[PRESS RELEASE – New York, USA, November 17th, 2023]
Unutilized options come with ‘Buy Now Pay Later’, ‘Sell and Repay’, ‘Refinance Lockups’, ‘Flexible Principal’,’Gondi Vaults’, ‘Loan Extensions’, and ‘Flash Actions’
NFT lending protocol Gondi introduced V2 of its protocol on November sixteenth, 2023, offering lenders and debtors with expanded credit score choices and higher capital potency around the board.
Gondi V1 used to be introduced in July 2023 as an evidence of idea for a extra capital-efficient credit score marketplace for NFT-backed loans. Since later, Gondi V1 has facilitated $15M USD utility of launch together with refinancings, $6M USD of TVL and loads of loans in opposition to probably the most reliable NFTs.
Unutilized options of Gondi V2 come with:
- Purchase now, pay after (BNPL), permitting the acquisition of NFTs the usage of Gondi loans throughout 150 marketplaces together with Cryptopunks local market and Opensea. Assortment-level mortgage deals are worn for BNPL expanding the capability to deploy extra capital for lenders.
- Promote & Pay off, permitting debtors to just accept purchase deals made at alternative marketplaces or natively at Gondi, to pay off the owed quantity of a mortgage and retain the excess.
- Refinancing Lock-ups, making a extra balanced means between an incoming vs outgoing lender on a mortgage. Newly originated loans might not be eligible for refinancing for five% of the excess mortgage period. The similar lock-up applies on each refinance accomplished each at a complete or partiality point the place tranches are locked up.
- Versatile Essential, permitting debtors to select a partiality most important quantity of a mortgage deal.
- Mortgage Extensions, permitting lenders to seamlessly lengthen a mortgage with out making any alternate to the alternative mortgage phrases
- Vaults, permitting debtors to bind more than one ERC-721s, ERC-20s or even ETH right into a locker and later borrowing in opposition to it.
- Flash Movements – Delegate.money, permitting customers to delegate to a sizzling pockets. This additionally permits debtors to end up possession and declare airdrops.
The brandnew options, along side core functionalities reminiscent of rapid and partiality refinancing of loans, support Gondi’s place because the NFT lending platform that’s the maximum pleasant to debtors and most productive for lenders.
“These new features built on top of Gondi V1, make Gondi V2 the most capital efficient and flexible NFT lending protocol ever deployed on mainnet.” – Seedphrase (Investor and Marketing consultant to Gondi)
The non-custodial and peer-to-peer (P2P) protocol, introduced in July with $5.35 million in investment from prominent Web3 buyers reminiscent of Hack.vc, Underpinning Capital, Dragonfly Capital, Pantera Capital, sixth Guy Ventures and others.
To occasion, Gondi’s $12 million in originations (together with refinances) had been on blue-chip Ethereum NFT collections together with CryptoPunks, Chromie Squiggles by means of Snowfro, Autoglyphs by means of Larva Labs, Fidenza by means of Tyler Hobbs, Azuki, Ringers by means of Dmitri Cherniak, Meridian by means of Matt DesLauriers, Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Membership by means of Yuga Labs, Gazers by means of Matt Kane, Archetype by means of Kjetil Golid, Reminiscences of Qilin by means of Emily Xie, Winds of Yawanawa by means of Yawanawa and Refik Anadol, Grifters by means of XCOPY, and Rektguys by means of OSF.
Out of the entire loans originated at Gondi, ~ 30% had been refinanced once or more, all the time offering higher situations for debtors, on the subject of period, rate of interest and/or most important.
The Gondi protocol has been audited by means of manage Web3 safety corporations and auditors reminiscent of Quantstamp, 0xFoobar, 0xQuit, and Path of Bits.
Extra at the options of Gondi V2
Purchase Now Pay Then
Gondi’s brandnew BNPL attribute permits customers to buy NFTs on leverage from any primary market – together with the CryptoPunks market.
For instance, a Punk is indexed at 100 ETH on OpenSea; and there’s a mortgage deal with 70 ETH most important (for 1 generation) for the NFT on Gondi. The consumer can whip a NFT mortgage of 70 ETH, mix it with the most important of 30 ETH, and purchase the Punk — the NFT is robotically transferred to the Gondi escrow till the mortgage is paid.
To summarize, customers will be capable of mix their pockets stability with the most important of a mortgage deal on Gondi, and usefulness that to shop for NFTs.
Promote and Pay off
Loans on Gondi too can get repaid by means of promoting the underlying collateral. Debtors might settle for purchase deals from alternative marketplaces or on Gondi’s dApp to bring to pay off the mortgage in the similar transaction.
Debtors might simplest go for this feature when the Web Proceeds from a sale are a minimum of the similar because the owed Essential + Amassed hobby. Any profusion quantity from a promote & pay off transaction is stored by means of the borrower.
Preservation of Token-Gated Stories
Integrations with 3 protocols – Vulcan, Tokenproof and Delegate Money – assure that Gondi debtors conserve the worth of NFTs which were loaned out.
With Vulcan, customers can examine, turn on and have interaction with communities, moment the asset is in escrow.
Tokenproof permits Gondi customers to get admission to token-gated stories — each on-line and IRL — despite the fact that the NFTs are loaned out.
And aid for Delegate Money permits customers to delegate a sizzling pockets — isolated from the only protecting the NFT — to accomplish positive movements like signing into token-gated communities.
Gondi debtors can now additionally declare and extract airdrops despite the fact that their NFTs are on mortgage. The undisclosed sauce of the brandnew attribute is that the NFT is withdrawn from the sly word, worn to say the airdrop and later locked in escrow once more – all in one transaction.
About Gondi
Gondi is a decentralized NFT lending protocol engineered to manufacture probably the most capital-efficient, clear, and distinguishable credit score marketplace for NFTs. The peer-to-peer protocol on Ethereum permits steady underwriting, refinancing, and renegotiation of loans, making a extra able and composable marketplace. The important thing contributor to Gondi is Florida Boulevard, a tool corporate development Web3 merchandise and protocols.
Whitelisted collections come with CryptoPunks, Chromie Squiggles by means of Snowfro, Autoglyphs by means of Larva Labs, Fidenza by means of Tyler Hobbs, Azuki, Ringers by means of Dmitri Cherniak, Meridian by means of Matt DesLauriers, Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Membership, Gazers by means of Matt Kane, Archetype by means of Kjetil Golid, Reminiscences of Qilin by means of Emily Xie, Winds of Yawanawa by means of Yawanawa and Refik Anadol, Grifters by means of XCOPY, and Rektguys by means of OSF.
Gondi: https://www.gondi.xyz
Florida Boulevard: https://www.floridastreet.xyz/
Gondi Twitter: https://twitter.com/gondixyz
Gondi Discord: https://discord.gg/eq4yAfrwR6
Gondi Doctors: https://docs.gondi.xyz
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