With Pawnfi, Flare (FLR) clients will be able to collateralize, lease and sell their illiquid NFTs
Flare Network (FLR), a new-gen platform that is focused at bringing smart contracts functionality to various non-programmable blockchains, scores a crucial partnership for its tech roadmap.
Pawnfi is set to make dormant assets liquid with Flare (FLR) partnership
According to the official announcement shared by the team of Flare Network (FLR), it has inked a partnership with Pawnfi, a start-up focused on bringing non-standard assets (NSAs) to decentralized finance (DeFi) mechanisms.
Pawnfi allows its customers to use various types of illiquid assets in a novel way. With Pawnfi, holders can integrate them in three modules: Pawn (as collateral for loans), Lease (as lending instruments), Sale (to list the assets on third-party marketplaces expecting the highest bid).
Pawnfi works with all sorts of assets that are diffcult to realize, including NFTs, semi-fungible tokens, GameFi assets, liquidity provider (LP) tokens and so on.
Wesley Kayne, Pawnfi’s CEO and founder, is excited by his firm’s mission in the modern DeFi ecosystem and the progress it might achieve in its collaboration with Flare (FLR):
Pawnfi will become a one stop destination as it can now provide a bridge into other metaverses. Users can achieve seamless cross-chain operations with their assets, and leverage on Pawnfi’s lend/rent/sell as well as advanced liquidity modules to utilize their assets to retain financial benefits.
Expanding Flare (FLR) presence in DeFi
Hugo Philion, CEO and co-founder of Flare Network, highlighs that the integration is set to unlock multi-blockchain prospects for Pawnfi and advance its liquidity ecosystem:
We are glad to see Pawnfi joining the Flare ecosystem to make use of our powerful interoperability solutions. By joining the Flare community, Pawnfi will be able to tap into virtually all major blockchains and assets, dramatically boosting their reach. Meanwhile, Flare users gain access to Pawnfi’s innovative solutions for unlocking usage of less liquid assets.
Also, Pawnfi aims at bringing a significant part of its 280,000-user ecosystem to Flare (FLR) blockchain.
As covered by U.Today previously, Flare (FLR) blockchain launched in mainnet on July 14, 2022, after many months of stress-testing and experiments with canary network Songbird (SGB).
The Flare (FLR) team is focused on building a holistic cross-chain ecosystem for seamless and intuitive data transfer between heterogeneous blockchains.