Unlockd Now Live on Ethereum Mainnet

• Unlockd, a platform allowing users to borrow against their non-fungible tokens (NFTs), has launched on the Ethereum mainnet.
• Users can now provide ETH liquidity to the platform’s pools and receive continuous earnings, and can borrow ETH using their NFTs as collateral.
• The platform’s launch comes after the company raised $4.4 million in a seed funding round led by Blockchain Capital.

Unlockd, a startup allowing users to borrow against their non-fungible tokens (NFTs), announced recently that it is now live on the Ethereum Mainnet. The launch will allow the protocol to smoothly run their smart contracts and applications without fraud, downtime, control, or any third-party interference in the Ethereum network.

Unlockd in Ethereum will enable its users to provide liquidity in the form of ETH to its pools and receive continuous earnings. Users can now also directly borrow ETH using their NFTs as collateral.

The platform was founded by Lazada Philippines CEO Carlos Otermin and esports club MAD Lions founder Jorge Schnura. Unlockd allows NFT holders to pledge an asset as collateral in the protocol and still allow the holder to access all the utilities that the NFT has such as airdrops, yield, in-game perks, allowlists, community integrations, etc.

Aside from their Ethereum launch, Unlockd also reminded their users about their Bug Bounty program which rewards users that report bugs in the protocol according to their threat level.

Last August, unlocked received $4.4 million in a seed funding round led by Blockchain Capital. According to them, the funds are meant for product and development, cross-chain expansion, a tier 1 auditor to ensure protocol security, and marketing. (Read more: NFT-backed Loan Startup Unlockd Raises $4.4 Million)

What is a Mainnet launch?

For a protocol or project to be launched in mainnet means it is already ready for a real-life and wider use. It means that the blockchain protocol is fully developed and deployed—cryptocurrency transactions are being broadcasted, verified, and recorded on a distributed ledger technology or blockchain such as Ethereum and Bitcoin.

This article is published on BitPinas: Unlockd Now Live on Ethereum Mainnet

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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