This DeFi platform is planning to accept NFTs as collateral — allowing borrowers to unlock liquidity from their crypto collectibles.
A DeFi platform has launched a dual purpose (lending and borrowing) network that allows nonfungible tokens to be used as collateral.
ETNA Network says it is developing a suite of products that are designed to work in an interconnected manner — creating a tangible use case for NFTs in the process.
The project’s DeBank also enables those who hold ETNA, the platform’s native cryptocurrency, to access loans on an interest-free basis.
Elsewhere, an NFT factory is described as an all-in-one marketplace for crypto collectibles — bringing digital art creators and collectors together while ensuring that tokens can be traded instantly.
Beyond the world of finance, ETNA Network is also planning to shake up the world of gaming by delivering a hybrid ecosystem that allows conventional video games to be integrated onto the blockchain. Conventional game assets can subsequently be digitized, and players from around the world can compete virtually in a plethora of tournaments.
This latter feature could be especially pivotal in helping the developers of old-fashioned games to embrace new technology, and to dramatically expand the audience that can enjoy their creations. Blockchain and cryptocurrencies have been at the forefront of opening play to earn to the masses — unlocking unprecedented levels of engagement among gamers, while allowing them to truly own in-game assets like never before.
A diverse lending platform
DeBank is initially running on Binance Smart Chain, but plans are in place to gradually expand to a range of other blockchains. Polygon has been named as the network that’s next on ETNA Network’s list.
ETNA Network says DeBank is the first lending platform to support the use of NFTs as collateral — and a range of interest rates are offered depending on the type of asset that is deposited by the borrower. At present, ETNA is supported alongside BNB, ETH, BTC, BUSD USDT and DAI. More assets are going to be integrated in the future, alongside a whitelisting mechanism for onboarding a greater number of nonfungible tokens.
The project also intends to secure a license that will enable the ETNA Network to issue debit cards to users, and these applications are currently being reviewed.
A full roadmap
Looking ahead, the DeBank lending and borrowing network is set to be rolled out as a web application — and upgrades will be made to the spot trading interface in ETNA Network’s NFT marketplace in the second quarter. An NFT auction feature will also be introduced.
In the second half of this year, DeBank’s services will expand to mobile applications, ETNA’s gaming portal will be integrated, and a major gaming partnership will be unveiled.
Further improvements are going to be made to its NFT offering by the end of 2021 — and come next year, a fiat on-ramp will be supported across its ecosystem. This will be coupled with an all-in-one mobile app, banking services, the issuance of debit cards, and the development of more innovative technologies.