If you have not done so already, please read the product paper and lending information. Please be aware that there is a risk of borrower defaulting!
Steps to lend at a fixed rate
The rcToken you receive from lending represents the right to collect the loan payment and interest paid by the borrower after expiry!
Step 1: Click on the "Lend" tab under the collateral option you want along with the expiration you desire. In this example, we will use DAI as the lent funds.
Step 2: Enter the amount of funds you wish to lend, for this example we will use 100 DAI.
Make sure you have enough DAI in your wallet to complete the transaction
Step 3: Click the "Confirm Lend" button. You will be lending 100 DAI and receive ~105 rcTokens
The difference of 100 DAI and 105 RC tokens is the effective interest you are earning, which gives you a fixed rate interest! This example shows a 7.07% annualized interest rate.
Step 4: Metamask will pop up again, confirm the transaction to lend your 100 DAI and receive 105 rcTokens.
Congratulations! You have successfully lent (supplied) 100 DAIfor 105 rcTokens DAI at an annualized interest rate of 7.07%!
You will be sent your rcToken amount. You're will your screen reflect the below image! 😊
You can collect your loan payment and interest after the expiration period!