MetaStreet has officially opened the doors to its vaults, welcoming users to deposit their assets into its liquidity NFT protocol.
MetaStreet MetaStreet, known for enhancing liquidity in NFT markets, has proudly announced that user deposits can now be made in its vaults.
Thus far, the platform has been operating in a limited Beta version. On August 25, the startup made strides by launching its main features for the public, but its smart contracts still require verification on Etherscan before they can be fully operational. Once that’s completed, MetaStreet will thoroughly open-source its repository. Whitepaper By establishing capital vaults, MetaStreet’s protocol enables liquidity providers to generate returns from a varied selection of NFT-backed assets.
The platform automates the evaluation process for loans by assessing their duration, loan-to-value ratios (LTV), and vault utilization. Users have the option to select from different vault types: junior positions, which offer higher returns at a greater risk, and senior positions, which provide lower returns with reduced risk.
Currently, MetaStreet has implemented the Avatar/DAI vault, including well-known collections like Bored Ape Yacht Club and CryptoPunks, as well as a general Avatar/ETH vault.
The platform has already demonstrated considerable success. As of August 26, it recorded a staggering loan of $8.32 million. This amount was lent for a ninety-day period to a user who acquired 104 CryptoPunks for $7 million back in July 2021. Another impressive loan took place in October 2021, when an Autoglyph #488 owner received $1.4 million for a month.
A Singapore court has intervened to halt the sale of a Bored Ape NFT, effectively freezing its ownership.
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In line with the Trust Project guidelines Valeria writes for Metaverse Post, focusing on topics such as fundraising, artificial intelligence, the metaverse, digital fashion, NFTs, and all things web3.
