and borrow?

Yes, there are limits for each cryptocurrency. The maximum amount you can pledge or borrow depends on the specific crypto and may change periodically.

What is loan liquidation, and what is the liquidation LTV?

Loan liquidation occurs when the current LTV exceeds the liquidation LTV, which may happen if the collateral's value decreases or the loan's value increases. If liquidation occurs, you may lose some or all of your collateral.

What happens when a loan is liquidated?

When liquidation occurs, the outstanding loan amount will be repaid using the equivalent value of collateral. A partial liquidation happens when the liquidation doesn't fully cover the outstanding loan, and a full liquidation occurs when the entire loan is repaid using the collateral.

What is a margin call?

A margin call is a warning issued when your collateral-loan pair position reaches its margin call LTV. You can take action by adding more collateral or reducing the outstanding loan to lower the LTV.

Will I be notified in the event of margin calls or liquidations?

Yes, Beast will send notifications via email and SMS in case of margin calls or liquidations. However, timely delivery of these notifications cannot be guaranteed.

What interest rate applies to my loan?

Beast provides transparent interest rates for each cryptocurrency. Please refer to the platform for up-to-date interest rates.

How is interest accrued for my loan positions?

Interest accrues based on the total outstanding loan amount and the prevailing APR. The interest accrued is added to the total outstanding loan.

How do I repay my loan or adjust my LTV?

Use the 'Repay' or 'Adjust LTV' options in your account to repay loans or adjust collateral, respectively. You can only repay your loan using the same cryptocurrency you borrowed.

Which cryptocurrencies can I pledge or borrow on Beast Crypto Loan?

Beast Crypto Loan accepts a variety of cryptocurrencies as loanable and collateral assets. The list of available cryptocurrencies is updated periodically, so please refer to the platform for more information.

What can I do with the cryptocurrencies borrowed from Beast NEAR Protocol Crypto Loan?

You can use the borrowed cryptocurrencies for various purposes, including trading, investing, or withdrawing from the platform. The collateral you pledge remains with Beast as security for the repayment of your loan.

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