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02 Jun 2022

2 min read

Wormhole Frens — Unlockd

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Unlockd unleashes the full liquidity and utility potential of NFTs. And how do those NFTs move xChain? Guess. No really, take a guess. Ok. Yes. It’s Wormhole.

1. What is Unlockd?

Unlockd is a cross-chain, NFT-backed lending protocol that allows users to optimize the returns of their NFTs without losing ownership of their collateral.

Through its borrow and lending market, Unlockd lets users access more liquidity while still enjoying the benefits of holding onto their NFTs, including airdrops and other utilities to which they may be entitled.

It’s simple. Within the Unlockd dApp, lenders can deposit their NFTs into liquidity pools and earn yield for their contributions. Borrowers are able to take permissionless loans (up to 85% of the value) for selected assets with no fixed expiration date and with a fair interest rate against their NFT. As the loans operate cross-chain, the borrowed funds can be instantly used on other chains.

2. Wormhole x Unlockd integration

Leveraging Wormhole’s SDK, users are able to send NFTs from supported chains — Solana, Ethereum, Terra, Binance Smart Chain, Polygon, Avalanche, Oasis, and Fantom — where they will be used as collateral to unlock cross-chain liquidity immediately.

Process:

  1. Within the dApp, users lock their NFT on the source chain
  2. The tokenized representation of the NFT is sent to Ethereum, where the smart contract will recognize the asset as eligible collateral
  3. Unlockd then obtains a valuation from their appraisal partners to offer loans up to 85% LTV
  4. The Borrower can request a loan against their bridged NFTs (used as collateral), unlocking instant cross-chain liquidity

3. What’s next for Unlockd?

Unlockd is building the intersection between the NFT industry and DeFi, allowing liquidity to flow between blockchains, communities, and protocols. It aims to create unique synergies between marketplaces by renting protocols, guilds, P2E games, and yield aggregators in order to unravel the true financialization of NFTs.

Working closely with P2E guilds and NFT infrastructure players like Metasports, BreederDAO, and Blockchainspace, Unlockd will also create tailored solutions and infrastructure to help grow and scale GameFi operations, reward key players, and foster professional relationships. Keep an eye out for more partnerships with leading guilds in the ecosystem. Coming soon!

Unlockd also aims to help users acquire better assets, managing their portfolios more efficiently through lending solutions.

Want to find out more about Unlockd?

Check out their socials below:

Website | Twitter | Discord | Telegram | Blog

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