The project offers a solid blend of DeFi and NFT-related utilities, specifically entailing lending and liquidity.
Melt Labs Hits the Big Leagues
On June 20th, Solana-based utility project Melt Labs launched its decentralized non-custodial liquidity market protocol. The protocol gives Non-fungible Token (NFT) holders the ability to serve as lenders or borrowers; in other words, they allow you to get liquidity while still owning your NFTs.
According to their docs, Melt Labs provides a platform where depositors can provide liquidity to the market to earn a passive income. At the same time, borrowers can borrow by providing their NFTs as collateral (overcollateralized loans).
“The launch is basically a soft launch since we only onboarded 1 collection right now to start with and to educate the members,” the project founder, Tyler Monke, said in a statement to Web3Wire. “From next week, we’re onboarding 5 collections, then 4-5 every week to increase mass adoption of the platform”
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There are four ways to interact with the Melt Labs protocol:
Provide liquidity and earn passive income.
Use your NFTs as collateral and borrow USDC.
Flag undercollateralized positions.
Liquidate flagged undercollateralized positions (discounted from the market floor price).
Where to find Melt Labs:
Source : web3wire.news
