We introduced our team to the community back in February 2022; since then, we’ve been hard at work on our platform. Today, we’re happy to see our work come to life on Solana Devnet. The Unloc platform will bring the power of fully configurable NFT-collateralized lending to your fingertips!
Your NFTs Unloc’d
Unloc is more than a protocol; it’s a sleek NFT-collateralized lending platform bringing you the best of both worlds: complete decentralization and stellar user experience!
The entire platform is built on-chain. It doesn’t rely on any off-chain information or centralized servers. Our goal is to deliver a fully trustless and self-sustaining service that allows users to easily tap into the value of their NFTs on their own terms outside of traditional buying and selling.
Another key ingredient that powers the Unloc platform is our peer-to-peer approach to loan origination (the process by which a borrower applies for a new loan). Peer-to-peer loans allow borrowers to set loan terms tailored to their specific NFT collateral. The configurability is important! Rare NFTs can be valued at much higher than the collection’s floor price.
Borrowers using Unloc will be free to determine their own loan-to-value (LTV) ratios based on their NFT’s value, not the floor valuation of the NFT’s collection. They’ll also receive their original NFT collateral back once they repay their loan, rather than an arbitrary NFT from the same collection. They don’t need to risk receiving collateral that was worth less than the original NFT they provided!
Unloc New DeFi Strategies
Borrowers using Unloc can propose “offers” requesting the loan amount in SOL or USDC and list multiple “sub-offers” per NFT collateral. We are the first platform to offer these functionalities.
Configurable loan denominations (SOL or USDC) open up a wide range of yield farming strategies as well as hedging strategies for NFT holders. Users that take advantage of the multiple “sub-offers” feature will be able to appeal to more lenders and get access to liquidity faster.
The Unloc’d Lending Process From Start To Finish
The Unloc platform caters to two user types:
- NFT owners seeking loans
- Lenders seeking to earn interest on their liquidity
Let’s say you’re an NFT owner and you need liquidity for a big-brain move to increase your investments. You have high-value NFTs you can tap into, but the problem is you don’t want to sell any of them. Unloc has got you covered.
The Unloc loan process starts when an NFT owner proposes an “offer” with loan terms backed by their NFT collateral. The “offer” is listed on a peer-to-peer capital market on the Unloc platform that lenders can browse. Once a lender has found an “offer” that aligns with their needs, they engage the “offer” and release funds to the NFT owner. In parallel, the NFT collateral is automatically sent to a trustless escrow contract — no need to mess around with logistics or additional transactions.
Before the end of the loan duration, the NFT owner can choose to pay back the lender. If the NFT owner does not repay the entire loan amount at the conclusion of the loan duration (loan default), the lender is entitled to claim the NFT collateral.
Key Features Available Now on Devnet
The team’s approach to product development puts the NFT community at the center of our design considerations. As a result, our Devnet launch brings a focused set of Unloc features that are tailored to the NFT holder experience.
Take your time reading through the following list. Many of these features don’t exist on any NFT-collateralized lending solutions available on the market!
Without further ado, let’s dive into the capabilities that users can enjoy right away on Unloc:
Completely customizable loan terms
- NFT owners can define loan duration
- NFT owners can define loan amount
- NFT owners can define loan currency type (Unloc currently offers SOL and USDC based loans)
- NFT owners can define loan APR
- NFT owners can select a specific NFT as loan collateral rather than rely on the overall collection value
Real-time loan offer edits
- NFT owners can cancel any of their outstanding “offers” instantly
- NFT owners can edit any of their outstanding “offers” instantly if there is no outstanding loan balance
Multi-offer generation on a single NFT asset
- NFT owners can propose and list multiple “offers” pegged to a single NFT for faster matchmaking with a lender/liquidity provider
- If any “offer” on a given NFT asset is accepted by a lender/liquidity provider, all other outstanding “offers” pegged to the same NFT asset will be canceled
We’ve got a lot of exciting enhancements coming up ahead of our Mainnet launch. Keep reading for a sneak peek!
The team is currently building a “minimum repayment” option that NFT owners can define to make their offers more attractive to lenders.
Additionally, we’re ironing out token utility and continuing to enhance our product UX. At Unloc, the team is product- and community-driven. We want to include all the critical features needed to make P2P loans easier and better to use. Trust us, we know how hard it is to wait for Mainnet launch, but it will be worth it!
Join the Unloc Devnet & Earn an Airdrop
Interested in diving deeper into the Unloc movement? Look no further! Join us on Discord to get whitelisted for the Devnet version of Unloc. We’d love for you to test the product yourself and help shape its future. To say thanks, we’ll be rewarding all Devnet participants with a retroactive airdrop!
Lastly, our Twitter, Discord, and Medium serve as our primary communication channels and are excellent sources of information. As stated in our last publication, we’re community-focused and we welcome any feedback or questions related to the current capabilities of Unloc. Don’t hesitate to reach out to us directly!