Taker Protocol Raises $3M to Transform Cross Chain NFT Liquidity and Utilization

Taker Protocol, a cryptocurrency liquidity protocol for NFTs has raised $3M from a variety of reputable investors in order to create new financial primitives in the burgeoning NFT marketplace.

The round was led Electric Capital. Spartan Group and Spartan Capital were also involved.

Taker Protocol is focused on increasing liquidity in the NFT market. Because of the unique structure of NFTs, it is difficult for existing DeFi primitives to be integrated into the market. This can lead to significant liquidity issues. NFTs are highly volatile. They can become virtually worthless if there are no buyers at a reasonable price. Additionally, NFTs can be difficult to use after purchase and are often forgotten in the user’s wallet.

The Taker Protocol is designed to address the most severe liquidity problems for NFTs. It bridges them with DeFi and implements NFT lending. NFT owners will be able supply their NFTs to the protocol, so that borrowers can use them. This allows for a variety of unique uses, including renting out profile pictures to NFTs or using metaverse assets to get started with a videogame. Because it doesn’t depend on the asset value, lending on Taker in DeFi is unique. The terms and interest rates of the loan are set at the beginning. Failure to return an asset on time can result in liquidation.

The TKR token is used to identify membership in the Taker DAO. This system has many key functions. The DAO will not only set loan-to-value rates or other parameters, but it will also help in fair appraising NFTs and NFT collections. Each asset taken on by Taker will be guaranteed a fair floor price. In return, TKR owners will be able receive rewards and a portion from the platform income.

Taker will be able to launch the complete version of the protocol on multiple chains including Ethereum, Polygon and NEAR as well as Solana, Polkadot. Further development of the project will be possible with the support of key stakeholders and participants in NFT ecosystem.

Angel X, co-founder of Taker, stated that “we are thrilled to welcome such well-established investment funds into the team.” Their participation marks an exciting new phase in Taker’s history, as we strive to solve persistent problems in NFT lending markets for the benefit end users. This investment will allow us to optimize liquidation of NFT assets across multiple Blockchains and remove barriers that keep new players from entering this market.

About Taker

Taker, which combines DeFi primitives with DAO management, is the first protocol that provides liquidity to the NFT markets. It’s a cross-chain, multi-strategy lending protocol that allows lenders and borrowers to rent and liquidate all types of crypto assets. This includes metaverse assets and digital collectibles as well as financial papers and synthetic assets. The LenderDao infrastructure is available to takers. There are also extensions that can be integrated into NFT markets.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, financial, investment, or any other advice.

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https://www.cryptodaily.co.uk/2021/09/Taker-Protocol-Raises-3M-to-Transform-Cross-Chain-NFT-Liquidity-and-Utilization