The vision of Bridgesplit may be large, but they’re focus on the smaller details could be what brings them longevity.
Bridgesplit Shows Big Plans
The two co-founders of Bridgesplit stopped by the DeFi Direct YouTube channel for the latest livestream on the platform. Greg, Goon Trades, hosted Luke Truitt and Mary Gooneratne, on December 21, exploring the novel NFT protocol being built on the Solana Network.
The protocol from Bridgesplit is working on a very broad NFT platform, but one that will incorporate vita features seldom seen on Solana, and rarely successful on other chains. Luke and Mary outlined several ways their team is building out much-needed NFT infrastructure for NFT holders on Solana.
“We’re focused on how we can get the next billion people to have a crypto address,” explained Mary Gooneratne. “For us, it seemed like the best vehicle for users will be NFTs, and the chain to support that will be Solana.”
The protocol being built at Bridgesplit seeks to focus on building out liquidity channels as well as increasing the overall utility and operability of NFTs. The concepts may seem like no-brainers but few protocols around have taken a stab at it, let alone been successful. The co-founders at Bridgesplit believe their focus is on liquidity and institutional support.
“The biggest thing in all of this is institutional adoption. There are a lot of funds that are interested in getting into this market but don’t necessarily know how to do so,” Truitt told Greg. “We’ve been leveraging our relationships there to spin out other market-making structures for tokens on typical AMMs [Automated Market Makers].”
The conversation also went granular on several topics like fractionalization of NFTs, expanding user usecases, and more. Coming off the back of a $4.5 million seed fundraiser, the Bridesplit team appeared eager to hit the grind for 2022.
What is Bridgesplit?
Bridgesplit is the first NFT financialization platform to leverage Solana to unlock composability between NFTs and DeFi. Examples include collateralized lending and fractionalization. This infrastructure is necessary for the gaming, entertainment, and collectible verticals and to scale the ecosystem to luxury goods, businesses, and land.
At its core, Bridgesplit is a liquidity stack for NFTs, presenting (1) the ability to get liquid, flexible, complex exposure on NFTs and (2) yield for providing NFT and NFT derivative liquidity.
The protocol facilitates the creation of fungible asset markets backed by NFTs and the aggregation of liquidity for those markets. Examples of those fungible asset markets include fractional NFT pools, curated NFT pools, and automated NFT indexes. Each market has a liquidity pool that allows traders to earn yield while retaining exposure to the underlying NFTs. The protocol will soon power NFT collateralized lending, NFT-backed perpetual futures, and more.
Source: Solana News
Founded in 2020, solana News is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (solana). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. solana News aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the solana DeFi space.
solana NEWS is a private news network. All posts posted by this user belong 100% to solana.news All rights are reserved to Solana NEWS.