Taking a Loan with Meme Tokens on Sendit

This process outlines how to effectively secure a loan using meme tokens as collateral on the Sendit platform. By following these instructions, users can navigate the borrowing process smoothly and manage their collateral effectively to avoid liquidation risks.

Step 1

To initiate the loan process with meme tokens on Sendit, click on "Take Loan" and specify the amount of tokens you wish to deposit as collateral.

Step 2

You will then be presented with the amount of SOL you can borrow against your collateral. Additionally, you will see the position size limit for the pool and the total pool capacity.

Step 3

Proceed by clicking "Deposit" and confirm the transaction to secure your collateral.

Step 4

Navigate to the "Borrow SOL" menu. Enter the amount of SOL you wish to borrow against your meme token position. Ensure that you manage your position size carefully.

Step 5

Be cautious if your loan-to-value (LTV) ratio is too high, as small price fluctuations could lead to liquidation. The slider at the bottom will indicate the risk level of your position. Finally, click "Borrow" and the SOL will be deposited into your wallet shortly.