(PRESS RELEASE – New York, USA, November 17, 2023)
New features include ‘Buy Now Pay Later’, ‘Sell and Pay’, ‘Refinance Locks’, ‘Flexible Principal’, ‘Gondi Vaults’, ‘Loan Extensions’ and ‘Flash Shares’.
nft Lending Protocol gondi launched V2 of its protocol on November 16, 2023, providing lenders and borrowers with expanded credit options and greater capital efficiency across the board.
Gondi V1 was launched in July 2023 as a proof of concept for a more capital-efficient lending market for nft-backed loans. Since then, Gondi V1 has facilitated $15 million worth of origination, including refinances, $6 million of TVL, and hundreds of loans against the most valuable NFTs.
New Gondi V2 features include:
- Buy now, pay later (BNPL), allowing the purchase of NFTs through Gondi loans on 150 marketplaces, including the native Cryptopunks marketplace and Opensea. Collection level loan offerings are used for BNPL to increase the ability to deploy more capital to lenders.
- Sell and payallowing borrowers to accept purchase offers made in other markets or natively in Gondi, to pay the amount due on a loan and keep the difference.
- Refinancing locks, creating a more balanced approach between an incoming lender and an outgoing lender on a loan. Newly originated loans will not be eligible for refinancing for 5% of the remaining term of the loan. The same blocking applies to each refinancing carried out, whether at a total or partial level, where the tranches are blocked.
- Flexible managerallowing borrowers to choose a partial principal amount of a loan offer.
- Loan Extensionsallowing lenders to seamlessly extend a loan without making any changes to the other terms of the loan.
- Vaultsallowing borrowers to pool multiple ERC-721, ERC-20, and even eth in one vault and then borrow against it.
- Lightning stocks – Delegate.cash, which allows users to delegate to a hot wallet. This also allows borrowers to prove ownership and claim airdrops.
The new features, along with core functionalities such as instant and partial loan refinancing, reinforce Gondi’s position as the most borrower-friendly and lender-efficient nft lending platform.
“These new features built on top of Gondi V1 make Gondi V2 the most flexible and capital-efficient nft lending protocol ever deployed on the mainnet.” – Seedphrase (Gondi Investor and Advisor)
The non-custodial, peer-to-peer (P2P) protocol launched in July with $5.35 million in funding from leading Web3 investors such as Hack.vc, Foundation Capital, Dragonfly Capital, Pantera Capital, 6th Man Ventures and others.
To date, Gondi’s $12 million in originations (including refinances) have been in top-tier ethereum nft collections, including CryptoPunks, Snowfro’s Chromie Squiggles, Larva Labs’ Autoglyphs, Tyler Hobbs’ Fidenza, Azuki, Dmitri’s Ringers Cherniak, Meridian by Matt DesLauriers. , Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Club by Yuga Labs, Gazers by Matt Kane, Archetype by Kjetil Golid, Memories of Qilin by Emily Xie, Winds of Yawanawa by Yawanawa and Refik Anadol, Grifters by XCOPY and Rektguys by OSF .
Of all loans originated on Gondi, ~30% have been refinanced at least once, always providing better conditions for borrowers, in terms of duration, interest rate and/or principal.
The Gondi protocol has been audited by leading Web3 security companies and auditors such as Quantstamp, 0xFoobar, 0xQuit, and Trail of Bits.
More about Gondi V2 features
Buy now and pay later
Gondi’s new BNPL feature allows users to purchase NFTs with leverage on any major exchange, including the CryptoPunks marketplace.
For example, a Punk is trading at 100 eth on OpenSea; and there is a loan offer with 70 eth capital (for 1 year) for the nft on Gondi. The user can take an nft loan of 70 eth, combine it with the capital of 30 eth and purchase Punk; The nft is automatically transferred to Gondi escrow until the loan is repaid.
In short, users will be able to combine their wallet balance with the capital from a loan offer on Gondi and use it to purchase NFTs.
Sell and pay
Gondi loans can also be repaid by selling the underlying collateral. Borrowers can accept purchase offers from other marketplaces or on the Gondi dApp to repay the loan in the same transaction.
Borrowers can only choose this option when the net proceeds from a sale are at least equal to the principal owed + accrued interest. The borrower retains any excess amount from a sale and redemption transaction.
Preserving Token-Driven Experiences
Integrations with three protocols (Vulcan, Tokenproof, and Delegate Cash) ensure that Gondi borrowers maintain the usefulness of the NFTs that have been lent.
With VulcanUsers can verify, activate and interact with communities, while the asset is in custody.
Chip proof allows Gondi users to access token-controlled experiences, both online and in real life, even if the NFTs are loaned.
and support for Delegate cash allows users to delegate a hot wallet, separate from the one containing the nft, to perform certain actions such as logging into token-controlled communities.
Gondi borrowers can now also claim and withdraw airdrops even if their NFTs are on loan. The secret ingredient to the new feature is that the nft is withdrawn from the smart contract, used to claim the airdrop, and then locked back into escrow, all in a single transaction.
About Gondi
gondi is a decentralized nft lending protocol designed to create the most open, transparent, and capital-efficient lending market for NFTs. ethereum‘s peer-to-peer protocol enables continuous underwriting, refinancing, and renegotiation of loans, creating a more efficient and composable marketplace. Gondi’s key contributor is Florida Street, a software company that creates Web3 products and protocols.
Whitelisted collections include CryptoPunks, Chromie Squiggles by Snowfro, Autoglyphs by Larva Labs, Fidenza by Tyler Hobbs, Azuki, Ringers by Dmitri Cherniak, Meridian by Matt DesLauriers, Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Club, Gazers by Matt Kane, Archetype by Kjetil Golid, Memories of Qilin by Emily Xie, Winds of Yawanawa by Yawanawa and Refik Anadol, Grifters by XCOPY, and Rektguys by OSF.
Gondi: https://www.gondi.xyz
Florida street: https://www.floridastreet.xyz/
Gondi Twitter: https://twitter.com/gondixyz
Gondi Discord: https://discord.gg/eq4yAfrwR6
Gondi Documents: https://docs.gondi.xyz
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
<!– ai CONTENT END 1 –>
