📝 Setting up an Account

Whether you're looking to borrow against your compressed NFTs or synthetic assets, or lend out your Solana native tokens to earn attractive yields, getting started with SoFLEX is a straightforward process. Below, we'll guide you through the account setup for both borrowers and lenders:

For Borrowers:

1. Gather Compressed NFTs or Synthetic Assets:

To begin borrowing on SoFLEX, you'll need to have compressed NFTs or synthetic assets available as collateral. These assets will secure your loan and determine your borrowing capacity. Compressed NFTs are unique digital assets represented on the blockchain, while synthetic assets mirror the value of real-world assets such as stocks, commodities, or currencies. Make sure you have these assets ready in your Solana wallet before proceeding.

2. Connect Your Solana Wallet:

Next, connect your Solana wallet to the SoFLEX platform. We support various Solana-compatible wallets, including Phantom, Sollet, and Solflare. Simply select your preferred wallet option and follow the prompts to connect securely. Once connected, you'll be able to access your wallet's assets and interact with the SoFLEX platform seamlessly.

3. Access Borrowing Features:

Once your wallet is connected, you can explore the borrowing features on SoFLEX. Navigate to the borrowing section of the platform to view available lending pools, interest rates, and borrowing options. You'll be able to see your borrowing capacity based on the value of your compressed NFTs or synthetic assets. From there, you can proceed to initiate a loan request and set your desired terms.

For Lenders:

1. Hold Solana Native Tokens:

As a lender on SoFLEX, you'll need to hold Solana native tokens (SOL) in your wallet. These tokens will be used to fund loans and earn interest on your lending activity. Make sure you have a sufficient amount of SOL tokens available in your Solana wallet before proceeding.

2. Connect Your Solana Wallet:

Similar to borrowers, lenders need to connect their Solana wallet to the SoFLEX platform. Choose your preferred wallet option and follow the instructions to connect securely. Once connected, you'll be able to access your SOL tokens and participate in lending activities on SoFLEX.

3. Explore Lending Opportunities:

After connecting your wallet, explore the lending opportunities available on SoFLEX. Navigate to the lending section of the platform to view active loan requests, interest rates, and borrower profiles. You can choose to fund individual loans or contribute to lending pools, depending on your investment preferences. Select the loans that align with your risk tolerance and investment goals to start earning yields on your SOL tokens.