Gondi Launches V2, Unlocking a New Era of NFT lending
New York, USA, November 17th, 2023, Chainwire
New features include ‘Buy Now Pay Later’, ‘Sell and Repay’, ‘Refinance Lockups’, ‘Flexible Principal’,’Gondi Vaults’, ‘Loan Extensions’, and ‘Flash Actions’
NFT lending protocol Gondi launched V2 of its protocol on November 16th, 2023, providing lenders and borrowers with expanded credit options and increased capital efficiency across the board.
Gondi V1 was launched in July 2023 as a proof of concept for a more capital-efficient credit market for NFT-backed loans. Since then, Gondi V1 has facilitated $15M USD worth of origination including refinancings, $6M USD of TVL and hundreds of loans against the most valuable NFTs.
New features of Gondi V2 include:
- Buy now, pay later (BNPL), allowing the purchase of NFTs using Gondi loans across 150 marketplaces including Cryptopunks native marketplace and Opensea. Collection-level loan offers are used for BNPL increasing the capacity to deploy more capital for lenders.
- Sell & Repay, allowing borrowers to accept buy offers made at other marketplaces or natively at Gondi, to repay the owed amount of a loan and keep the difference.
- Refinancing Lock-ups, creating a more balanced approach between an incoming vs outgoing lender on a loan. Newly originated loans will not be eligible for refinancing for 5% of the remaining loan duration. The same lock-up applies on every refinance done both at a full or partial level where tranches are locked up.
- Flexible Principal, allowing borrowers to choose a partial principal amount of a loan offer.
- Loan Extensions, allowing lenders to seamlessly extend a loan without making any change to the other loan terms
- Vaults, allowing borrowers to bundle multiple ERC-721s, ERC-20s and even ETH into a vault and then borrowing against it.
- Flash Actions – Delegate.cash, allowing users to delegate to a hot wallet. This also allows borrowers to prove ownership and claim airdrops.
The new features, along with core functionalities such as instant and partial refinancing of loans, reinforce Gondi’s position as the NFT lending platform that is the most friendly to borrowers and most efficient for lenders.
“These new features built on top of Gondi V1, make Gondi V2 the most capital efficient and flexible NFT lending protocol ever deployed on mainnet.” – Seedphrase (Investor and Advisor to Gondi)
The non-custodial and peer-to-peer (P2P) protocol, launched in July with $5.35 million in funding from leading Web3 investors such as Hack.vc, Foundation Capital, Dragonfly Capital, Pantera Capital, 6th Man Ventures and others.
To date, Gondi’s $12 million in originations (including refinances) have been on blue-chip Ethereum NFT collections including CryptoPunks, Chromie Squiggles by Snowfro, Autoglyphs by Larva Labs, Fidenza by Tyler Hobbs, Azuki, Ringers by Dmitri Cherniak, Meridian by Matt DesLauriers, Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Club by Yuga Labs, Gazers by Matt Kane, Archetype by Kjetil Golid, Memories of Qilin by Emily Xie, Winds of Yawanawa by Yawanawa and Refik Anadol, Grifters by XCOPY, and Rektguys by OSF.
Out of all the loans originated at Gondi, ~ 30% have been refinanced at least once, always providing better conditions for borrowers, in terms of duration, interest rate and/or principal.
The Gondi protocol has been audited by top Web3 security firms and auditors such as Quantstamp, 0xFoobar, 0xQuit, and Trail of Bits.
More on the features of Gondi V2
Buy Now Pay Later
Gondi’s new BNPL feature allows users to purchase NFTs on leverage from any major marketplace – including the CryptoPunks marketplace.
For example, a Punk is listed at 100 ETH on OpenSea; and there is a loan offer with 70 ETH principal (for 1 year) for the NFT on Gondi. The user can take a NFT loan of 70 ETH, combine it with the principal of 30 ETH, and buy the Punk — the NFT is automatically transferred to the Gondi escrow until the loan is paid.
To summarize, users will be able to combine their wallet balance with the principal of a loan offer on Gondi, and use that to buy NFTs.
Sell and Repay
Loans on Gondi can also get repaid by selling the underlying collateral. Borrowers may accept buy offers from other marketplaces or on Gondi’s dApp in order to repay the loan in the same transaction.
Borrowers may only opt for this option when the Net Proceeds from a sale are at least the same as the owed Principal + Accrued interest. Any excess amount from a sell & repay transaction is kept by the borrower.
Preservation of Token-Gated Experiences
Integrations with three protocols – Vulcan, Tokenproof and Delegate Cash – ensure that Gondi borrowers maintain the utility of NFTs that have been loaned out.
With Vulcan, users can verify, activate and engage with communities, while the asset is in escrow.
Tokenproof allows Gondi users to access token-gated experiences — both online and IRL — even if the NFTs are loaned out.
And support for Delegate Cash enables users to delegate a hot wallet — separate from the one holding the NFT — to perform certain actions like signing into token-gated communities.
Gondi borrowers can now also claim and withdraw airdrops even if their NFTs are on loan. The secret sauce of the new feature is that the NFT is withdrawn from the smart contract, used to claim the airdrop and then locked in escrow again – all in a single transaction.
About Gondi
Gondi is a decentralized NFT lending protocol engineered to create the most capital-efficient, transparent, and open credit market for NFTs. The peer-to-peer protocol on Ethereum enables continuous underwriting, refinancing, and renegotiation of loans, creating a more efficient and composable market. The key contributor to Gondi is Florida Street, a software company building Web3 products and protocols.
Whitelisted collections include CryptoPunks, Chromie Squiggles by Snowfro, Autoglyphs by Larva Labs, Fidenza by Tyler Hobbs, Azuki, Ringers by Dmitri Cherniak, Meridian by Matt DesLauriers, Anticyclone William Mapan, Miladys, Doodles, Bored Ape Yacht Club, Gazers by Matt Kane, Archetype by Kjetil Golid, Memories of Qilin by Emily Xie, Winds of Yawanawa by Yawanawa and Refik Anadol, Grifters by XCOPY, and Rektguys by OSF.
Gondi: https://www.gondi.xyz
Florida Street: https://www.floridastreet.xyz/
Gondi Twitter: https://twitter.com/gondixyz
Gondi Discord: https://discord.gg/eq4yAfrwR6
Gondi Docs: https://docs.gondi.xyz
