Pine Protocol recently announced the launch of its NFT Lending Platform on Polygon.
Polygon Labs released an official tweet to inform users about the launch. Polygon boasts the second-highest market cap when it comes to NFTs. Thus, the integration allows Pine Protocol to access Polygon’s 200 million+ wallets. At the same time, the collaboration boosts the value proposition of its existing collection.
Known for its NFT-based loan services, Pine Protocol acts as a decentralized non-custodial protocol. It allows borrowers and lenders to interact while allowing users to leverage NFTs as collateral.
However, on the other hand, Polygon allows Ethereum scaling solutions to power names like OpenSea, Uniswap, and Aave. It is for this reason that Pine Protocol aims to use the potential of every idle NFT for instant liquidity.
Ever since its beta release in 2022, Pine Protocol has facilitated more than 4 million dollars worth of NFT loans. It currently supports NFT loans for projects such as Bored Ape Yacht Club, Azuki, Doodles, etc.
Pine Protocol’s founder, Alex Ho, talked about the recent collaboration. According to Alex, Polygon NFTs possess the biggest market cap after Ethereum. Using Polygon to promote Pine Protocol’s operations will open the NFT lending market to 200 million+ wallets.
Similarly, the DeFi Head at Polygon, Hamzah Khan, has also praised the development. Hamzah stated that integrating Polygon with Pine Protocol will facilitate cost-effective and quick transactions. This will create a simplified and seamless network among NFT lenders and borrowers.
As the collaboration progresses, Pine Protocol will establish its position as a dual-sided decentralized non-custodial protocol. Polygon’s worldwide reach will assist the protocol in expanding its NFT asset-based loan transactions in a sustainable manner.
Source: https://www.cryptonewsz.com/pine-protocol-nft-lending-platform-now-airs-live-on-polygon-network/