Share

Avalanche, Salvor Invest $1 Million in NFT Lending Platform

Avalanche, Salvor Invest $1 Million in NFT Lending Platform

 

 

This strategic move could significantly impact the price of Avalanche’s native cryptocurrency, AVAX, as it enhances the utility and liquidity of digital assets within its ecosystem.

 

 

Avalanche, Salvor to Invest $1 Million to Build NFT Platform

 

Salvor’s integration into the Avalanche Rush Program, backed by a $1 million AVAX from the Avalanche Foundation, marks a pivotal development in decentralized finance (DeFi). By enabling users to use their NFTs and meme coins as collateral, Salvor provides a versatile mechanism for securing loans directly in AVAX, fostering greater financial flexibility and enhancing capital efficiency across the Avalanche network.

 

The platform supports over 800 NFT collections, including major names like Dokyo, MadSkullz, Chikn, and Steady. This extensive reach bolsters the Avalanche ecosystem’s accessibility and appeal to a broader range of DeFi participants.

 

Avalanche (AVAX) Price Performance
Avalanche (AVAX) Price Performance. Source: CoinMarketCap

 

 

Despite the recent downturn in the NFT market, with trading volumes plummeting by over 30%, the partnership between Avalanche and Salvor could inject new vitality. 

 

 

“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,” Utku, Founder of Salvor, said.

 

 

By offering financial instruments and incentives, such as earning points through loan activities and trading, they aim to rejuvenate market engagement and stabilize AVAX’s valuation.

Translate & Edit: P2E Game

Welcome to P2E GAME

Hearing the echoes from Metaverse.

Blockchain Games list | NFT Games lists | Crypto Games list | Play to Earn Games List
Bookmark 0
Bookmark
Not-liked 0
Like
Reviews
Reply
Latest
Discover what matters to you
  • NFT
  • GameFi
  • Industry News
  • Launchpad
  • Airdrops
  • Insight
  • Region News
  • Weekly Overview
  • Editors' Picks
  • Partnership
No corresponding news is found