[Salvor provides Avalanche Rush with $1 million in incentive funding to build Avalanche’s Prime NFT lending platform]
Salvor, a large-scale P2P NFT and Meme coin lending protocol built on Avalanche C-Chain, has joined the Avalanche Rush program to receive up to $1 million in AVAX funding, provided by the Avalanche Foundation. Salvor aims to provide a dynamic P2P lending platform where users can use their NFT and Meme coins as collateral to borrow AVAX, thereby increasing the liquidity and financial flexibility of the Avalanche ecosystem.
Avalanche Rush is a liquidity mining program that continues to promote the development of Avalanche DeFi since 2021, aiming to create a more accessible, decentralized and lower-cost ecosystem. During Salvor’s Avalanche Rush, users can earn points by lending, borrowing, listing, bidding, and trading, and receive AVAX or Salvor’s native ART tokens as strategy allocation rewards.
Salvor has launched several strategies designed to enhance the capital efficiency of the Avalanche NFT and DeFi ecosystem, encouraging users to borrow rather than sell their NFT and Meme coin portfolios. Borrowers can use Meme coins or NFTs as collateral to obtain AVAX loans, and lenders can provide short-term loans to earn interest income. If the loan is not repaid on time, it will automatically enter the Dutch auction, and the lender can recover the principal and have the opportunity to make a profit.
The Salvor platform supports over 800 NFT collections, including heavyweight collectibles like Avalanche’s Dokyo, MadSkullz, Chikn, and Steady. Its platform features include batched one-time transactions, pool balances designed for bidding and lending, bidding on specific characteristics, and low-interest prepayment options.
Utku, founder of Salvor, said: "We started as an NFT marketplace to simplify the transaction process. By introducing P2P NFT lending, users can now borrow funds for their NFTs without having to sell them. We believe this will play a role in supporting a healthy ecosystem. Key role."
Aytunc Yildizli, CEO of the Avalanche Foundation, said: "Salvor's joining the Avalanche Rush program is an important milestone for cross-chain DeFi and NFTs on Avalanche. By providing loans against collateralized NFTs, Salvor will enhance liquidity and expand NFT owners' participation in the financial ecosystem. range."
Since its launch in November 2022, Salvor has transformed from an art-focused marketplace into a high-volume trading and lending platform, launching a first-of-its-kind NFT liquidity pool, Launchpad feature, and P2P NFT lending protocol, and recently launched a new platform for Avalanche Peer-to-peer token lending protocol for Meme coins.
