NFTY Finance Weekly Update: Mainnet. Soon.

NFTY Finance Weekly Update: Mainnet. Soon.
After reading this, head on over to our testnet to try the latest version of NFTY Finance! 

The weather isn't the only thing heating up! 🔥 As mainnet gets closer than ever, we’re refining our platform to create a more developer-friendly ecosystem. This includes updating our contract functions and naming conventions for seamless integration with NFTY Finance. Before we jump into some big teasers, we have two things to cover 👇

The Lending Desk

We’re enhancing our parameters for what was once called the Liquidity Shop and is now referred to as a Lending Desk. Borrowing from the dynamism of platforms like Uniswap V3, we’ve upgraded our Lending Desk creation to a dynamic bonding curve model.

This not only gives us an edge over other NFT lending protocols but also empowers lenders. With dynamic interest rates, loan durations, and loan amounts, you can set your preferred terms and our protocol’s bonding curve will automatically adjust the terms for borrowers.

A Lending Desk now also supports multiple collections, enabling a single Lending Desk to issue loans for various NFT collections (like PudgyPenguins and BAYC).

Revamping the Borrower Flow

Borrowers can now choose from multiple loan options against all Lending Desks at once, thanks to our built-in borrowing aggregator, designed to provide a user-friendly experience akin to the 1inch aggregation model.

Still with us? Good.  

How about some sneak peeks at some mainnet features??

🤝 New Interest Rate Mechanism

A transparent and fair system for all transactions.

🗒 New Fee Mechanism

Ensuring competitive transactions across the platform.

⚡️ Ownership of Lending Desks via NFTS

A unique approach to DeFi trading - now LendingDesks can be represented by NFTs!

🌀 Support for Infinite Collections per Lending Desk

Multiple NFT collections can be borrowed against a single LendingDesk.

🥳 Support for ERC-1155 NFTs

A broader range of asset choices available in our Testnet.

📝 Whitelist Elimination for Tokens and NFTs

Simplifying transactions and broadening market participation, as already implemented in our Testnet.

⚙️ Enhanced Lending Desk Management Functionality

Tailored settings to suit your requirements, now available for testing in our Testnet.

We’re working hard on these and other features, finalizing our nomenclature, and much more.

For an overall status update, based upon our engineering scope, we have successfully completed approximately 80% of the engineering tasks, leaving us with just a small portion to finalize. Based on our progress, we expect to ship the final protocol for audit by the end of this month. Audits typically take around 3-6 weeks. Once the audits are successfully completed, the protocol will be fully prepared and ready for launch on the Mainnet. Stay tuned for more updates as we approach this significant milestone!

NFTY Finance Testnet NOW LIVE 🔴

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