SingSing Whitepaper
  • 📃Introduction
    • SingSing: Revolutionizing Web3 Gaming and Launchpools
    • Roadmap
    • Trusted Links
    • Awards & Media
  • 🚀SINGSING SDK
    • Overview
  • 🏨TYCOON GAME
    • Overview
    • Tycoon KTV NFT - The Foundation of Your Karaoke Empire
    • Tycoon Karaoke Box NFT: Supercharge Your Room Earnings!
    • NFT Points & Earning Bonus System
    • The Fusion System
    • Upgrading Key Components
    • Swap Microphone NFT to Tycoon NFT
  • 💎Mini App
    • Overview
    • Good Tractions
    • SingSing Treasure NFT
    • SingSing Pioneer NFT
    • Guide to Staking SING Tokens
    • Guide to Vesting SING Tokens
    • Guide to Importing Wallet
  • ▶️Platform
    • DEPRECATED
      • Sing and Earn (Deprecated)
        • Overview
        • Getting Started
        • Elements
          • NFT Microphones
          • Microphone Attributes
          • Microphone Levels
          • Microphone Fusion
          • Microphone Minting
          • NFT Cooldown
          • Energy Mechanics
          • Single Song Record Cap
          • Reward Mechanics
        • Reward Pool
          • Remaining Rewards
        • AI Scoring System
        • AI Challenge
        • Daily Ranking
        • Vote and Earn (Deprecated)
          • Vote and Earn v2
          • Vote and Earn v1
        • Lucky Square
      • Sing to Win (Deprecated)
        • Overview
        • Rules
        • Sponsors
      • Haku Chain x Avalanche🔺 Partnership
      • Technology
        • Artificial Intelligence
      • Referrals
      • Application
        • Tax & Fee
        • Anti-Cheating System
        • In-App Marketplace
      • Wallets
    • Tokenomic
      • SING token
    • The Builders
      • Team
      • Backer
  • 📩Contact Us
    • Information
  • 📖POLICIES
    • Borrow Policy
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  1. POLICIES

Borrow Policy

Eligibility

To borrow token SING by collateralizing chain's token (AVAX, BNB, MATIC, or OAS), users must match the following criteria:

a. Having a verified account on our platform.

b. Possession of a sufficient quantity of the chain's token (AVAX, BNB, MATIC, and OAS) to serve as collateral.

c. Compliance with all applicable regulatory requirements and platform-specific conditions of usage.

Collateral requirements:

a. The chain's token (AVAX, BNB, MATIC, and OAS) is the sole approved collateral for borrowing token SING.

b. The collateralization ratio is set at 111%, which means that users must provide collateral equal to at least 111% of the borrowed amount in token SING.

c. The platform has the right to alter the collateralization percentage in response to market conditions.

Borrowing Conversion Rate

a. The conversion rate borrowing is calculated using the value of the specified chain's token (AVAX, BNB, MATIC, and OAS) collateral and the current collateralization ratio.

b. Users may not borrow more than the conversion rate.

(this rate may change)

Interest Rate

a. The interest rate for borrowing token SING against chain’s token (AVAX, BNB, MATIC, and OAS) is 0%.

b. This rate is subject to change at the discretion of the platform.

Return

a. Borrowed amounts must be repaid in token SING.

b. Users have the flexibility to return the borrowed amount at any time.

Liquidation:

a. The conversion rate between collateral assets and borrow assets is hereinafter referred to as the collateralization rate.

b. If the collateralization rate changes due to market fluctuations, leading to the value of the collateral assets being equal to or less than the value of the borrowed assets, the platform reserves the right to liquidate the collateral to cover the outstanding loan.

Risk Disclosure:

a. Borrowers are advised to carefully consider the risks associated with borrowing against their chain’s token (AVAX, BNB, MATIC, and OAS) collateral, as market volatility can affect the value of both the borrowed token SING and the collateral.

Regulatory Compliance:

a. Users are responsible for ensuring compliance with all applicable laws and regulations governing borrowing activities on the platform.

Platform Discretion:

a. The platform retains the right to modify, update, or terminate the borrowing policy at any time, with or without prior notice.

By engaging in the borrowing process, users affirm that they have read, understood, and agreed to follow the Borrowing Policy. Failure to follow the policy may result in the suspension or termination of borrowing privileges on the platform.

PreviousInformation

Last updated 1 year ago

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