Pine Protocol announces launch of NFT lending platform on Polygon
SINGAPORE, 4 APRIL, 2023 - Pine Protocol, a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers, today announced its launch on Polygon, the leading sustainable scaling solution for Ethereum, to provide greater capital efficiency and improved user experience.
Pine Protocol’s innovative platform, which harnesses the potential capital efficiency of idle NFTs as a means to access instant liquidity, will now be available on Polygon, bringing NFT lending capabilities to the Ethereum-compatible scaling platform for the first time. Pine Protocol has originated over $4 million of NFT-backed loans since its beta launch in late 2022, and currently supports loans for leading NFT projects including Azuki, Bored Ape Yacht Club, Doodles, and many more. Polygon’s support will create additional utility for NFT collections across different blockchains as well as significantly enhance the utilization of the protocol.
“Polygon NFTs have the largest market capitalization after Ethereum,” says Alex Ho, Founder of Pine Protocol. “Bringing the Pine Protocol technology stack to Polygon not only opens up the NFT lending market to the 200+ million wallets on Polygon, but also enhances the utility and nature of the existing NFT collections across Polygon.”
Polygon is the leading Ethereum scaling blockchain protocol used by some of the world’s biggest companies including Meta, Stripe and Reddit. It offers scalable, affordable, secure, and sustainable blockchains for Web3. The growing suite of Polygon protocols, including Polygon zkEVM, offers developers easy access to major scaling solutions including, L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. The Polygon ecosystem is thriving, hosting thousands of decentralized applications (dApps), it is also carbon neutral with the goal of leading the Web3 ecosystem to becoming carbon negative.
Hamzah Khan, Head of DeFi at Polygon Labs said: “The Pine team is innovating to build and scale the adoption of technology that will bring asset-backed financing on chain and further validate the NFT industry by pioneering and propelling NFTfi. The addition of Polygon will enable faster and more cost-effective transactions for Pine Protocol’s decentralized network of lenders and borrowers. If we are going to increase the utility of NFTs, credit protocols like Pine are going to help lead the way."
Pine Protocol is backed by leading investors, including Amber Group, Sino Global Capital, Spartan Group, and many more. Pine Protocol’s smart contracts have been triple-audited by leading security firms QuantStamp, Nassec, and BiPole Labs.
The deployment of Pine’s platform on Polygon will allow loans to utilize Polygon NFTs as collateral and allow the 200+ million wallets on the Polygon network to earn yield with their digital assets.
Coverage Secured Publications:
Institutional Digital Assets (https://idassets.net/pine-protocol-goes-live-with-nft-lending-platform-on-polygon/)
CrowdfundInsider (https://www.crowdfundinsider.com/2023/04/204693-pine-protocol-to-facilitate-nft-asset-backed-loan-transactions-on-polygon/)