# 借款

**出借方（Lenders）**将资产代币存入借贷对，并根据当前股价获得相应数量的资产股份(ftoken)。

<figure><img src="/files/gD3jGvbySLQtIjkaCpyC" alt=""><figcaption></figcaption></figure>

贷款人可以在任何时候以当前价格给出的利率将其ftoken兑换为基础资产代币。fToken股价随着利息的增加而增加。

利息的积累是唯一可以改变股价的操作。因为利息产生总是正的，每个fToken可赎回的资产代币的数量不能减少。

### 贷款案例

Alice存了100个FRAX代币要借给借款人，初始的fToken股价为1.00，她收到了100个fToken。从她的第一笔存款开始，借贷对已经赚了10 FRAX 的利息。因此金额显示为110(100 Frax存款+ 10 Frax利息)。目前fToken的股价为1.10 (110 FRAX / 100 fToken)

<table><thead><tr><th width="338.9291428571429">Asset Vault Account</th><th>Total</th></tr></thead><tbody><tr><td>Amount</td><td>110</td></tr><tr><td>Shares</td><td>100</td></tr><tr><td>Alice Share Balance (fToken)</td><td>100</td></tr><tr><td>Bob Share Balance (fToken)</td><td>0</td></tr></tbody></table>

如果Bob现在存入100FRAX 用于贷款，我们将看到以下变化。首先，借贷对中的金额将增加100。fTokens的当前股价为1.10。因此Bob将收到90.91 (100 / 1.10)ftoken作为他的存款。资产库账户现在看起来像这样:

<table><thead><tr><th width="338.9291428571429">Asset Vault Account</th><th>Total</th></tr></thead><tbody><tr><td>Amount</td><td>210</td></tr><tr><td>Shares</td><td>190.91</td></tr><tr><td>Alice Share Balance (fToken)</td><td>100</td></tr><tr><td>Bob Share Balance (fToken)</td><td>90.91</td></tr></tbody></table>

随着利息的增加，金额增加。如果额外的20Frax作为利息应计，资产金库帐户看起来像这样:

<table><thead><tr><th width="338.9291428571429">Asset Vault Account</th><th>Total</th></tr></thead><tbody><tr><td>Amount</td><td>230</td></tr><tr><td>Shares</td><td>190.91</td></tr><tr><td>Alice Share Balance (fToken)</td><td>100</td></tr><tr><td>Bob Share Balance (fToken)</td><td>90.91</td></tr></tbody></table>

股价现已上涨至1.2048(230 Frax / 190.91 fToken)。这意味着Bob可以用90.91 ftoken赎回109.52 FRAX。同样，Alice可以用她的100 ftoken赎回120.48 Frax。

随着时间的推移，随着利息的增加，Alice和Bob可以用他们的ftoken赎回不断增加的标的资产。


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