What is TextureFi? TextureFi is an NFT Lending platform that allows users to use NFTs on Solana as collateral to borrow a corresponding amount of Sol. So what is special about this project? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can learn about some of the following projects to gain more knowledge about NFT Finance.
- What is Tensor? Tensor cryptocurrency overview
- What is Hadeswap? Hadeswap cryptocurrency overview
- What is Zharta Finance? Zharta Finance cryptocurrency overview
- What is NFTfi? Overview of NFTfi cryptocurrency
What is TextureFi?
TextureFi overview
TextureFi is an NFT Lending platform deployed on Solana. Borrowers can use their NFTs as collateral to borrow a sum of money in the corresponding SOL token.
Unlike many other NFT Lending platforms, TextureFi serves as a free platform that aggregates lending incentives available across all major lending protocols on Solana such as Sharky, Citrus, and Rainfi. Furthermore, TextureFi provides a seamless and efficient interface to manage user loans, ensuring quick and hassle-free transactions.
TextureFi’s mechanism of action
TextureFi’s operating model is quite simple and takes place according to the following steps:
Step 1: Users connect their wallet to the platform and will find their NFTs available for borrowing.
Step 2: Users select NFTs as collateral and TextureFi will display available offer options according to the following parameters:
- Max Sol (will display loans that help users borrow the maximum amount of SOL).
- Duration (here users have access to loans with the longest loan duration).
- APR (users will find loans with the lowest APR).
TextureFi shows all loans from Sharky, Citrus and Rain with LTVs above 50% and APRs below 300%. TextureFi is also working to display Private Offerings from Citrus and Rain Pools with special settings such as: Lending currency and historical wallet address activity.
Step 3: After choosing the best offer for themselves, users click on the “Borrow” button to authenticate their loan activity.
Step 4: Users can repay the loan at any time before its expiration date and receive the collateral NFTs back. If the loan is not repaid before maturity, the collateral NFT will be liquidated and transferred to the lender.
What is the TextureFi difference?
TextureFi’s biggest difference is that it is an NFT Lending Aggregator platform that aggregates loan offers from many other NFT Lending platforms such as: Sharky, Citrus and Rainfi to bring users the best deals available. Additionally, TextureFi is also implementing several unique features that will appear on the platform in the future:
- TextureFi is working on integrating Dialect Alert to help TextureFi users track their loan portfolio.
- FISHY, JUICE,… token rewards will be added to the platform to reward users participating on the platform.
- In the future, TextureFi will allow users to refinance their loans.
- Allows users to simultaneously receive multiple loans on their NFT portfolio from different lenders.
Core Team
Update…
Investor
November 4, 2022: TextureFi announced the successful raising of $5M USD from P2P Capital and Sino Global. There are also many other investors participating in this funding round including: Wintermute, Semantic Ventures and Jane Street Capital.
Tokenomics
Update…
TextureFi Project Information Channel
- Website: https://texture.finance
- Twitter: https://twitter.com/texture_fi
- Discord:
summary
TextureFi just launched recently but already offers a good experience for NFT holders. With a zero-fee approach, transparent lending incentives, and seamless user experience TextureFi promises to be a potential NFT Lending platform on Solana.