Avalanche’s commitment to decentralized finance (DeFi) has received a major boost with a $1 million grant to pioneering NFT platform Salvor. In addition, the Salvor’s innovative lending system allows NFTs to be used as collateral for AVAX loans, providing Avalanche C-Chain with increased liquidity and financial flexibility.
Avalanche will support NFT platform Salvor
As part of the Avalanche Rush program, Salvor incentivizes users to participate in various activities on its lending platform. Members can earn rewards in AVAX or ART token by creating credit offers, borrowing, listing, bidding and trading. In addition, progress and rankings are displayed on the Salvor leaderboard in real time.
By encouraging loans against NFTs, Salvor provides an alternative to selling valuable assets. Lenders benefit from interest income on short-term loans, and borrowers benefit from immediate liquidity for new investments. However, the platform supports over 800 NFT collections, including Dokyo, MadSkullz, Chikn and Steady. Thus, the integration strengthens the accessibility and attractiveness of the Avalanche ecosystem to a wider range of participants.
Despite the recent downturn in the NFT market, Avalanche’s partnership with Salvor could breathe new life into the sector. “We started as an NFT marketplace to make trading easier for our users. By introducing P2P NFT lending, users can borrow against their NFTs without having to sell them. We are confident that this will play a key role in supporting healthy ecosystems. Our main focus is to make NFTs more liquid,” said Utku, founder of Salvor.
About AVAX
Avalanche is a platform designed to launch DeFi applications and deploy enterprise blockchain networks in a scalable, unified ecosystem. However, it supports all the same development tools that Ethereum supports. Moreover, transactions on the network are confirmed in one second.
Avalanche is clearly created as a competitor to Ethereum, or more precisely to the upcoming Ethereum 2.0. Immediately after listing on the exchange, the rate of its token soared by 650% (from $0.85 to $5.55). The Avalanche mainnet blockchain network has been launched. On the other hand, developers currently estimate the network throughput at 4,500 transactions per second.
In addition, Avalanche has virtual machines – this is special code that creates databases using consensus. The database can be any structure that needs to be synchronized across multiple computers, be it a DAG, blockchain, etc. The logic of each virtual machine can be deployed multiple times on separate subnets. Each instance of a virtual machine is a blockchain. Meanwhile, It has a ChainID and can only belong to one subnet. However, the blockchain can be deployed as many times as desired within a subnet.
