What is Ubiloan Protocol? Ubiloan Protocol is an NFT collateralized lending protocol, built and developed on Ethereum. The project focuses on supporting NFT assets in Game and Metaverse. So what is Ubiloan? How does it work? Let’s find out in this article!
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What is Ubiloan Protocol?
Overview of Ubiloan Protocol
Ubiloan Protocol is an NFT collateralized lending protocol, built and developed on Ethereum. The project focuses on supporting NFT assets in Game and Metaverse with loan assets of ETH. Opens up a large source of liquidity for the NFT market.
Unlike NFT Lending platforms that only focus on NFT collectibles. Ubiloan focuses on supporting Game and Metaverse with the vision that Game and Metaverse will become a market many times larger than the market of NFT collectibles in the future.
When sending an NFT to the platform, users will receive a UNFT representing that asset. UNFTs will be non-transferable and can only be redeemed for physical NFTs.
Mechanism of action
Borrowers need to collateralize NFTs to borrow ETH in the Pool, assets in the Pool are added by lenders to earn interest. After a period of time, the borrower pays debt and interest to the Liquidity Pool to unlock the collateral.
When the debt-to-collateral ratio reaches 80%, the user’s position will be liquidated. But then the position was only closed, meaning the NFT was not sold to repay the loan but waited another 48 hours to give the user time to pay off the debt. If payment is still not made after that, the NFT assets will be auctioned to recover the debt.
Development Roadmap
Q3 2022
- Survey market
- Qpartnership
- Psing protocol development
- Xbuild community
Q4 2022
- Launch of Testnet protocol
- Community growth
- 20 games and 10 association cooperation
- Submitted the EIP-5604 standard to the Ethereum Foundation
Q1 2023
- Upgrade Testnet protocol
- Preparing for the token launch
- Upgrade website and logo
- 40 games and 20 cooperative associations
- Community discussion and review of the EIP-5604 standard
Q2 2023
- launch mainnet
- Token generation event
- UNT betting mechanism
- The most vibrant community in NFTfi
Q3 2023
- Rapid user growth
- Increased adoption of EIP-5604
- Accept more NFTs like Metaverse NFT as collateral
Q4 2023
- 50,000 active wallet addresses
- More than 50 games use EIP-5604
Core Team
Alex Qin: CEO&Founder
- In 2014, Alex successfully obtained a bachelor’s degree in International Law at Beijing Foreign Studies University. Alex then continued to study for a higher degree with that major at Peking University.
- In 2015, Alex worked as a Lawyer in Capital Market at Jingtian & Gongcheng, directly writing legal documents, negotiating contracts, and developing business models for the company.
- In 2019, Alex joined the founding of Beijing cijianlink Technology Co, a startup building a social application for Genz called Xingshi. But he only stayed with the company for about 6 months before leaving.
- Alex then moved to work as Project Manager of International Credit Division for China Development Bank. The main work is credit risk management and economic modeling. After 2 years of working together, he left to find another opportunity.
- Alex became Vice President at Aegis Information Technology Co in 2021, but still did not reach what he expected, so Alex left after about 9 months with the company.
- In early 2022, Alex joined the founding of Ubiloan Protocol and worked as CEO.
Investors and Partners
Investors
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Partners
Ubiloan Protocol is a partner of many big names such as BNB Chain, Kucoin Labs, Platinum, Matrix,…
Tokenomics
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Exchanges
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Information Channel of Ubiloan Protocol
- Website: https://ubiloan.io/ubiloan
- Twitter: https://twitter.com/ubiloan
- Discord:
Summary
Ubiloan has a special point of knowing how to target the extremely large NFT market in Games and Metaverse. But NFT Lending is the segment that faces the most competition in NFT Finance. So I have clarified what Ubiloan Protocol is? Overview of Ubiloan Protocol cryptocurrency. Hope this article provides you with a lot of useful knowledge!