Today, ParaSpace released the first cross-margin lending platform of its kind. With the recent rise in NFT lending and borrowing, users have seen an increasing liquidation downtrend spiral. ParaSpace gives users in the space a way to fix this problem.
Yubo Ruan started ParaSpace. Sequoia Capital, CoinBase Ventures, Founders Fund, and other companies back it. A cross-margin structure is used by the platform to create a peer-to-peer lending system that improves liquidity and capital efficiency. For the first time, users and NFT holders can combine multiple assets into a single portfolio to lend and borrow against while spreading their risk.
“We believe in a future where NFT assets proliferate with different kinds of utility, applications, and especially the connection to real-world assets. Our vision is to create a decentralized cross-margin lending protocol with support for a wide variety of both fungible and non-fungible assets extending into the real world,” said Ruan, founder, and CEO of ParaSpace. “For NFT finance to be usable, users need to be able to hedge their risk and have flexibility on what assets they can borrow against and on what terms.”
ParaSpace is a system built on Ethereum that is completely decentralized and doesn’t need any permissions to work. The platform currently supports a wide range of fungible tokens, such as BTC, ETH, DAI, USDC, and APE, in addition to the “blue chip” NFT collections that are already in place. In the future, ParaSpace plans to offer cross-chain lending and borrowing for EVM-compatible or similar blockchains. This will help the whole crypto ecosystem use capital more efficiently.
To celebrate the launch of the platform, ParaSpace is holding an APE Coin Staking Fest so that Bored Ape NFT and APE holders can earn the most APE coins from staking. Users will be able to borrow APE at lower rates, participate in referral programs, and get up to $250,000 worth of APE from their APE airdrop.
Lastly, ParaSpace is a permissionless infrastructure that can be easily changed to meet many unmet needs in the efficient use of on-chain capital. ParaSpace wants to change the way NFT banking works so that 1 billion people can use web3 and decentralized lending. Affyn says that Singapore is the first city to be a Nexus World Metaverse City.
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