The project offers a unique liquidity solution for NFTs and long-tail crypto assets, and has garnered significant attention after their recent launch.
XCarnival Goes Live
XCarnival officially launched their platform on October 18th. XCarnival offers a unique solution for Non-Fungible Token (NFT) and long-tail crypto assets, particularly those centered in Metaverse offerings. The platform is centered around offering lending services where “anything is collateral”, according to the team.
XCarnival is primarily made up of two products, XBroker and Megabox. These products form a symbiotic relationship where unique assets are able to be placed as collateral in exchange for the XCarnival stablecoin USDxc. The products give new utility to NFTs and tokens that are often denied as collateral on other lending platforms.
$XCV (the XCarnival BEP-20 native token) has been listed on CoinMarketCap, landing on their front page due to the hype surrounding the release.
XBroker
XBroker is where users can take advantage of NFTs by using them as collateralized assets for currency lending. This not only gives NFTs a new use case, but it also helps to supply liquidity to NFT markets. Associated mining adds an extra incentive for users to lend or borrow assets through the product.
The XBroker platform is split into three distinct roles for users: borrower, lender, and liquidator..
In order to get started borrowing, users need to visit the XCarnival Genesis Mystery Box page and purchase a mystery box. They can also exchange it with the mystery box on Galaxy 1:1. APRs for the NFTs can be found on the farming section of their dApp.
Both borrowers and lenders will be able to mine $XCV while participating in the loan agreement – an exciting way to raise extra capital!
Megabox
Megabox allows users to stake assets and receive a corresponding amount of USDxc to use on XBroker. The main focus of Megabox is to grant sub-mainstream tokens extra utility for lending and liquidating purposes. The product allows users to utilize a variety of assets including long-tail assets like DODO, mainstream assets like BNB, and LP tokens such as CAKE-BNB.
Megabox offers pool mortgage rate setting models and risk-control mechanisms to increase the profit exposure on altcoins. Users can search Megabox to see loan-to-loan ratios (LTV) on assets, as well as check the price at which their collateralized assets will be liquidated. Users can simply visit the Megabox dashboard to check this data.
Megabox users can utilize their USDxc to provide lending services to borrowers on XBroker. They can also participate in liquidation by searching for liquidatable assets and then choosing the amount they wish to clear.
Concluding Thoughts
XCarnival offers an exciting alternative to other lending platforms. Because their product gives so many assets utility as collateral, there is a large market share they can capture. Their use of stablecoins as the borrowed asset also helps users avoid surprise liquidations, and the customizability of their loan agreements further allows users agency in their choice. With their launch on BSC, XCarnival is now available for users worldwide.
To learn more about XCarnival, visit the following links:
Source : bsc.news
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