What brought us here?
While the MultiversX team was continuously working on new features & expanding the blockchain, our Founder, Kimura started working on the first Peer-to-Pool NFT protocol. Shortly after, he approached Combased as the technology partner. Fast forward to February of 2023, and we've crossed 220 EGLD in borrowing & lending TVL.
Why Peer-to-Pool lending?
Constant liquidity issues brought our idea to MultiversX. We have noticed an inflow of exciting projects, coming even from other chains. Yet, not everyone wants to sell their NFTs. Why should they? There definitely should be a different alternative, something that would utilize DeFi and it's power.
That's why we launched JewelSwap, with the main idea - of using your NFTs as collateral and borrowing up to 3 EGLD per NFT. The lowest interest rate is only 0.5%. Let's dive deeper into what we offer so far.
What does the Peer-to-Pool NFT lending protocol offer?
First, we need to understand two types of participants in our ecosystem: lenders & borrowers. Both are important aspects of the decentralized lending protocol.
Options for borrowers
- At the moment JewelSwap supports 6 NFT collections. Those include ElrondApes, Bored Ape X Club, Epunks, GNOGONS, Mafia, and CowCow (one of the most recent projects, launched on BHero launchpad. More than 50k unique NFTs could be used as collateral. We plan to add the top projects, like Calileo , DRIFTERS, Comverse, etc.
- 3 borrow plans. The lowest starts with only 0.5%. That means you can borrow up to 3 EGLD and use newly acquired liquidity for buying new NFTs & trading for profit.
- A dashboard to check all your previous & ongoing loans to make sure they are repaid in time.
Options for lenders
- A 237% APY. The APY varies, but with 40 EGLD already borrowed and 90+ EGLD available to borrow, this is what you get right now.
- Only 21 lock period. The 1st epoch will end in 6 days, so you still have a chance.
- Claiming or compounding rewards.
"20-second and Peer-to-Pool NFT lending unlock instant liquidity in MultiversX. Just like that."
A future will involve everyone
JewelSwap moves quickly, and you'll undoubtedly see an updated version very soon. There are lots of feature sets that showcase the strengths of MultiversX to the NFT community at large. For instance, after our auctioned loans were released, everyone could buy NFTs at a discount.
We'll continue to focus on making our UI intuitive (a major redesign is coming in the upcoming months). The lending & borrowing (honestly, all DeFi) needs to be explained cohesively. Instead of making it developer friendly, we need to focus on making it community-friendly.
Thanks for reading, and You are welcome to try it! 🙏