u.today
Within the framework of Avalanche Rush, an ongoing liquidity mining program for Avalanche DeFi and NFT apps, Salvor protocol has secured a massive incentive grant to scale its liquidity ecosystem and onboard a new cohort of customers.
Salvor NFT lending protocol receives $1 million incentive grant
Salvor, a high-volume peer-to-peer NFT and meme coin lending protocol built on Avalanche C-Chain, has entered the Avalanche Rush Program. In total, it scored $1 million in AVAX equivalent as an incentive grant from the Avalanche Foundation.
1/ Introducing Peer-to-Peer Token Lending protocol for AVAX tokens to make them more liquid. Get ready to unlock new financial possibilities.
— Salvor 🚢🔺 (@salvor_io) March 28, 2024
We're starting with:$ART$COQ @CoqInuAvax $TECH @TECHimproving $KIMBO @KimboAvax
$NOCHILL @nochillavax $GEC @GeckoInuAvax pic.twitter.com/7boWKNQQyO
Salvor offers a dynamic P2P lending and borrowing platform, allowing users to leverage their NFTs and meme coins as collateral to secure loans in AVAX, enhancing liquidity and financial flexibility within the Avalanche (AVAX) ecosystem.
As Salvor is onboarded by Avalanche Rush program, its new and existing users can earn points by creating loan offers, borrowing, listing, bidding and trading with rewards for strategies allocated in AVAX or Salvor’s native ART token.
Utku, founder of Salvor, highlights the innovative design of his protocol and its role in developing an NFT ecosystem on Avalanche C-chain:
We started as an NFT marketplace to make trading easier for our users. By introducing P2P NFT Lending, users can now borrow funds against their NFTs without needing to sell them. We believe this will play a key role in supporting healthy ecosystems. Our primary focus is to make NFTs more liquid.
ART token has already been listed by Uniswap (UNI) and Pangolin, the largest Avalanche DEXes.
New opportunities for Avalanche's (AVAX) NFT ecosystem
Aytunc Yildizli, CEO of the Avalanche Foundation, appreciates the participation of the Salvor NFT protocol in the Avalanche Rush ecosystem initiative:
Salvor's participation in the Avalanche Rush Program marks a significant milestone for bridging DeFi and NFTs on Avalanche. By facilitating secured loans against NFTs, Salvor not only potentially enhances liquidity but also widens the scope for NFT owners to engage in the financial ecosystem without selling their assets.
Right now, Salvor's lenders can offer short-term loans and earn profits from interest payments. If the loan amount — principal plus interest — is not paid back within the agreed period, the defaulted loan is automatically placed in a Dutch auction, enabling the lender to recover the loaned amount and potentially make a profit.
Salvor’s platform supports 800+ NFT collections, including Avalanche heavyweight names like Dokyo, MadSkullz​​, Chikn and Steady.