Liquidium has launched Liquidium.WTF on Ethereum, expanding its NFT lending platform to allow users to borrow ETH against NFTs from 50 collections or lend ETH against collections they choose.
The Ethereum launch supports collections including CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, Milady, Azuki, Doodles and Sappy Seals. The platform allows NFT holders to access ETH liquidity without selling their assets, while lenders can make offers against collections they are willing to accept as collateral.
Liquidium says each collection has its own annual percentage yield (APY). CryptoPunks, BAYC and Pudgy Penguins have an APY of 50%, while the wider group of collections carries rates ranging from 100% to 200%.
Loan terms also vary by collection. Loans against CryptoPunks, BAYC and Pudgy Penguins are available for 30, 60 or 90 days, while other supported collections offer 14, 30 or 45-day terms.
The platform does not set a minimum loan amount or starting loan-to-value ratio. Lenders decide how much ETH they want to offer, while borrowers can select from available offers.
For lenders, Liquidium says there is no activation fee at launch and they retain 85% of repaid interest. The collateral NFT can be transferred to the lender if a borrower fails to repay, meaning lenders still face the risk associated with the underlying NFT’s value and liquidity.
The Ethereum launch follows Liquidium’s existing activity on Bitcoin and Robinhood Chain. According to figures provided by Liquidium, its Bitcoin platform has processed 134,000 loans with a total loan volume of $336 million. Robinhood Chain, which launched on the platform three weeks ago, had recorded 171 loans worth about $10,700 at the time of the announcement.
Liquidium says the new Ethereum deployment brings Bitcoin, Robinhood Chain and Ethereum lending into one application. The company has also redesigned the platform’s interface across all three networks.
NFT-backed lending remains dependent on volatile asset prices and borrower repayment. While the model can provide liquidity without requiring an NFT sale, lenders take ownership of collateral if a loan defaults and may then face difficulties selling it at the expected value.
Ethereum users can now access Liquidium’s NFT borrowing and lending services through the platform’s Ethereum application.
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