According to the official announcement, OKX will upgrade its VIP lending feature for traders with VIP level 5 and above. This update will be applied from 12:00 AM (UTC) on June 6, 2024, and will initially support major cryptocurrencies such as USDT and USDC. BTCAnd ETH.
Enhanced VIP Loan Overview
Enhanced VIP Lending operates on a market model where lending orders (Taker orders) are matched with lending orders (Maker orders). The lender places an order in the Simple Earn order book, specifying the amount and interest rate. The borrower places an order and selects the loan amount based on the interest rate. Loan orders are matched with loan orders based on the interest rate specified by the borrower. Once matched, the weighted average interest rate of the loan order becomes the interest rate of the loan order.
The new system aims to provide borrowers with improved predictability, stability and flexibility. After creating a loan order, users can repay or extend the loan at maturity, providing more control over loan management.
VIP Loan Order Steps
- Go to your exchange’s trading page and select: VIP loan.
- Select the cryptocurrency you want to borrow.
- Enter your expected maximum interest rate on the order page. Current market interest rates can be checked on the website. Market Overview Page.
- Enter your expected maximum interest rate and we’ll show you the estimated loan amount you can borrow. This amount is for reference only. Adjust the amount as needed.
- Make sure your trading account balance can cover the interest. This amount will be deducted immediately at the start of your order.
- Optionally enable the automatic rollover feature and set the maximum expected rollover interest rate.
Users are advised that they have until June 30, 2024 to repay the loan amount of their previous VIP loan. These loans are also displayed below: Loan overview Tab in the enhanced VIP Loans section.
Additional information
For detailed product documentation on the enhanced VIP loan, please visit OKX’s official site (https://www.okx.com/help/vip-loan-upgrade).
This content is provided for informational purposes only and is not intended as investment advice or an offer to buy, sell, or hold any digital asset. Investing in digital assets involves significant risks, including the possibility of complete loss. Before engaging in any such activity, it is important to consider your personal financial situation and consult with legal, tax and investment professionals.
Image source: Shutterstock
. . .
tag