IQ Protocol allows collateral-free lending and borrowing of NFTs and metaverse assets and announces key partnerships with Solcery and Sator
November 10th, Tallinn, Estonia - PARSIQ is proud to announce IQ Protocol will be available for Solana blockchain. One of the core values brought by IQ Protocol is enabling new possibilities with NFT lending and borrowing. This is especially important since Solana is becoming a much more viable alternative to Ethereum for people who want to buy, sell and mint NFTs, due to cheaper transaction fees and better processing speed.
The IQ Protocol team is delighted to announce that Solcery and Sator will be some of the first projects to onboard.
IQ Protocol will allow Solcery users the opportunity to hold or rent Solcery tokens which give access to games on their platform, akin to a subscription service. It also allows in-game NFT owners to lend these items in a collateral-less fashion to other players for a fixed term.
In much the same way, IQ Protocol integration will allow Sator users to lend and borrow NFTs across its content metaverse, creating a richer user experience and a new economy for asset owners.
The customizable IQ Protocol allows borrowers to rent NFTs without having to lock collateral. All NFT renting has a specified time limit, which means that lenders will always receive their NFT back, removing the risk of borrower defaults.
Instead of giving the original NFT to the borrower, IQ Protocol mints an expirable version of the NFT, ensuring that the original NFT is always returned to the owner. If there’s a guarantee that the NFT will be returned after a certain period, lending an NFT is essentially risk-free. The terms are governed and executed by trustless smart contracts, removing any middlemen necessary to uphold promises.
Moreover, it eliminates the possibility of borrowers ending in default, since they are getting an expirable version instead of the actual NFT. The minted “iNFT” can be thought of as a utility version of the original NFT, with specified logic such as the expiry period, how many times the NFT can be used for certain actions, the interest rate, and more.
Of the announcement Tom Tirman, PARSIQ’s CEO & Co-Founder of IQ Labs said:
“As the metaverse will be made up of multiple connected worlds – each representing a different kind of experience for the participant – IQ provides the means for participants to utilize a DeFi layer for the digital assets in any of the digital worlds which they may enter.
This development could revolutionize the industry, as it will create a new economy for NFT holders and accessibility for borrowers who were previously locked out from owning certain assets - we’re excited to work with Solcery and Sator on bringing this value to their platform and users.”
About
PARSIQ is a blockchain monitoring and workflow automation platform connecting on-chain and off-chain applications in real-time, providing transaction notifications for end-users. With PARSIQ you can connect blockchain activity to off-chain apps and devices, monitor and secure DeFi applications, and build custom event triggers and power real-time automation.
PARSIQ has signed collaboration agreements with top-tier partners globally. In September 2019, Algorand, another startup blockchain monitoring system, enhanced its analytical capabilities by adding PARSIQ to its platform.
By June 2020, PARSIQ and Dash, a leading provider of end-to-end cryptocurrency payment services, formed an alliance to allow real-time Dash transaction notifications via PARSIQ's Smart Triggers. Three months later, the firm cooperated with Bitfury Crystal and integrated its transaction risk scoring capabilities into the PARSIQ system to power its AML and KYT processes. In November 2020, PARSIQ and AllianceBlock announced a new partnership with a focus on data sharing in both DeFi and TradFi.
In 2021, PARSIQ entered into another string of alliances, including SuperFarm, Injective, PAID Network, Polkadot, and ChainLink. The latter, to allow integration of its oracle price, feeds into PARSIQ's monitoring and automation platform.
PARSIQ (PRQ) has been listed on the OKEx exchange since January 2021 and the KuCoin Exchange since May 2021.
To learn more about PARSIQ, please visit the following website: https://www.PARSIQ.net/en.
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Media contact
Francis Foster
Communications Lead
[email protected]
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2021-11-10 16:53:51
