Binance launches a lending service secured by NFTs
The current rate is 3,36% per annum, and the loan-to-value varies from 40% to 60%
25.05.2023 - 14:20
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What’s new? The marketplace of non-fungible tokens from crypto exchange Binance has launched a lending service secured by NFTs. The feature currently works for the most popular and expensive collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. The current rate is 3,36% per annum, and the loan-to-value ratio varies from 40% to 60%, depending on the collection. The platform offers position liquidation protection and zero fees.
Binance and NFTs. On December 12, the marketplace launched the staking of BAYC and MAYC NFT collections, part of the ApeCoin ecosystem (APE), with daily rewards. On March 1, the exchange launched the service Bicasso for the creation of NFTs using AI, after which Korean designer Cho Young-hwi said that his Chatcasso design, which won first place at the hackathon, organized by Binance itself, was plagiarized.
In May, it became known that the marketplace will add support for NFTs on the basis of the Ordinals protocol on the Bitcoin network. Users will be able to trade these assets directly through their exchange accounts.
Daily trading volume of the Bitcoin Frogs NFT collection exceeds $2,2 million
In April, the project’s turnover barely exceeded $50 000
On May 2, marketplace Blur launched Blend, a P2P lending protocol with collateral in a variety of assets, including NFTs. On the first day, transactions on the platform totaled $16,37 million. The platform also offers protection against the liquidation of positions through a refinancing loan auction.
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