FAQ
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BACON ERC-20 Token
HOME ERC-20 Token
BOOST ERC-721 Token
The Home Finance is a decentralized mortgage lending protocol built using smart contracts on the Ethereum blockchain. Anyone with a crypto wallet can provide liquidity. Anyone with a home that meets the protocol’s criteria can create an NFT and use it as collateral to borrow HOME.
Head over to our getting started guide for all the tips and steps to get set up with HOME.
On our website, www.homecoin.finance. Just use our on-chain app. You can also refer to our getting started guide for a more in-depth walkthrough of how to purchase HOME.
HOME can only be purchased using USDC on the dAPP. You will also need some ETH to pay for your gas in-app
Yes, and you can find the full Audit on our homepage at www.homecoin.finance
ll wallets that support erc-20 tokens will support the HOME token.
HOME is minted when a home owner takes out a loan. There’s not a predetermined number of HOME available.
A mortgage is a loan secured by the value of a home. It’s a promise to repay a certain amount of money, a little bit each month, to a bank or investor over many years or decades. It’s also a promise to give the bank your home if you can’t repay the debt.
Pans are the core smart contract for lending to the borrower and minting Bacon tokens. These smart contracts pool funds, mint the Home coin and fund loans that match the Pan’s criteria. At launch, there is only one Pan. The Pan only accepts Eggs that meet the Fannie Mae and Freddie Mac Conforming Loan guidelines. In the future, the protocol may vote to add new Pans that target specific kinds of homes.
If you head over to our website and go to our Whitepaper, you can find the basic criteria (modeled after Fannie Mae) that we use with the HOME mortgages.
Home NFTs are ERC-721 tokens that represent a lien on a specific house for a specific dollar amount. The NFT contains basic data about the lien and the house. All data in the NFT is already public.
The data included is:
Check out the great information in the community-led Notion doc: https://howtosupportbaconprotocol.notion.site/howtosupportbaconprotocol/How-to-Support-the-Bacon-Protocol-e133c79f744d4de1b2cd205dcc39a157
1 - Get Fiat on an exchange. For this example I'll use crypto.com but this applies to Coinbase and others too.
2 - Buy $ETH with your fiat (ETH has much lower fees to transmit to external wallets vs USDC). As of August, 2022 the fee is 0.004 ETH on crypto.com (~$6).
2A - Send $ETH to the wallet of your choice (MM, ledger, CB, etc). be sure to check your exchanges - the above situation does not always apply
3 - Swap ETH for USDC (you can do this direct on MM, or through the DEX (decentralized exchange) of your choice such as Uniswap or Sushiswap. Fees should be pretty low as of now (<$5)
5 - Buy $HOME with your USDC. ***If you just want HomeCoin and the 1% that comes with it, you're done!! But ... there's more ...
6 - Boost your $HOME!!! This will be about double the gas it cost to buy HOME, but still most likely <$5. Now you'll be earning 2-5% on HOME (paid in HOME) and $BACON rewards!! Should be able to go from fiat to staked HOME from <$20 (so factor that in your calculation of rewards, probably cost about that much to unravel it too --> meaning going from staked HOME back to fiat --> so $40 all in to fiat -> staked HOME -> fiat.
Here is a response from @Karl Jacob (HOME) on 11/12/22 that is a beautiful description:
“… HOME is backed by liens on homes that are of fixed value So if I take out a $50,000 loan there is a $50,000 lien on my house HOME is tied to that value The rewards that come to HOME holders are a part (a large part) of the payments that borrowers make to repay those loans. This is also what powers the return in your savings account albeit the bank takes most of the profit When looking at the value of a mortgage you are looking at two pieces The value of the lien and the value of the cash flow The value of the lien doesn't change In a higher rate environment the cash flow is less valuable but as we have seen that can change quickly When rates come down (as they always do) lower rate loans are less likely to be refinanced so they are more valuable because their cash flow will continue even in a low rate environment That is likely not the case with higher rate mortgages Hope this helps …”
Yes.
Find all of the Home NFTs on .
Coinbase: .
Metamask:
4 - Go to the lovely which you can access from this link OR from
BACON is the governance token for the protocol. You can receive some BACON for participating in the protocol in various ways. The biggest is by staking HOME in a boost. BACON started accruing to stakers starting with block .