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Gondi, a decentralized lending app for non-fungible tokens (NFTs), noticed its complete worth locked (TVL) soar almost 200% to a file $34 million, in line with information from DefiLlama.
The TVL surge displays DefiLlama’s itemizing of Gondi’s newest v3 replace, which has been round for over two months however not tracked by the platform till December 27.
The v3 model presently has $22 million in TVL, accounting for almost 65% of the full worth of deposits.
Gondi is a non-custodial software that allows customers to lend and borrow in opposition to Ethereum-based NFTs. The platform has been round for greater than a yr.
Debtors can deposit their NFTs as collateral to get Wrapped Ether (WETH) or USDC, with curiosity accruing on a pro-rata foundation, i.e., it’s calculated and earned proportionally to the time or the quantity concerned.
On the opposite facet, lenders can deposit WETH or USDC to earn curiosity. They will entry yields by initiating loans, refinancing present loans, and submitting renegotiation gives. Lenders are in a position to set their very own danger parameters for brand spanking new or present loans.
Gondi studies that it has over $41 million in excellent loans, together with 6.02 WETH and $21 million in USDC.
DefiLlama information exhibits that the most well-liked NFTs are Wrapped Cryptopunks, accounting for 70% of the v3’s TVL. Different standard collections embody Wrapped Ether Rock (WER), Chromie Squiggle, FIDENZA, Doodle, and PPG.
On November 27, Gondi reported a record-breaking NFT mortgage. The distinctive 7-trait Punk #8348 was used as collateral for a $2.75 million USDC mortgage on the platform. The phrases of the mortgage specify a interval of 180 days and an annual proportion price (APR) of 17%. The mortgage has an origination payment of $41,250.
Gondi described it as the most important on-chain mortgage in opposition to any NFT in historical past.
In 2024, Gondi has processed over 3,300 NFT loans, with greater than 1,000 NFTs being presently locked in escrow.
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