NFT
The prominent decentralized and secure blockchain network MultiversX has partnered with JewelSwap (a peer-to-pool NFT lending liquidity platform). As announced by MultiversX, JewelSwap remained effective in deploying various products on the platform. When discussing the purpose of the move in question, the platform mentioned that it was done to increase both NFT value and utility.
JewelSwap installs several products on MultiversX to enhance DeFi’s NFT-based use cases
MultiversX additionally noted that this development will play an important role in bringing about an expansion of opportunities related to the decentralized finance sector (DeFi). Apart from that, the company revealed that this was only done by JewelSwap in a limited time. It added that JewelSwap’s significant additions to MultiversX have quickly gained traction.
As a result, a total value locked (TVL) of over 13,000 EGLD tokens was secured. MultiversX also revealed that JewelSwap’s most widely used product enables consumers to offer liquidity in the form of the EGLD tokens. This activity is usually referred to as lending. In doing so, substantial interest is paid to the persons who provide the liquidity.
The respective interest rate consists of the fees reimbursed by those who borrow loans from the platform. The latest included products have been crucial in expanding the lending protocol. In this regard, non-fungible tokens (NFT) and the rest of the MultiversX based tokens are also included in the newly deployed products.
The implementation allows the purchase of NFTs without the requirement to pay the full market price
This has made it possible to develop additional primitives, including NFT Hypotheek. This has made it possible to purchase an NFT without having to pay the full market price. JewelSwap additionally uses the AshSwap protocol for yield farming delivery.
