How to borrow PRV using crypto as collateral

Over the past few weeks, we’ve been working on solutions to help our early adopters acquire the PRV they need to continue or begin staking. This is the first one! We’re really happy to announce that you can now borrow PRV against your crypto, and get the amount you need to run your node that same day — without needing to purchase it outright.

There is no limit to the amount you can borrow, and you can choose the loan duration that suits you. This partnership with Constant will also secure Incognito users 0% APR on all PRV loans (issued as a refund when the loan is closed). This offer will remain until pDEX launches towards the end of November.

This short walkthrough will show you how to borrow PRV using BTC, ETH, USDT or your preferred currency as collateral — Constant currently offers support for more than 60 different coins.

Step #1 — Create a PRV loan order

Navigate to the Constant website and click Borrow on the top bar:

How to borrow PRV on Constant


1. Select PRV and enter how much you want to borrow.

2. Next, choose your preferred collateral currency. Constant will automatically calculate how much collateral you need to secure your PRV loan. The LTV will depend on which currency you use as collateral, falling within the range of 66-86% (150-115% of your loan value).

Note: Constant requires overcollateralization to ensure that there is a buffer zone should your collateral fall in value during the loan term.

When you repay, the entirety of your collateral is returned to you. Y
ou can also top up falling collateral at any time to avoid liquidation (liquidation is triggered at 110%). Constant has many safety measures in place to protect your collateral from volatility. For more information on enabling auto top-up, please refer to their tutorial.

3. Once you’ve done that, simply enter the wallet address you would like your collateral to be returned to once the loan is closed.

4. Now, select your interest rate.

Some context: Constant is a P2P lending platform that matches lenders and borrowers based on their rates and terms. The average rate for near-instant matches hovers around 10% APR.

For PRV borrowers only: Incognito and Constant will offer a refund on all interest paid. Select 10% APR to ensure a quick match, and Constant will credit your account after repayment is made.

5. Choose the loan duration. It’s best to give yourself some flexibility here — you can repay early if you wish.

6. Click Borrow.

Note: Constant charges a small 1% fee for facilitating the loan. This is deducted from the amount you will receive, which will be shown at the bottom once all fields are filled in. If you require a specific amount — say 1750 PRV — to run a Node, please take this into account.

Step #2 — Deposit your collateral to escrow

Next, you’ll need to deposit your collateral in order to secure your loan and receive PRV. After you click Borrow, you’ll be brought to a screen displaying the address you should send your collateral to:

Deposit your choice of crypto collateral to secure your PRV loan


Just copy the address or scan the QR code from your mobile wallet.

So Constant can ensure timely fulfillment, all orders will expire after 60 minutes. If you need a little more time, just create another borrow order. Click on Accounts on the top bar to view your loan details.

 Your collateral remains untouched until the term ends, after which it is returned to you in its original state.

For this partnership, PRV has a fixed value of $0.20 until pDEX launches. After that, PRV on Constant will be the same as the current market value of PRV on pDEX. Repayment will be the same amount of PRV you borrowed + interest that will be refunded, (or the market equivalent in USD if you choose).

Please note that within the Constant platform, your PRV loan balance will display as PRV (with current value in USD shown beside it) – as do interest refunds in this particular case. Your loan and your interest refund can be withdrawn as PRV of course, or USD/USD stablecoins if you wish.

Keep track of your loans in the accounts tab

Here’s a quick rundown of what the statuses mean:

  • Pending means Constant is awaiting your collateral.
  • Matching means the order is in process
  • Matched means your term has begun and your money is in your account.
  • Expired means Constant didn’t receive your collateral in time.
  • Closed means you cancelled the order before matching, or you’ve repaid the loan.

During the loan term, you can also:

  • Recall excess collateral if its value has risen.
  • Top up collateral or enable auto-top up if the value falls close to the liquidation threshold of 110%.
  • Repay early — you’ll have to pay 50% of the total interest due if you repay before 75% of the loan term is up, and all the interest if after 75%.

Step #3 — Withdraw your loan

Once matched, you can withdraw your PRV loan to your Incognito Wallet.

1. Head to your Accounts page and you’ll see the buttons below.

Click Withdraw Crypto to send your PRV loan to your Incognito Wallet


2. Click Withdraw crypto.

Enter how much you want to withdraw and your PRV wallet address


3. Enter the USD amount, and select PRV. Constant will calculate the PRV value based on the $0.20 price. Enter the PRV address, and off you go!

You also have the option to choose USD/USD stablecoins if for some reason that works better for you.

While matches are instant if there are open orders available (see Constant’s order book for more details), withdrawal times vary.

For PRV withdrawals, wait times are generally just minutes during working hours (GMT+7), or 12-24 hours outside that.

For USD/USD stablecoin withdrawals, orders under 5k USD should be processed within minutes, whether or not these orders fall within working hours. Withdrawals larger than that will take between 12-24 hours as Constant conducts an extra verification step for security.

Step #4 — Repay the loan

You will be able to make repayment in PRV, the same currency as your collateral (BTC, ETH, BNB etc.), or in USD or USD stablecoins. Once repayment is made, collateral is returned to the wallet indicated at the beginning of the loan process.

For PRV borrowers: your interest refund will show in your account as PRV (USD equivalent) — which you can withdraw in PRV, USD or USD stablecoins..

1. To repay your loan with collateral, simply select the option to do so, and it will be deducted from your collateral balance. The remainder is returned to your wallet.

2. Alternatively, you can send PRV to Constant.

3. The third option is repayment via USD (Constant also accepts fiat deposits but will require KYC), or USD stablecoins equivalent to the current market value of PRV (this USD amount will also be displayed in your dashboard).

The platform will deduct the repayment automatically when your loan matures. If you would like to repay early, you can do so at any time.

Bonus: all funds in your Constant account automatically earn 5% APY.

Constant's default account for all deposits earns 5% APY compounded

Please make timely repayments.
Constant offers a 24 hour grace period, but will charge a late fee of 3% for the next 24 hours. After 48 hours have elapsed, collateral will be sold.

That’s pretty much it! For more information on Constant, visit their website and read their excellent blog.

If you have any questions or need any assistance with using the platform, you can reach out to Constant’s support team via their telegram @constantp2p.

The Incognito team will also be on hand to support you at @incognitonode, and will be happy to answer any queries you might have.

Thanks! We hope you find this helpful. Our team is continually seeking opportunities to expand options for our community. If you have any ideas or suggestions, please feel free to reach out us anytime.

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