The lending process on Fulcrum is so simple that it can be performed with just a few clicks. If you have a web3 wallet such as Metamask or Equal installed, simply go to Fulcrum.trade, click lend, select your asset, submit the quantity, and approve the transaction (see user guide below). If you don’t have a web wallet installed, using Fulcrum is still easy. In the initial launch we will be supporting Fortmatic, Portis, and Bitski.
In the coming months we will be implementing new ways of lending on Fulcrum for ERC20s. Soon we will support lending for ERC20s such as DAI, BAT, ZRX, and more in the same way. It will be as simple as sending the ERC20 to the appropriate ENS address (e.g., dai.tokenloan.eth, bat.tokenloan.eth, zrx.tokenloan.eth).
Once your loan is complete, the corresponding iToken will be delivered to your account. You can use these iTokens as collateral for secured loans, sell them on the open market, or redeem them for the underlying assets. iTokens allow you to turn your assets into superfluid collateral.
From the lending interface:
(1) Click Loan
(2) Enter quantity and click submit. By default the maximum quantity is selected.
(3) Approve the transaction(s).
If you’re lending ETH, you will only be asked to submit one transaction. If you’re lending an ERC20, Fulcrum will check if you’ve approved a token allowance and prompt you to do so if you have not. You only ever have to approve a token allowance once for any given ERC20. After the transactions are approved, you’re finished. The process is asynchronous, so you can start trading or lending other assets while transactions are pending.