Pine Protocol (PINE)

Pine Protocol – blockchain infrastructure for asset-backed loans. Pine Platform will function as a decentralized marketplace for lenders and borrowers using non-fungible tokens (NFTs) as collateral for instant permission-less loans; built on top of the Pine Protocol.

Pine Protocol raises $1.5m

Whitepaper

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What is Pine Protocol

Pine is a lending and borrowing protocol built on multiple blockchains to facilitate asset-backed financing.

It enables users to put their assets, represented on-chain via NFTs, as collateral to borrow cryptocurrencies from lenders in real time.

An beta version is live on Ethereum Mainnet.

• Support Ethereum NFTs traded on OpenSea as collateral for loans paid out in ETH
• The value of NFT is calculated using min(7-day average transaction price, collection floor price) obtained from OpenSea via its API
• New loan obligation can be opened only when a live price feed is available from OpenSea
• Liquidation is done manually if the borrower fails to settle the loan obligation, i.e. repay the loan and accrued interest, by the end of the loan terms
• Lending is only open to PineDAO and a few whitelisted institutional lenders

Features Coming Soon

• Loan obligation auto-rollover
• Loans paid out in different cryptos (e.g. pledge MAYC, get USDT)

Pine Protocol has raised US$1.5 million in a seed round led by Sino Global Capital, Amber Group, and Spartan Group.