Within the last couple of years, DeFi-based collateralized lending has witnessed unprecedented growth. Projects like AAVE and Compound led the market movement and have been able to stamp their name as multibillion-dollar projects. However, there is a major glitch in the services of protocols like AAVE and Compound. They haven’t been able to serve people that don’t have capital fully.
Protocols like BNPL Pay believe that the biggest opportunities lurk in the credit space, and they are here to explore these opportunities. A lot of DeFi lending protocols have missed these opportunities. For the BNPL team, most protocols have relied too much on the reputation of borrowers. BNPL Pay is looking to capture the largest number of possible borrowers (people without capital) with its incentive model. The protocol is set to launch on Thorstarter next month (September 2021).
Details of the BNPL Pay Launch
BNPL Pay is set to begin its initial dex offering (IDO) on the Thorstarter Launchpad on September 14, 2021. It will be distributing a total of 5 million BNPL tokens at an initial price of $0.04. The price is the same for tokens that are sold in the private sale rounds. For the IDO, there will be no vesting on the BNPL tokens. However, the tokens can only be claimed after the conclusion of the Balancer LBP. The Balancer LBP will run for a short time after the Thorstarter sale has been concluded.
BNPL Pay is a decentralized finance lending protocol that gives credit to people without capital. The protocol seeks to solve the problems created by uncollateralized borrowing. With its novel decentralized network of banking nodes, BNPL Pay makes it easy for anyone to become a bank and for anyone to apply for a loan easily.
How the Thorstarter IDO Works
Using the XRUNE, users will be able to purchase the BNPL Pay tokens via the IDO launchpad. The tokens will be disbursed by utilizing an overflow method where a subscription will be given at a proportional rate, depending on the committed XRUNE, with any unused tokens returned. During the token sale Thorstarter, users can commit as many XRUNE tokens as they choose to. However, the final allocation given will be determined by the percentage of the total XRUNE committed in the first place.
Users will be allowed a 24-hour window in order to commit to the sale, but there will be no advantage given on the time of commitment. There are steps to follow when buying the BNPL Pay token in the Thorstarter IDO; they include the following:
- XRUNE is needed to make the purchase, and users can get them from Thorswap or Sushiswap.
- Before you can participate in the token sale, Thorstarter demands that a minimum of 100 XRUNE tokens will be locked as vXRUNE. This can be done using Thorstarter’s website governance tab.
- Use the XRUNE to partake in the BNPL Pay IDO sale.
- Once the IDO begins, head to the Thorstarter website and go to the IDO page.
- Connect a compatible wallet like the Metamask to the Thorstarter website when you get to the IDO page.
- Once inside the site, select the BNPL Pay IDO page and select your investment size.
- Once that is done, commit the XRUNE token and approve the transaction on Metamask.
- Immediately after the sale, you can claim your unused XRUNE. Also, you can claim your BNPL tokens after the conclusion of the Balancer LBP.