Together with Honey Genesis Bee, Honey protocol will test SMB NFTs in phases as part of the partnership.
Honey X MonkeDAO: Lending/Borrowing MVP
Honey DeFi has announced a partnership with MonkeDAO to launch lending and borrowing Minimum Value Products (MVP) for Solana Monkey Business (SMB) Non-fungible Tokens (NFTs).
Honey DeFi announced the update through Twitter on March 29. According to the announcement, they will be rolling out testing for SMB NFTs in phases that will continue over the next couple of weeks. This would include Devnet, liquidations, closed mainnet, etc., followed by a public launch.https://cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/honeydefi/status/1508814238525055002&image=https%3A//abs.twimg.com/errors/logo46x38.png
To borrow, you need to deposit your SMB collateral and select how much you’d like to borrow from your available LTV. If you are lending assets, you only need to deposit liquidity to earn the estimated APY paid out in USDC.
These will be variable interest rates, which means you can borrow as long as you keep paying it down. Nevertheless, to fully test the MVP, you need either an SMB or Honey Genesis Bee NFT.
Honey DeFi will add more statistics to help people keep track of their loans and deposits. According to the Discord announcement, along with MonkeDAO lending/borrowing, Honey DeFi will also have Honey Genesis Bee lending/borrowing that will undergo a similar testing process.
What is Honey DeFi?
Honey Protocol allows NFTs and metaverse assets to be used as loan collateral, allowing you to use capital in your NFT collection. In addition, Honey enables users to participate in DeFi using illiquid assets.
Lenders exchange liquidity for the native token HONEY, which can be staked for protocol fees. Borrowers put up NFT as collateral and pay interest, which is then distributed to HONEY holders.
Honey Finance is managed by Honey Labs and run by Honey DAO. The DAO, which is governed by the Honey token, allows stakeholders to vote on strategy. The Honey DAO is also in charge of the protocol’s treasury, emissions, and insurance funds.
On the other hand, Honey Labs creates the protocol and makes suggestions to the DAO. It is in charge of overseeing day-to-day operations and implementing protocol changes.
Learn more about Honey:
What is MonkeDao?
MONKEDAO is a Decentralized Autonomous Organization that provides unparalleled value to its members and the Solana ecosystem through community-led projects, connections, and innovation. According to the Gitbook documentation, MonkeDao’s vision is to be the premier decentralized community of Web3 that expands beyond Solana. MonkeDao seeks to provide unparalleled value to its members and the Solana ecosystem through community-led projects, connections, and innovations.
Where to find MonkeDao:
Twitter | Website | Gitbook | Discord
Source web3wire.news
