Banking Nodes the Who, What and How - BNPL Pay Uncollateralized Lending Protocol 📰

2021.12.07 18:23 BNPLPayAdmin Banking Nodes the Who, What and How - BNPL Pay Uncollateralized Lending Protocol 📰

Banking Nodes the Who, What and How - BNPL Pay Uncollateralized Lending Protocol 📰 BNPL Pay is connecting DeFi Lenders with real world uncollateralized borrowers. Learn about the key ecosystem participants & all about the Banking Nodes
BNPL Pay is launching the Beta version of its BNPL PAY protocol in January 2022.
Once live, any entity or individual will be able to create a Banking Node, start accepting lender capital and start approving loans from both on chain and off chain borrowers.
The main incentive for Banking Node operators is the revenue share from loan repayments. While the Banking Node itself provides no capital other than its bonded balance (acts as guarantor by the lender), the primary responsibility of the Operator is to make quality loans to creditworthy borrowers. An operator that acts effectively and responsibly is able to attract more capital, handle more loans and generate higher revenue.
This paper endeavours to clarify the setup process for Banking Node operators as well as explain the roles of Lenders and Stakers that support supply-side economics in the BNPL Pay protocol.
Key Ecosystem Participants Protocol/Application - BNPL Pay is both a protocol and an application in that it is a set of rules for systems or components of systems to communicate with each other and achieve efficiency. It is also the web-interface between the protocol and the user. Our governance token, BNPL, plays a crucial role in facilitating the incentive mechanisms that allow the protocol to function.
Banking Node Operators
Create, and operate a pool of liquidity that is delegated to them by lenders. They decide how the capital is best utilized and are responsible for tasks such as approving loans, assigning credit limits, interest rates and other terms to prospective borrowers. 10% of the interest payments made by borrowers will be paid to Banking Node Operators.
Are any protocol participant that chooses to delegate capital to a Banking Node (which then lends that capital to vetted borrowers). Within the protocol, lenders are able to see a transparent history recorded in the blockchain of every node operator, including stats such as total capital managed, interest accrued, average APY, total default loss etc., as well as more detailed descriptions provided by operators on their lending procedures. Lenders will receive 80% of the interest payments made by borrowers (and principal repayments), as well as token emissions from our liquidity mining program
Are any protocol participants that hold BNPL tokens and wish to delegate them towards a Banking Node. This functions as a soft vouch for a pool operator, in return for 10% of the interest income. Stakers receive their rewards in BNPL tokens, where the interest accrued is automatically converted into BNPL. In the event a default occurs, they are also subject to the same penalty as the operator and the percentage slashing penalty will be equivalent to the size of the default as a percentage of the total pool capital.
Are the key customers that Banking Nodes operating on BNPL Pay, seeks to service. Borrowers apply for loans from our network of Banking Nodes, and are subject to their individual due diligence processes such as KYC and credit checks. They have the flexibility to shop for the best rates and terms on the market, empowering them with options outside of legacy systems. The biggest advantage to dealing with capital acquisition via the BNPL Pay protocol over the legacy system is the drastically reduced friction, the far more competitive rates and most importantly, instant liquidity upon approval.
Creating ('Bonding') a Banking Node
In order to set up a Banking Node, an individual or entity must stake and lock 5M BNPL tokens. This token lockup acts as a guarantor against bad actors and defaults. Under specific conditions, namely capital loss, a Banking Node will be subject to "slashing penalties" (capital loss) equivalent to the proportion of loss as a percentage of the total pooled capital . A node operator must top up their bonded balance if it falls below the 75% threshold. If this occurs, a node operator is removed from the list of active nodes and will not have its status reinstated until the bonded balance is replenished.
Node operators accrue 10% of the interest portion of repayments made by borrowers of their pool, as well as a further cut of staking rewards. Upon the launch of the beta product, anyone willing to bond 5M BNPL tokens will be able to set up their own banking node and attract their own portfolio of lenders and borrowers, thus creating a free market system that encourages competition.
While BNPL Pay does not define rules for who can create a Banking Node, it is assumed that in the majority of cases primarily corporate entities have the scale, reputation, skill as well as the required licensing in a given jurisdiction to attract lenders and borrowers. In order to facilitate zero or low collateralized loans to off-chain corporations, these will be a prerequisite to attract Lenders and Stakers in scale.
The BNPL Pay web application makes it easy for any entity or individual to bond and create a banking node in a few clicks. While the protocol does not enable on/off boarding from crypto to fiat, there are templates with potential partners that any Banking Node can enter into so that facilitation of loans and repayments can be seamless between DeFi lenders and CeFi borrowers.
Lending to a Banking Node BNPL Pay hopes to level the playing field for all ecosystem participants and with the BNPL protocol, lenders will for the first time, have easy access to lending activity and interest accrual in traditional credit markets - a market that has been gated off to only institutional investors.
Lending to a Banking Node will be done through the BNPL Pay web application. Any standard web3 wallet can be connected and accepted stable coins in a connected wallet can be allocated as yield generating capital to one or more Banking Nodes.
Empowered by blockchain technology, lenders will have full transparency with whom they engage in business. This will allow for more effective decision making and capital allocation. All relevant current and historical statistics of each pool will be displayed for lenders to see, including stats such as total loans issued, total liquidity committed, total tokens staked and total default loss. Lenders will also be able to view information of the pool's overall strategy and procedure provided by the node operator on its landing page.
100% of the principle and 80% of the interest accrued by a Banking Node is paid to the Lenders in the same digital asset as is being lent to the Banking Bode. For example, if a Lender has $1,000,000 USDC in a Banking Node generating 10% per annum with 12 equal repayments, over the 12 month term the Lender would receive $83,334 USDC in principle and $6,667 USDC in interest every month.
Lending Rewards 325 million BNPL tokens (32.5% of total supply) are reserved for rewarding lenders in the protocol. In addition to the yield received by interest payments described above, lenders will be rewarded with BNPL tokens. BNPL rewards are split between the nodes based upon their BNPL staked+bonded balance, then distribution will be based upon their % of total liquidity within each node. The calculations of each individual's rewards can be given as follows:
  • BNPLi = # of BNPL staked and bonded in Node i
  • BNPLtotal = # of BNPL staked and bonded across the entire platform
  • USDCa = amount of USDC or equivalent lent by Address a
  • USDCi = total USDC of equivalent supplied to Node i
Staking a Banking Node Stakers take on both a passive and an active role in the function of the protocol. They are key to vouching for respective pools - decreasing the risk level for lenders, as well as taking on the critical role of governance.
Staking in a Banking Node will be done through the BNPL Pay web application. Any standard web3 wallet can be connected and BNPL tokens in a connected wallet can be staked to one or more Banking Nodes. Staked tokens earn a share of 10% of interest repayments, paid in BNPL tokens.
Vouching Vouching is the consequence of staking BNPL tokens in Banking Nodes. By staking your tokens you effectively vote and attest to the robustness of the Node you have elected to stake in. Stakers share in the gains and losses accrued by Banking Nodes, hence it is crucial to be scrutinous when deciding which Banking Node to stake. Stakers will receive a share of all revenues generated by the underlying pool and be subject to the same slashing penalties as those incurred by the node. Stakers are able to vouch for any pool by staking in it, and will immediately start to share in all generated revenues. To prevent gaming of the system via hopping between pools prior to revenue accrual, when tokens are withdrawn they will be subject to a 7 day unstaking period during which time no rewards will be accrued but slashing penalties can still be incurred.
We hope everyone is as excited for our upcoming launch as we are, and if you have any questions, feel free to reach out on our Discord or Telegram!
About Us BNPL (Buy Now, Pay Later) is a decentralized lending protocol that puts credit in the hands of those who need it the most: users without capital. We tackle the problems presented by uncollateralized borrowing through a unique design in which a decentralized network of banking nodes services the needs of the industry. With our protocol, anyone can become a lender , and anyone can apply for a loan.
Useful Links 🔗
🦎 Coingecko
🍣 SushiSwap BNPL/ETH
🍣 SushiSwap Analytics BNPL
🌍 Website
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