Borrowing
Get USDC against your tokens, on your terms, with no risk of forced liquidation.
Deposit your tokens, receive USDC, and keep full control of your outcome. Based Loans is a zero-liquidation protocol, meaning your collateral is never forcibly sold mid-loan regardless of what the market does. You set the term, you know the cost upfront, and you decide whether to buy back.
Explore the borrowing pages
● How borrowing works
Step-by-step breakdown of opening a loan, from choosing collateral to receiving USDC.
● Buying back your collateral
How to reclaim your tokens before expiry, including partial buybacks and fixed pricing.
● What happens at expiry
Both outcomes explained: successful buyback vs. walking away, and when each makes sense.
What makes it different
✔ No liquidations, ever
Traditional DeFi lending liquidates your collateral the moment prices move against you. Based Loans does not. Once your loan is open, nothing happens to your collateral until the term ends. No margin calls, no auto-sells, no liquidation bots. Your collateral sits untouched until you choose to act, or the term expires.
✔ Price locked at open
The value of your collateral is assessed once, when the loan opens. A drop in your token's price after that point has no effect on your loan. You won't be asked for more collateral, you won't be liquidated, and your buyback cost won't change. What you agreed to at open is what it costs to get your tokens back.
✔ Partial buybacks, anytime
You don't have to buy back all your collateral at once. Reclaim 10%, 50%, or 90%, whenever you want, as long as the loan is still active. Each partial buyback costs the same proportional share of the total buyback price. If you only want part of your stack back, you only pay for that part.
✔ Walking away is a valid strategy
If the market moves against your collateral and your tokens are now worth less than what you borrowed, you are not obligated to buy back. You already have the USDC. Let the collateral go, and the lender absorbs the difference. This is not a loophole, it is how pawn shops have worked for centuries, and it is baked into the protocol design from day one.
Based Loans puts you in control of the outcome. You know the cost before you open, there are no surprises mid-term, and the decision at expiry is always yours to make.