Borrow (Under Development)

(This feature is in development)

What is it?

First of all, you can see that SingSing offers multiple chains to use: Avalanche, BNB Chain, Polygon, Saakuru on Oasys.

Borrow is a feature in SingSing which allows users to utilize their chain’s token (AVAX, BNB, MATIC, OAS) holdings as collateral to obtain SING tokens.

Using Chain’s token as Collateral:

Users can utilize the tokens they own in their chain (AVAX, BNB, MATIC, and OAS) as collateral through the borrowing mechanism. This implies that in order to obtain SING tokens, users might momentarily lock up some of the token assets in their chain, such as AVAX, BNB, MATIC, and OAS.

Collateral Conversion Rate:

85% of the value of the chain's tokens (AVAX, BNB, MATIC, and OAS) that users offer as collateral is available for borrowing (this rate may change). This lets users maximize their current assets while guaranteeing a responsible borrowing limit.

Receiving SING Tokens:

The equivalent number of SING tokens is given to users that successfully deposit the chain's token collateral (AVAX, BNB, MATIC, and OAS). These tokens can be utilized in the SingSing ecosystem for a variety of purposes.

Return of SING Tokens:

In order to obtain the tokens of the collateralized chain’s (AVAX, BNB, MATIC, and OAS), users must return the borrowed SING tokens. In essence, this procedure serves as a method of reimbursement. Users can recover their original collateral by using SING tokens.

Users now have new options to access SING tokens by using their existing chain’s token (AVAX, BNB, MATIC, and OAS) holdings thanks to SingSing's borrowing feature. It's a method to fully utilize your resources and engage with the SingSing community. Through responsible usage of this functionality, customers can unlock more value and improve their entire platform experience.