Peer-to-peer lending has been one of the most anticipated additions to the ZED RUN landscape, and we’re excited to announce it will soon (really, really soon) be a reality.
Lending offers current and new users the ability to enjoy free gameplay, in-game experiences, and access to platform rewards and events.
A safe, secure, and free way to access racehorses of all calibres, and earn rewards, Lending also represents the first instance of utility for the ZED Token.
To help you hit the ground running on launch day, let’s dive into the nitty gritty of how the lending process works, token utility and how borrowers can access the Lending Marketplace free of charge.
How does Lending work?
If you’re interested in peer-to-peer lending, you first need to understand the new features that support it, so we’ve summarised each one and how they will work below:
1. Acquire a Lending Permit
In order to put racehorses into the Lending Marketplace, lenders will need to lock-up ZED Tokens and acquire Lending Permits.
Like a ticket to an event, Lending Permits grant racehorses access to the Lending Marketplace. The amount of Tokens required for each permit will be displayed in the marketplace.
Each Lending Permit correlates to one racehorse, so the more Lending Permits you have, the more racehorses you can add to the Lending Marketplace.
2. Enter the Lending Marketplace
Entering racehorses into the Lending Marketplace features a trustless smart contract process that allows you to lend your horses to other players through a secure transfer of control.
Ownership of a racehorse that has entered the Lending Marketplace will be held by a third-party company by way of smart contract. Racehorses will remain locked within a Lending smart contract, allowing Borrowers only the ability to race it in free or paid races, but never to breed or sell.
Once the Lending Marketplace has a substantial amount of racehorses in it, players will be able to race borrowed horses.
3. Borrowing a racehorse
Those seeking to borrow a racehorse can do so by visiting the Lending Marketplace. There, Borrowers will be permitted to select a nominated racehorse, which they will then have the ability to race in free races, paid races, and tournaments.
4. Rewards distribution
Following the launch, all racehorses entered into the Lending Marketplace will have the same fixed agreement terms, including fixed prize sharing values of 50/50 between the Lender and the Borrower.
Prizes will be automatically sent to both the Lender and Borrower at the time of payout. Funds will appear in the respective users’ wallets automatically.
Watch this space for more information about the impending release of peer-to-peer Lending.