After months in beta, the Non-Fungible Token (NFT) lending platform has witnessed the highs and bottom Line of its competitors in the space and intends to boost Non-Fungible Token (NFT) market liquidity while protecting the interests of lenders and borrowers.
Non-fungible crypto token (NFT) lending platform Astaria is launching publicly after a lengthy closed beta period.
The platform, co- established by previous decentralized finance (DeFi) protocol SushiSwap CTO Joseph Delong, allows Non-Fungible Token (NFT) holders to lease their assets to traders who may not be able to afford a blue-chip Non-Fungible Token (NFT) in a single buy. With support for over 300,000 Non-Fungible Token (NFTs), Astaria seeks to pump liquidity into the greater Ethereum-based Non-Fungible Token (NFT) ecosystem.
Nonetheless, unlike other Non-Fungible Token (NFT) lending platforms that operate peer-to-peer with borrowers and lenders, Astaria is utilizing a third party to support its lending market, tapping Non-Fungible Token (NFT) appraisal service Upshot to serve as the “strategist” that will assist liquidity providers enter the market while helping borrowers in leasing their assets.
Justin Bram, CEO and co- founder of Astaria, informed CoinDesk that peer-to-peer lending models are hard to scale and utilizing a three-actor model helps make the lending process much easier.
“There’s sort of this bid and ask process that happens offline in Discord, where users are negotiating different prices for loans – it’s really cumbersome, you have to have financial resources and knowledge to lend out and as a borrower, and you don’t really know what you’re getting,” stated Bram. “We’re incredibly borrower friendly, we don’t force-liquidate anyone, you get fixed terms and you only get liquidated to pay – you don’t pay your debt at maturity.”
To be able to manage the financial resources flow within the protocol, Astaria is releasing a pre-funded vault that Upshot will assist control to be able to manage danger and bonus options betwixt borrowers and lenders.
Astaria took advantage of the bear market to build out its protocol before releasing it to the public. In June 2022, Astaria raised $8 Million in seed- financing to deliver robust Non-Fungible Token (NFT) lending infrastructure.
Non-Fungible Token (NFT) lending has been on the boost since Non-Fungible Token (NFT) marketplace Blur released its lending platform Blend in May. Reports by data from platform Dune Analytics, the marketplace has already loaned out 46,472 Ethereum (ETH), about $83.7 million.
Toby Leah Bochan.
