VIP Loan Upgrade
To improve user experience, OKX will enhance VIP Loan for traders at the VIP 5 tier and above at 12:00 am UTC on June 6, 2024. The initial supported currencies are USDT, USDC, BTC, and ETH.
Enhanced VIP Loan
The enhanced VIP Loan works on a market model, matching borrowing orders (taker orders) to lending orders (maker orders). Lenders place orders on the Simple Earn order book, specifying an amount and interest rate. Borrowers place orders based on an interest rate, and choose their loan amounts. Borrowing orders are matched to lending orders based on the borrower’s interest rate. Once a borrowing order matches one or more lending orders, the weighted average interest rate for the lending orders becomes the interest rate for the borrowing order.
After you create a borrowing order, you can choose to repay or roll over your loan at maturity. The enhanced VIP Loan helps you to borrow with increased predictability, stability, and flexibility.
To place a VIP Loan order, follow these steps:
Go to the Trade page on the Exchange and choose VIP Loan.
Choose the crypto you want to borrow.
Enter your expected maximum interest rate on the order placement page. You can check the current marketing interest rate on the Market overview page.
After entering an expected maximum interest rate, the estimated amount available for borrowing is displayed. Note that this amount is for reference only, and then adjust the amount you want to borrow.
Make sure the available balance in your trading account can cover the interest, as this will be deducted from your account immediately upon the borrowing order successfully being initiated.
Finally, you can enable the Auto-rollover feature and set your maximum expected rollover interest rate.
Remember to repay loans from the previous VIP Loan by June 30, 2024. These loans are also displayed on the enhanced VIP Loan under the Loan overview tab.
For detailed product documentation on the enhanced VIP Loan, please click here.
This content is provided for informational purposes only. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
OKX team,
June 6, 2024