Wormhole Frens — Unlockd

1. What is Unlockd?

Unlockd is a cross-chain, NFT-backed lending protocol that allows users to optimize the returns of their NFTs without losing ownership of their collateral.

2. Wormhole x Unlockd integration

Leveraging Wormhole’s SDK, users are able to send NFTs from supported chains — Solana, Ethereum, Terra, Binance Smart Chain, Polygon, Avalanche, Oasis, and Fantom — where they will be used as collateral to unlock cross-chain liquidity immediately.

  1. Within the dApp, users lock their NFT on the source chain
  2. The tokenized representation of the NFT is sent to Ethereum, where the smart contract will recognize the asset as eligible collateral
  3. Unlockd then obtains a valuation from their appraisal partners to offer loans up to 85% LTV
  4. The Borrower can request a loan against their bridged NFTs (used as collateral), unlocking instant cross-chain liquidity

3. What’s next for Unlockd?

Unlockd is building the intersection between the NFT industry and DeFi, allowing liquidity to flow between blockchains, communities, and protocols. It aims to create unique synergies between marketplaces by renting protocols, guilds, P2E games, and yield aggregators in order to unravel the true financialization of NFTs.

Want to find out more about Unlockd?

Check out their socials below:

Let’s keep in touch

Questions? Thoughts? Feedback? Want to keep up to date with the latest Wormhole news? Join the Wormhole Community today!

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Wormhole

Cross-chain interoperability protocol connecting high value blockchains