How to Take Out a Crypto-Backed Loan in Minutes Using Rocko

Quick Overview of Rocko

Rocko is a crypto-loan marketplace that aggregates the best rates and protocols across DeFi, offering a one-stop solution for securing competitive crypto-backed loans. Users can compare interest rates and easily borrow from top DeFi protocols like Aave, Compound, and Morpho while choosing from 10 different popular cryptocurrencies to use as collateral. Use Rocko to ensure you’re getting the best rate.

How to Quickly Get a Crypto-Backed Loan Using Rocko

To get started, visit Rocko's web app and follow the steps below.

1. Input the amount you want to borrow Loans are denominated in USDC but can be converted into USD or other currencies using exchanges. Please note you’ll need to provide a sufficient amount of crypto as collateral for your loan based in part on the loan size.

2. Select the cryptocurrency to use as collateral Rocko currently supports 10 tokens (ETH, cbBTC, WBTC, COMP, AAVE, UNI, wstETH, tBTC, LINK, and cbETH). If you want to use bitcoin as collateral, you can follow the steps in this helpful guide.

3. Select the lending protocol and network The type of collateral you select may impact the number of options available. Generally, more popular assets like ETH or cbBTC/TBTC/WBTC will have more options. The lending protocol is the DeFi protocol that issues the loan and whose smart contracts will hold your collateral. The network is the payment rails on which the assets will be transferred.

4. Create an account You'll be asked to create an account which only requires your email.

5. Select how much additional collateral to provide for your loan Providing additional collateral above the minimum required amount can help reduce the possibility of liquidation—a process in which your collateral is sold to cover your loan in the event your collateral value drops too low relative to your outstanding loan.

6. Review your loan terms Carefully review your selections and the loan terms to ensure everything is accurate. Please read through Rocko's Terms of Use and check the box to agree to them.

7. Select where you wish to receive the funds If you want to receive the loan at an exchange account (such as Coinbase or Gemini), you can select “Exchange or Wallet Address” and manually input the wallet address. Please ensure the address is correct and can receive funds on the selected network.

   If you wish to receive the loan to a browser wallet (such as Phantom or MetaMask), you can either manually input the wallet address as described above, or you can select “Ethereum Wallet” and “Connect” your wallet. Connecting a wallet will automatically provide your wallet address as the destination address for your loan.

8. Transfer Collateral Confirm your loan and continue to the next page where you’ll receive instructions on transferring the required crypto to your Rocko smart wallet address. Your Rocko smart wallet is a self-custodial smart wallet that is programmed to execute transactions based on your instructions. Learn more about how they work in this overview.

   If you selected “Exchange or Wallet Address” on the previous page, you’ll need to manually transfer the required crypto to your Rocko smart wallet address. If you connected a browser wallet in the previous step, you’ll receive an authorization request to send the required crypto.

9. Receive Your Loan Once your Rocko smart wallet receives the required crypto, it will automatically deposit your collateral into the chosen DeFi lending protocol and transfer the loan amount to your specified wallet address.

Managing Your Loan

You can manage your loan using your Rocko loan dashboard. The loan dashboard allows borrowers to easily track key metrics, make transactions, and set up custom SMS and email alerts to monitor their collateral value and interest rate. You can repay your loan at any time, and upon full repayment, your collateral will be automatically returned to you.

You can also set up multi-factor authentication for your account which is a great way to increase the security of your funds. The process to do so is covered in this helpful guide.

Don’t hesitate to reach out to support@rocko.co with any questions!