According to recent Twitter post by Oxngmi, the anonymous creator of decentralized financial (DeFi) project aggregator DefiLlama, the smart contract code for a novel non fungible token (NFT) borrowing and lending protocol dubbed "LlamaLend" is near cometion. The protocol aims to solve the problem of NFT holders needing to obtain liquidity when holding their digital collectibles and primarily target small NFT collections.
As per its Github page, LlamaLend will allow users to deposit their NFTs, get a signed price attestation from a server and borrow Ether (ETH) up to the one third of the NFT's floor value. Users can repay the loan anytime and will only be charged interest for the time used. The loan will bear fixed interest based on a pool utilization rate.
As per its Github page, LlamaLend will allow users to deposit their NFTs, get a signed price attestation from a server and borrow Ether (ETH) up to the one third of the NFT's floor value. Users can repay the loan anytime and will only be charged interest for the time used. The loan will bear fixed interest based on a pool utilization rate.
