Ebisu is a platform where NFT owners can borrow asset with their NFTs as collateral. For investor they can earn a high yield on their investment.
Ebisu follows auction-offer working mechanism. Talking about the mechanism, " Borrower will list their NFTs on the platform and the investor will make an offer to their NFTs respective". Borrower is responsible for choosing whose offer they want to accept.
Some rules of the app.
- Borrower and investor needs to deposits NFTs, assets before they start an auction or make an offfer.
- When borrower wants to cancel the auction that borrower have created, at that time borrower needs to pay cancellation fee (for now 1 native token where the contract is hosted).
- When there is a case where borrower fails to pay the loan, at that time lender can get the collateral, but at that investor needs to pay fee (for now 1 native token where the contract is hosted).
- There is a service charge of 5 % on every successful loan. 5% is charged on the interest earned by the lender/investor.