Metal X, an All-In-One decentralized financial hub powered by the XPR Network, has added XRP to its lending and borrowing feature. Unlike traditional centralized lending platforms; Metal X offers genuine decentralization. There is absolutely no middleman—only verified contributors manage tokens within this compliant and secure protocol.
How to Get Started with Metal X’s Crypto Lending and Borrowing
Step 1: Create Your WebAuth Wallet
First, you'll need a digital wallet. Download the WebAuth wallet from WebAuth.com or your mobile device's app store (iOS & Google Play).
Step 2: Deposit XRP on XPR Network
After you've set up your wallet, deposit your XRP using the bridge feature on Metal X. For added security, test a smaller amount first to verify your address.
Tip: Transferring assets on the XPR Network is like sending an email—quick, easy, and no gas fees involved.
Step 3: Connect Your Wallet to Metal X
Navigate to the lending feature on Metal X. Click "Connect Wallet" in the top right-hand corner and authorize the connection using your WebAuth authentication device (FaceID, Touch ID, Yubikey).
Step 4: How to Earn Variable APY by Lending XRP
To put your cryptocurrency to work, select the amount of XRP you'd like to lend. Click on "Deposit XRP," and then confirm by signing the transaction with your WebAuth device.
Note: Your deposited assets will start earning a variable APY instantly. You can withdraw them anytime from this true DeFi lending platform.
Step 5: How to Borrow XRP
If you’re looking to borrow XRP, add the collateral you’d like to use. Monitor your loan health carefully—keeping it above 10% helps you avoid the risk of liquidation. Click "Borrow XRP" and sign the transaction with your WebAuth device to complete the borrowing process.
Loan Health: Make sure your loan health doesn't dip below 10% to avoid liquidation.
Rewards and Compliance
You will also earn loan rewards which can be staked within the platform. To maintain the integrity of Metal X and reduce the risk of fraud, identity verification is required for all users.
Supported Cryptocurrencies: XBTC, XETH, XPR, XMT, XUSDC, XDOGE, XUSDT, and XXRP are all supported for both borrowing and collateral.
Zero Fees: Transactions on the XPR Network incur no gas or transaction fees.
Identity Verification: To maintain the platform's integrity and comply with legal standards, identity verification is mandatory.
Loan Terms: Loans on Metal X are perpetual, provided your loan health remains above 0%.