Salvor Secures Avalanche Rush with a $1M Incentive Grant to Build Out Avalanche’s Prime NFT Lending Platform
Salvor, a high-volume peer-to-peer (P2P) NFT and memecoin lending protocol built on Avalanche C-Chain, has entered the Avalanche Rush Program with a total amount of up to $1M in $AVAX, provided by the Avalanche Foundation (the Foundation). Salvor offers a dynamic P2P lending and borrowing platform, allowing users to leverage their NFTs and memecoins as collateral to secure loans in AVAX, enhancing liquidity and financial flexibility within the Avalanche ecosystem.
Avalanche Rush is an ongoing liquidity mining program that has helped turbocharge Avalanche DeFi since 2021 while creating a more accessible, decentralized, and cost-effective Avalanche ecosystem. During Salvor’s Avalanche Rush, users can earn points by creating loan offers, borrowing, listing, bidding, and trading with rewards for strategies allocated in AVAX or Salvor’s native ART token. Users can view their points and the real-time leaderboard on Salvor’s website.
Salvor Lending introduces unique strategies that aim to enhance capital efficiency across the Avalanche NFT and DeFi ecosystems. It encourages users to borrow against their NFT and now, memecoin portfolios rather than selling them. Lenders may unlock passive income, while borrowers may gain instant liquidity. Borrowers can obtain AVAX loans using their memecoins or NFTs as collateral to fund purchase sweeps of top collections.
Lenders can offer short-term loans and earn profits from interest payments. If the loan amount—principal plus interest—is not paid back within the agreed period, the defaulted loan is automatically placed in a Dutch auction, enabling the lender to recover the loaned amount and potentially make a profit.
Salvor’s platform supports 800+ NFT collections, including Avalanche heavyweight names like Dokyo, MadSkullz, Chikn, and Steady.
Platform Features for High-Volume NFT Trading
- One transaction bulk actions: Users can execute multiple buy, sell, and transfer orders across collections in a single transaction, potentially saving time and gas fees.
- Pool balance: A dedicated balance for bids, offers, and loans without needing to set unlimited approvals for each transaction, enabling rapid trading.
- Trait-specific bidding: Users can bid on exact trait combinations across supported collections.
- Lower interest rates for early loan repayments
- Fungible token lending
“We started as an NFT marketplace to make trading easier for our users,” said Utku, Founder of Salvor. “By introducing P2P NFT Lending, users can now borrow funds against their NFTs without needing to sell them. We believe this will play a key role in supporting healthy ecosystems. Our primary focus is to make NFTs more liquid.”
“Salvor’s participation in the Avalanche Rush Program marks a significant milestone for bridging DeFi and NFTs on Avalanche,” said Aytunc Yildizli, CEO of the Avalanche Foundation. “By facilitating secured loans against NFTs, Salvor not only potentially enhances liquidity but also widens the scope for NFT owners to engage in the financial ecosystem without selling their assets.”
Following the November 2022 launch, Salvor transitioned from an art-focused marketplace into a high-volume trading and lending platform, introducing the first-of-its-kind NFT liquidity pools, the platform’s Launchpad feature, and the P2P NFT lending protocol. Salvor recently introduced a peer-to-peer token lending protocol, targeting memecoins on Avalanche to enhance their liquidity.
To get started using Salvor, visit here.