What is Pine Protocol? Pine Protocol is an NFT borrowing and lending platform that aims to bring NFT and DeFi closer together.
NFT Finance is an extremely hot phrase as NFT collectibles become more and more popular. There are collections whose prices have increased to tens of thousands of dollars. However, up to now, NFT still does not have much financial application and that is also the motivation for many projects to develop to solve this problem.
So, what’s so special about Pine Protocol? Everyone, let’s find out in this article.
What is Pine Protocol?
The problem arises
As the NFT market grows, NFT Collectibles become more valuable and popular, and user demand also increases. Similar to Bitcoin, Ethereum or other Crypto Assets, at first people simply buy & hold to wait for the price to increase and then sell, but gradually there are people who hold for a long time but do not want their assets to stand still. where we hope it creates sustainable profits or high risk high return and we witness the birth of DeFi.
Apart from the development process, NFT collections are also the same and recently the term NFT Finance has emerged with a series of projects such as SudoSwap, BendDAO, nftPerp,…
Introducing Pine Protocol
Pine Protocol is a Lending & Borrowing platform with NFT assets. Users can deposit NFTs into the platform to earn interest or can borrow NFTs to invest and then pay interest equivalent to the loan period.
Pine Protocol Differences
Focus on NFT collectibles
The first difference and also the core element of the project is the acceptance of popular NFTs in the crypto market as collateral such as Bored Ape Kennel Club, Bored Ape Yacht Club, Cool Cats NFT, Azuki, etc. .
Borrowing and lending parameters are fixed
Information in the loan such as interest rate to be paid and loan term are calculated and fixed from the beginning. This makes it easy for borrowers to manage their loans in terms of indicators such as repayment date, total interest payable,… from the moment of borrowing.
Development Roadmap
By the end of 2022, the project has been largely completed, but work such as product audit is not only audited by Quantstamp but also audited by Nassec, in addition to launching the product and starting to have users.
In the first quarter of 2023, Pine Protocol plans to expand its products such as:
- Launch of PINE token.
- Accept more NFT collectibles as collateral on the platform.
- Develop multichain such as Solana, Avalanche, BNB Chain,…
- Pay in more currencies such as USDT, USDC, SOL,…
Continuing, in Q2/2023 Pine Protocol plans to launch a credit market that will allow users to buy and sell their lending positions.
Core Team
Cough Alex: Co Founder
There is not too much information about this person, only information that he worked as a Blockchain Developer at UniTrust Global Limited. After more than a year of working together, Ho decided to quit his job here and build Pine Protocol.
Investor
May 16, 2022: At the Seed round, Pine Protocol successfully raised an amount of $1.5M with the leadership of The Spartan Group, Amber Group and Sino Global Capital, and also the participation of Gate Ventures, Alameda Research, Impossible Finance, Shima Capital.
December 16, 2022: In the Private round, Pine Protocol continued to successfully raise an amount of $3M led by Amber Group and Sparkle Ventures, with the participation of The Spartan Group, Sino Global Capital, Maple Block and The LAO.
Tokenomics
Update…
Exchanges
Update…
Pine Protocol Information Channel
- Website: Pine.loans
- Twitter: @Pine Protocol
- Medium: https://medium.com/@PineLoans
- Discord: discord.gg/pineprotocol
Summary
Pine Protocol along with other platforms are coming together to create a potential NFT Finance puzzle, an opportunity for those who want to hold NFTs long term. However, issues related to liquidity and liquidation have not really been completely resolved, so more observation is needed in the future.
After this article, I hope to help everyone understand what Pine Protocol is?