Initiating the Loan
Borrowers can initiate the loan from either the top-level or Offer Book Details page.
Once clicked, the borrower is taken to a loan details page. Here, the terms of the loan are displayed as well as an estimation of the total interest the borrower could owe at the end of the loan.
Borrowers will first be prompted to approve the NiftyApes smart contracts to transfer their NFT token.
Once the approval transaction is confirmed, they are able to initiate the loan.
When the loan is executed, the collateral is locked in the NiftyApes smart contract, and the liquidity is sent to the borrower's wallet in a single transaction.