Salvor Enters the Avalanche Rush Program $1M Incentive Grant

Published on: 17.05.2024
Salvor Enters the Avalanche Rush Program $1M Incentive Grant

Salvor Enters the Avalanche Rush Program $1M Incentive Grant, to Build Out Avalanche’s Prime NFT Lending Platform.

Salvor lending introduces unique strategies that aim to enhance capital efficiency across the Avalanche NFT and DeFi ecosystems. Salvors Enters the Avalanche Rush Program $1M Incentive Grant provided by the Avalanche Foundation. Salvor offers a dynamic P2P lending and borrowing platform, allowing users to leverage their NFTs and memecoins as collateral to secure loans in AVAX, enhancing liquidity and financial flexibility within the Avalanche ecosystem.

Salvor Lending aims to improve capital efficiency in Avalanche NFT and DeFi ecosystems by encouraging users to borrow against their NFT and memecoin portfolios instead of selling them. This allows lenders to unlock passive income and borrowers to gain instant liquidity through AVAX loans.

Lenders can offer short-term loans and earn profits from interest payments. If the loan amount—principal plus interest—is not paid back within the agreed period, the defaulted loan is automatically placed in a Dutch auction, enabling the lender to recover the loaned amount and potentially make a profit.

Salvor’s platform supports 800+ NFT collections, including Avalanche heavyweight names like DokyoMadSkullz​​, Chikn, and Steady.

Platform Features for High-Volume NFT Trading

  • One transaction bulk actions: Users can execute multiple buy, sell, and transfer orders across collections in a single transaction, potentially saving time and gas fees.
  • Pool balance: A dedicated balance for bids, offers, and loans without needing to set unlimited approvals for each transaction, enabling rapid trading.
  • Trait-specific bidding: Users can bid on exact trait combinations across supported collections.
  • Lower interest rates for early loan repayments
  • Fungible token lending

“We started as an NFT marketplace to make trading easier for our users,” said Utku, Founder of Salvor. “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.”

“Salvor’s participation in the Avalanche Rush Program marks a significant milestone for bridging DeFi and NFTs on Avalanche,” said Aytunc Yildizli, CEO of the Avalanche Foundation. “By facilitating secured loans against NFTs, Salvor not only potentially enhances liquidity but also widens the scope for NFT owners to engage in the financial ecosystem without selling their assets.”

About Salvor

Salvor, a high-volume peer-to-peer (P2P) NFT and memecoin lending protocol built on Avalanche C-Chain. Salvor offers a dynamic P2P lending and borrowing platform, allowing users to leverage their NFTs and memecoins as collateral to secure loans in AVAX, enhancing liquidity and financial flexibility within the Avalanche ecosystem.

Website |  Twitter

About Avalanche

Website |  Twitter

SOURCE: https://www.avax.network/blog/salvor-avalanche-rush-1m-incentive-grant-nft-lending-platform

REQUEST AN ARTICLE

Market Stats:
BTC Dominance: 53.94%(-0.13%/24h)
ETH Dominance: 18.28%(0.00%/24h)
Defi Market Cap: $88.78B(-25.45%/24h)
Total Market Cap: $2352.84B(+0.45%/24h)
Total Trading Volume 24h: $34.11B(-47.71%/24h)
ETH Market Cap: $430.1B
Defi to ETH Ratio: 20.64%
Defi Dominance: 3.59%
Altcoin Market Cap: $1083.75B
Altcoin Volume 24h: $24.62B
Total Cryptocurrencies: 30351
Active Cryptocurrencies: 10113
Active Market Pairs: 82797
Active Exchanges: 782
Total Exchanges: 8740
BTC: 64358.26$(-0.11%/1H)
ETH: 3517.14$(0.24%/1H)
AVAX: 25.91$(0.39%/1H)
BNB: 591.59$(0.04%/1H)
MATIC: 0.58$(0.3%/1H)
FTM: 0.59$(1.3%/1H)
ADA: 0.39$(0.68%/1H)
DOT: 5.77$(0.17%/1H)
UNI: 9.98$(0.64%/1H)
CAKE: 2.26$(0.07%/1H)
SUSHI: 0.81$(-0.17%/1H)
ONE: 0.02$(0.21%/1H)