The LOAN token will be airdropped to everyone who holds XPR on June 15, 2021. The LOAN token is comparable like Compound or AAVE (both launched in 2020 and are now worth over $300/coin).
LOAN is a new platform called "Lend" built by MetalPay on the Proton Blockchain. The LOAN token is the native token of the Lend opens up a new possibility for borrowing and lending against multiple blockchains that were not accessible on Ethereum or other protocols previously.