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The prominent decentralized and secure blockchain network MultiversX has begun a partnership with JewelSwap (a peer-to-pool NFT lending liquidity platform). As announced by MultiversX, JewelSwap remained effective in deploying several products on the platform. While discussing the purpose of the respective move, the platform mentioned that this was done to increase the NFT value as well as utility.
JewelSwap Installs Several Products on MultiversX to Enhance NFT-based Use Cases of DeFi
MultiversX additionally noted that this development will play a significant role in bringing about an expansion in the opportunities related to the decentralized finance (DeFi) sector. Apart from that, the company revealed that this was done by JewelSwap just in a limited time. It added that the significant additions made by JewelSwap to MultiversX have rapidly gained considerable traction.
As a result of that, a total value locked (TVL) of more than 13,000 EGLD tokens was secured. MultiversX also disclosed that the most utilized product of JewelSwap permits the consumers to offer liquidity in the form the EGLD tokens. This activity is usually known as lending. In doing this, considerable interest is paid to the people providing the liquidity.
The respective interest consists of the charges recompensed by those who borrow loans from the platform. The latest included products have been crucial in the expansion of the lending protocol. In this respect, non-fungible tokens (NFT) as well as the rest of the MultiversX-based tokens have also been included among the newly deployed products.
The Deployment Enables the Purchase of NFTs without the Requirement of Paying the Complete Market Price
This has facilitated additional primitives to be developed on top including NFT Mortgage. With this, it has become possible to purchase an NFT without the need to recompense the complete market price. JewelSwap additionally utilizes the AshSwap protocol for the provision of yield farming.