What is Unlockd Finance? Unlockd Finance is an NFT Lending platform that allows users to use NFTs as collateral to borrow a corresponding amount of money. Let’s find out what is special about this project with Weakhand in this article.
Before entering this article, everyone can learn about some of the following projects to get a good perspective on the NFT Lending segment using the Lending Pool model.
- What is BendDAO (BEND)? Bend cryptocurrency overview.
- What is DropsDAO (DOP)? Overview of DropsDAO cryptocurrency.
- What is Pine Protocol? Pine Protocol cryptocurrency overview.
What is Unlockd Finance?
Overview of Unlockd Finance
Unlockd Finance is a cross-chain NFT Lending platform, meaning the NFT deposited as collateral and the borrowed tokens do not need to be on the same chain. Unlockd Finance applies the Lending Pool model that allows users to borrow an amount of money immediately.
Participants on the Unlockd Finance platform:
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Lender (Lender): Deposit assets to the platform to receive returns. Currently, the platform only supports ETH as a deposit asset.
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Borrower (Borrower): Use NFT as collateral to borrow a corresponding amount of ETH. The LTV ratio is high or low depending on the NFT users deposit as collateral.
Operating mechanism of Unlockd Finance
Unlockd’s operating model takes place according to the following steps:
Step 1: Lender deposits his assets (ETH) to the platform to receive interest. Unlocked Finance mint gives out 1 amount tTokens represents a deposit.
Step 2: Borrower deposits his NFTs to Collateral Pool as collateral.
Step 3: Unlockd Finance calculates the LTV ratio based on user NFTs and deposits the corresponding amount of ETH for the loan. After that, Unlockd Finance mint issued an amount of tokens tNFTs represents debt.
Step 4: Borrower sends back the loan + interest to get his NFT back. Unlocked Finance burn tNFTs for Borrower to clear debt.
Sale: When the loan amount exceeds the value of the collateral, Borrower’s assets will be liquidated. The liquidation will be conducted by Lender itself or a third party.
What is the difference of Unlockd Finance?
The deduction of part of Borrower’s profits DAO treasury Helps Lender avoid loss in case a series of NFTs are liquidated. In addition, Unlockd Finance also integrates Abacus – a platform that provides Layer Zero solutions for NTF valuation, which allows NFTs on the Unlockd Finance platform to be priced more accurately instead of taking from the NFT floor price.
Core Team
Jorge Schnura Becerro : CEO & Co Founder
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He graduated with a bachelor’s degree in business administration from IE University.
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He joined Tyba company as COO since September 2011.
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In May 2016, he moved to become an Advisory Board Member at Parkfy company.
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After that, he quit his job and moved to work for OverActive Media Group as Vice President, Strategy & Co-Owner.
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In November 2021, he decided to start a business when he founded Unlockd Finance and is now CEO at Unlockd Finance.
Carlos Otermin Barrera : COO & Co Founder
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He graduated with a degree in business administration and finance & strategy from Carlos III University of Madrid.
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He joined PwC as a Senior Associate since 2010.
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Then, he moved to Accenture as a senior strategic consultant in 2014.
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In 2015, he quit his job and moved to work for Lazada branch in the Philippines. He held many positions such as: Head of Sales, COO and CEO during his time working at Lazada Philippines.
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In 2021, he moved to Unlockd Finance and is now taking on the role of COO at Unlockd Finance.
Investor
August 18, 2022: Unlockd Finance announced a successful call for $4.4M led by Blockchain Capital. There are also a number of other investment funds such as: Sfermion, Spartan Group, Play Ventures,..
Tokenomics
Update…
Information Channel of Unlockd Finance Project
- Website: https://www.unlockd.finance/
- Twitter: https://twitter.com/Unlockd_Finance
- Discord:
summary
Unlockd Finance is an NFT Lending platform that brings many benefits to the NFT sector. With NFT Lending, I believe this is a potential field in the future. Hopefully through this article, everyone has some understanding about Unlockd Finance.