Description
Backed Finance is a decentralized project tackling the issue of liquidity and collateral within the DeFi space. Hosted at https://backed.fi/, it introduces a novel approach to collateral by enabling users to mint semi-fungible tokens (SFTs) backed by their NFTs. This mechanism allows users to retain ownership of their NFTs while creating fungible SFTs that can be used across the DeFi ecosystem for lending, borrowing, and trading, thus providing liquidity that was previously locked in non-fungible tokens. Backed Finance essentially bridges the gap between the NFT market and DeFi, expanding the utility of NFTs beyond their traditional use cases and enhancing the liquidity within the blockchain-based financial sector. The project leverages smart contracts on the Ethereum blockchain, ensuring secure and transparent transactions. This innovation opens up a new avenue for NFT holders to unlock the value of their assets without selling them, creating a more fluid and interconnected web3 ecosystem.
Backed Finance is a decentralized project tackling the issue of liquidity and collateral within the DeFi space. Hosted at https://backed.fi/, it introduces a novel approach to collateral by enabling users to mint semi-fungible tokens (SFTs) backed by their NFTs. This mechanism allows users to retain ownership of their NFTs while creating fungible SFTs that can be used across the DeFi ecosystem for lending, borrowing, and trading, thus providing liquidity that was previously locked in non-fungible tokens. Backed Finance essentially bridges the gap between the NFT market and DeFi, expanding the utility of NFTs beyond their traditional use cases and enhancing the liquidity within the blockchain-based financial sector. The project leverages smart contracts on the Ethereum blockchain, ensuring secure and transparent transactions. This innovation opens up a new avenue for NFT holders to unlock the value of their assets without selling them, creating a more fluid and interconnected web3 ecosystem.
