OpenSky Finance Product Updates
OpenSky Finance launched on the mainnet four months ago and we are steadily gaining traction as more NFT x DeFi users discover how we can help them earn safe passive income on their crypto and put their valuable NFTs to work.
Today, we are happy to announce we have made significant improvements to our NFT lending protocol which benefits both borrowers and lenders and further differentiates OpenSky from other NFT lending protocols.
- OpenSky adds APE pool, Ape staking and borrowing, including auto compounding of your APE rewards to save gas and time.
- Bespoke Loans upgrade, lenders can use their yield-bearing deposit receipt tokens to make offers to lend. Previously, only borrowers could make Bespoke borrow offers.
- More NFT collections added to the Bespoke Loans whitelist
- Refreshed easy-to-navigate UI
More Details on the Product Updates
- APE staking pool and APE borrowing
With the launch of APE Staking by Horizen Labs, the demand for lending and borrowing of ApeCoin is booming. Some people holding BAYC/MAYC/BAKC NFTs don’t currently own the full amount of ApeCoin to maximize their APE staking rewards, and some users have ApeCoin but do not own the corresponding NFT(s). According to AIP#38 and AIP#39, there is a significant spread between the APR of the single-sided ApeCoin staking and the paired staking that commits the ApeCoin to a BAYC/MAYC/BAKC NFT. To help users solve this conundrum, OpenSky decided to add an ApeCoin EARN pool and ApeCoin borrowing capability.
Learn more about OpenSky APE Pool.
2. Bespoke Loan upgrade, lenders can now use their deposits to make offers to lend with 100% capital efficiency
For most peer-to-peer NFT lending and borrowing protocols, capital efficiency is low because many lenders compete for each loan, but only one lucky lender will fund each loan. The unsuccessful lenders will have invested time and gas fees and end up earning nothing on their effort and investment. OpenSky has solved this problem by allowing our lenders to use their yield-bearing deposits to make offers for Bespoke loans or to accept offers from Bespoke borrowers. This means they earn even if the offer is not accepted, so they are always in a favorable position of earning some basic income with a chance to earn more. Until now, only borrowers could make Bespoke loan offers, but we just added the functionality for lenders to make Bespoke lending offers, as well. Now, there are more chances to match lenders with borrowers in win-win fashion.
3. More NFT collections added to the Bespoke Loans whitelist
OpenSky is constantly making tweaks and adjustments to our protocol to make it more useful for our users. The more high quality NFT collections that can be added to the whitelist, the more chances borrowers and lenders have to either earn attractive income on their crypto or put their NFTs to work. For now, the team is making the decisions on which collections should be included in the whitelist, but soon this will all be decided in a fully decentralized way by OpenSky DAO proposals and votes.
4. Refreshed User Interface
OpenSky believes in providing our users with a solid user experience. It is easier than ever to lend and borrow with OpenSky’s simple and clean UI. Even first-time users can navigate the dapp with confidence and ease. Going forward, the OpenSky design team will continue making improvements to the UI with a focus on user-centered design principles.
NFT x DeFi users and fellow degens, please join us now as we work hard to expand the NFT Finance space and add more utility to your JPEGs:
Please reach out to us with any questions, comments or suggestions by joining our Discord conversation.