Gondi Launches V2, Unlocking a New Period of NFT Lending

[PRESS RELEASE – New York, USA, November 17th, 2023]

New options embrace ‘Purchase Now Pay Later’, ‘Promote and Repay’, ‘Refinance Lockups’, ‘Versatile Principal’,’Gondi Vaults’, ‘Mortgage Extensions’, and ‘Flash Actions’

NFT lending protocol Gondi launched V2 of its protocol on November sixteenth, 2023, offering lenders and debtors with expanded credit score choices and elevated capital effectivity throughout the board.

Gondi V1 was launched in July 2023 as a proof of idea for a extra capital-efficient credit score marketplace for NFT-backed loans. Since then, Gondi V1 has facilitated $15M USD price of origination together with refinancings, $6M USD of TVL and a whole bunch of loans towards probably the most beneficial NFTs.

New options of Gondi V2 embrace:

• Purchase now, pay later (BNPL), permitting the acquisition of NFTs utilizing Gondi loans throughout 150 marketplaces together with Cryptopunks native market and Opensea. Assortment-level mortgage provides are used for BNPL rising the capability to deploy extra capital for lenders.
• Promote & Repay, permitting debtors to simply accept purchase provides made at different marketplaces or natively at Gondi, to repay the owed quantity of a mortgage and preserve the distinction.
• Refinancing Lock-ups, making a extra balanced strategy between an incoming vs outgoing lender on a mortgage. Newly originated loans won’t be eligible for refinancing for five% of the remaining mortgage period. The identical lock-up applies on each refinance finished each at a full or partial degree the place tranches are locked up.
• Versatile Principal, permitting debtors to decide on a partial principal quantity of a mortgage provide.
• Mortgage Extensions, permitting lenders to seamlessly lengthen a mortgage with out making any change to the opposite mortgage phrases
• Vaults, permitting debtors to bundle a number of ERC-721s, ERC-20s and even ETH right into a vault after which borrowing towards it.
• Flash Actions – Delegate.money, permitting customers to delegate to a scorching pockets. This additionally permits debtors to show possession and declare airdrops.

The brand new options, together with core functionalities corresponding to on the spot and partial refinancing of loans, reinforce Gondi’s place because the NFT lending platform that’s the most pleasant to debtors and best for lenders.

“These new options constructed on high of Gondi V1, make Gondi V2 probably the most capital environment friendly and versatile NFT lending protocol ever deployed on mainnet.” – Seedphrase (Investor and Advisor to Gondi)

The non-custodial and peer-to-peer (P2P) protocol, launched in July with $5.35 million in funding from main Web3 traders corresponding to Hack.vc, Basis Capital, Dragonfly Capital, Pantera Capital, sixth Man Ventures and others.

Up to now, Gondi’s $12 million in originations (together with refinances) have been on blue-chip Ethereum NFT collections together with CryptoPunks, Chromie Squiggles by Snowfro, Autoglyphs by Larva Labs, Fidenza by Tyler Hobbs, Azuki, Ringers by Dmitri Cherniak, Meridian by Matt DesLauriers, Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Membership by Yuga Labs, Gazers by Matt Kane, Archetype by Kjetil Golid, Reminiscences of Qilin by Emily Xie, Winds of Yawanawa by Yawanawa and Refik Anadol, Grifters by XCOPY, and Rektguys by OSF.

Out of all of the loans originated at Gondi, ~ 30% have been refinanced no less than as soon as, at all times offering higher situations for debtors, when it comes to period, rate of interest and/or principal.

The Gondi protocol has been audited by high Web3 safety companies and auditors corresponding to Quantstamp, 0xFoobar, 0xQuit, and Path of Bits.

Extra on the options of Gondi V2

Purchase Now Pay Later

Gondi’s new BNPL function permits customers to buy NFTs on leverage from any main market – together with the CryptoPunks market.

For instance, a Punk is listed at 100 ETH on OpenSea; and there’s a mortgage provide with 70 ETH principal (for 1 12 months) for the NFT on Gondi. The consumer can take a NFT mortgage of 70 ETH, mix it with the principal of 30 ETH, and purchase the Punk — the NFT is routinely transferred to the Gondi escrow till the mortgage is paid.

To summarize, customers will be capable of mix their pockets stability with the principal of a mortgage provide on Gondi, and use that to purchase NFTs.

Promote and Repay

Loans on Gondi can even get repaid by promoting the underlying collateral. Debtors might settle for purchase provides from different marketplaces or on Gondi’s dApp so as to repay the mortgage in the identical transaction.

Debtors might solely go for this feature when the Internet Proceeds from a sale are no less than the identical because the owed Principal + Accrued curiosity. Any extra quantity from a promote & repay transaction is saved by the borrower.

Preservation of Token-Gated Experiences

Integrations with three protocols – Vulcan, Tokenproof and Delegate Money – make sure that Gondi debtors preserve the utility of NFTs which were loaned out.

With Vulcan, customers can confirm, activate and have interaction with communities, whereas the asset is in escrow.

Tokenproof permits Gondi customers to entry token-gated experiences — each on-line and IRL — even when the NFTs are loaned out.

And assist for Delegate Cash allows customers to delegate a scorching pockets — separate from the one holding the NFT — to carry out sure actions like signing into token-gated communities.

Gondi debtors can now additionally declare and withdraw airdrops even when their NFTs are on mortgage. The key sauce of the brand new function is that the NFT is withdrawn from the sensible contract, used to say the airdrop after which locked in escrow once more – all in a single transaction.

About Gondi

Gondi is a decentralized NFT lending protocol engineered to create probably the most capital-efficient, clear, and open credit score marketplace for NFTs. The peer-to-peer protocol on Ethereum allows steady underwriting, refinancing, and renegotiation of loans, making a extra environment friendly and composable market. The important thing contributor to Gondi is Florida Avenue, a software program firm constructing Web3 merchandise and protocols.

Whitelisted collections embrace CryptoPunks, Chromie Squiggles by Snowfro, Autoglyphs by Larva Labs, Fidenza by Tyler Hobbs, Azuki, Ringers by Dmitri Cherniak, Meridian by Matt DesLauriers, Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Membership, Gazers by Matt Kane, Archetype by Kjetil Golid, Reminiscences of Qilin by Emily Xie, Winds of Yawanawa by Yawanawa and Refik Anadol, Grifters by XCOPY, and Rektguys by OSF.

Gondi: https://www.gondi.xyz

Florida Avenue: https://www.floridastreet.xyz/

Gondi Twitter: https://twitter.com/gondixyz

Gondi Discord: https://discord.gg/eq4yAfrwR6

Gondi Docs: https://docs.gondi.xyz