Kyoko’s New P2P NFT Lending Testnet Goes Live!
In this announcement, we’ll introduce our updated P2P NFT lending platform and how it improves upon our previously released version.
Here’s what you need to know:
- Kyoko’s P2P NFT lending platform is now the world’s first decentralized fixed rate NFT lending protocol.
- We’ve overhauled our P2P NFT lending platform with all new tech.
- Hasai.xyz has granted full and exclusive usage rights for its technology solutions to Kyoko.
- Kyoko’s P2P NFT lending platform: https://ptp.kyoko.finance/.
- How to test Kyoko’s updated P2P NFT lending platform: https://docs.kyoko.finance/how-it-works/peer-to-pool-p2p/how-to-use-peer-to-pool.
- Learn more about the protocol: https://docs.hasai.xyz/guides/how-to-use-hasai-in-kyoko.
Well, dear Kyokoans, we’re back in touch with more news. They say that bear markets are for building — and that’s exactly what we plan to do. We’re so excited to announce that our P2P NFT lending platform v2 launch is officially here!
About Kyoko’s Updated P2P NFT Lending Platform
We’ve made some pretty big changes to our P2P NFT lending platform technology. While the protocol may have changed, our overall objective remains the same:
Our P2P NFT lending platform aims to bring liquidity to the traditionally illiquid NFT market. Users with NFTs on-hand may have funding needs, and they can provide their NFTs as collateral to KYOKO’s P2P protocol in order to access liquidity.
As you may remember, our original P2P lending platform matched lenders and borrowers to release liquidity for NFTs. Users with NFTs on hand that had funding needs could provide their NFTs as collateral on Kyoko’s P2P lending protocol to borrow funds.
The platform allowed users to customize the loan amount, interest rate, and loan period. Once an agreement was reached, the Kyoko platform acted as the executor and issued a smart contract with the user-customized criteria.
Why we’re refreshing our protocol
‘But Kyoko, why are we replacing our tech,’ you may ask? Great question.
Reason 1: No distinct advantage
First of all, we’ve always known that our P2P NFT lending platform was the least innovative of all our products. That didn’t sit well with us.
We’re first movers in the DAO-to-DAO lending and cross-chain asset lending space. We’re far from the first P2P NFT lending platform, though, and while we were building the platform, we were always searching for our selling point.
Reason 2: Limited use case
We also came to realize that our platform had too much friction. There was a cost associated with finding two independent users — a borrower and lender — to carry out each transaction. It took too much time and limited the effectiveness of the solution, which ultimately led to lower-than-hoped adoption.
Then came Hasai…
You already know that Hasai was our very first DAO-to-DAO loan recipient. While Hasai is a young project, we ultimately brought its application to a community vote after we realized the overlap in technology between Hasai’s fixed rate NFT lending protocol and Kyoko’s P2P NFT lending platform.
Throughout the loan application process, we got cozy with the Hasai team. They’re a bunch of cool cats chipping away at some exciting challenges. After the community accepted Hasai’s application, we immediately started talking shop. The question on our minds — ‘Could we combine Kyoko’s strengths with Hasai’s innovative technology?’
The answer was staring us in the face. Hasai granted full and exclusive usage rights for its technology solutions to Kyoko.
And, well, the rest speaks for itself.
What’s different between the Kyoko and Hasai P2P NFT lending platforms?
The basic difference between the Kyoko and Hasai P2P NFT lending platforms boils down to the way the lending protocol works.
Kyoko’s P2P stands for Peer-to-Peer, where borrower and lender match up to agree on loan terms and exchange. By contrast, Hasai’s P2P stands for Peer-to-Pool, where users can deposit NFTs and receive instant liquidity.
Another key difference lies in the liquidation process. In Kyoko’s original P2P NFT lending protocol, the NFT asset would be transferred to the lender should the borrower fail to repay the loan on time. In Hasai’s protocol, however, there are no liquidations during the lending period. In the instance of default, NFTs will instead be sent to auction for liquidation.
We won’t go into the details of how exactly the platform works here. For anyone curious, the link below has the answers to all those burning questions and more.
Learn more about Hasai’s P2P NFT lending platform technology.
How to test Kyoko’s updated P2P NFT lending platform?
We’ve officially launched the updated P2P NFT lending platform testnet on our official site: https://p2p.kyoko.finance/. After that, it’s just a simple matter of following these simple steps in our P2P NFT lending platform guide.
Well, that’s it for now, Kyokoans. We’re STOKED about the new powerful capabilities in our updated P2P NFT lending platform. We can’t wait to hear your feedback, too.
Kyoko.Finance is a DAO-to-DAO credit provider and cross-chain GameFi NFT lending market for guilds and players. Kyoko’s DAO-to-DAO lending offers liquidity to promote Web3 development, while its guild-to-guild lending, P2P NFT lending, and cross-chain asset lending platforms aim to solve the most pressing issues challenging the GameFi market, including the rising cost of entry and siloed in-game assets across different blockchains. Kyoko’s metaverse will also allow Guilds to display their history, progress, and other accomplishments, while players can connect with others in a world that can be built in, developed, and sold off.
Follow Kyoko at the links below to stay up to date on upcoming events, releases, and news.