Project Galapago
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  • Join the Discord community
  • Introducing Project Galapago
  • Disclaimer: Risks of using Project Galapago
  • Getting Started
  • Connect Wallet
  • How to
    • Deposit (Lender)
    • Mint NFTs
    • Borrow (NFT holder)
    • Repay a Loan
  • Lending Protocol
  • Portfolio Lending
  • Lending Pool
  • Interest Rate Model
  • Risk Parameters
  • Loan Health Factor & Liquidation
  • NFT Collections Whitelist
  • Peer to Peer Lending
  • Future Roadmap
  • Community
    • Contact Us
  • Other Languages
    • Chinese Version 中文
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  • 1.3. Click “Borrow” from Menu “NFT” or click “Borrow ALGO” from dashboard
  • 1.4. Select an NFT or NFTs as collateral
  • 1.5. Supply Token as collateral (Optional)
  • 1.6. Enter the borrowed amount
  • 1.7. Approve the transactions
  • 1.8. Finish
  1. How to

Borrow (NFT holder)

Borrow ALGO instantly with your bluechip NFTs.

PreviousMint NFTsNextRepay a Loan

Last updated 2 years ago

NFT holders can borrow and repay ALGO anytime. We are in the process of assessing collections as collaterals for Mainnet based on our .

Testnet supports any collections as collateral.

1.3. Click “Borrow” from Menu “NFT” or click “Borrow ALGO” from dashboard

1.4. Select an NFT or NFTs as collateral

Select the NFT or NFTs to be taken as collateral for the loans, and hit “Next” button.

1.5. Supply Token as collateral (Optional)

Galapago protocol is also supporting Borrow (loan) with token as collateral. User can effectively take their entire wallet portfolio (FTs and NFTs) to start borrowing with us.

Galapago protocol is currently supporting USDC stable coin (Testnet Asset ID: 10458941) as collateral.

1.6. Enter the borrowed amount

Drag the percentage bar to select borrowed amount and click Next.

  • Total Price: Indicates the sum of current floor price of NFTs and collateralized token price, provided by Algorand blue chip NFT price oracle. Testnet price feed might not be accurate.

  • Borrow Rate: The APR rate that represents the interest to be paid during the borrowing period, which is affected by the Utilization rate.

1.7. Approve the transactions

Click on Borrow button and follow the prompts to proceed.

Approve transactions with your connected wallet.

1.8. Finish

You can verify your loan items via "My Borrows" in menu item or dashboard.

(if you do not have a Testnet NFT handy)

Utilization rate: Indicates the utilization rate of ALGO liquidity pool, which determines the dynamic interest rate for depositing and borrowing. For more information, please refer to our .

Available to borrow: Indicates the maximum amount that can be borrowed, Available to borrow amount = floor price * collateral rate. Check the for NFTs and FTs.

1.2. Mint an NFT for Testnet run
interest model page
collateral rates
1.3. Click “Borrow”
1.4. Select an NFT or NFTs as collateral
1.5. Supply Token as collateral (Optional)
1.6. Enter the borrowed amount
1.7. Approve the transactions
1.8. Finish
whitelisting criteria
1.1. Connect your wallet
User Interface might be different to most recent version of app due to UI change.