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Since its pre-IDO days in Q2 2020, Relite Finance positioned itself as an all-encompassing DeFi protocol with NFT utility. The team behind the project revealed their plans to implement NFTs in their borrowing process by using non-fungible tokens as collateral for crypto loans. These goals are reflected in Relite’s 2021-22 roadmap as a milestone, with a release planned for Q2 2022.
This August, the team has pointed out another way of utilizing the NFTs within the highly anticipated platform by casting a net to NFT artists with an offer to collaborate on a branded NFT series creation. These NFTs will award real utility, acting as an APY multiplier for their holders, with the potential for more functionality to be announced after the September release.
Contest Details
Going into more details on the ongoing contest (the participation inquiries are accepted until August 20th), the hosts require only basic information from the applicants and their portfolios. The chosen competitors will have to provide their works at the following stage to be in with a chance to take home the $5k prize.
The future NFT series will include three ‘grades’, namely Gold, Silver, and Regular. The NFTs grade will define the final APY increase and other utility bonuses. According to the team’s plans, a limited number of non-fungibles will be spread among the investors and community. Further details will be available in early September 2021.
George Groshkov, the CEO of Relite Finance, emphasized the importance of NFT-utilization for the upcoming platform.
“I’m glad to introduce another option for Relite supporters and community, as Relite is being built as a cutting-edge platform with a great focus on user experience and functionality. We are impressed by the attention to our ongoing contest for the Utility NFT appearance, so I want to thank everyone who expressed the wish to participate in Relite’s development”.
About Relite Finance
Relite Finance is basically a cross-chain DeFi money market protocol. It enables lending, borrowing, and staking for all crypto assets. In addition, it plans to implement collateralization of NFTs. Over the last 30 days, RELI, the Relite Finance token has almost doubled in price. At the time of press RELI is trading at $0.061.