The creators of a brand new cross-chain decentralized borrowing and lending protocol are set to release their Mainnet v1 today, March 28th. The launch marks the first step in their journey to be the go-to borrowing and lending platform for NFTs.
Initially, the protocol will offer wBTC, ETH, and USDT, however, engineers are currently working on integrating NFTs into the next iteration of the protocol.The unique approach Paribus takes toward these more exotic assets is to leverage artificial intelligence (AI) and machine learning (ML) systems to assess an accurate value for every supported NFT collection.
Paribus key facts:
Initially launching on Arbitrum and building for Cardano
The Paribus token (PBX) has now become a Cardano Native Token trading on WingRiders.
Supported by Charles Hoskinson’s cFund.
Focused on developing a method to use exotic assets as collateral (NFTs, LPs, Synthetics, etc).
AI/ML pricing model will allow instant loans rather than old-fashioned P2P models.
User funds are always user-controlled, locked in smart contracts, and never held by the protocol.
Mainnet has passed two separate Hacken security audits pre-launch.
The most recent audit was completed on March 16th.
Bug bounty program through Immunefi to ensure ongoing security updates.
Paribus CEO Deniz Dalkilic said, “Liquidity is the ‘straw in the camel’s back’ for NFTs. It is a point of pain and also a gap in the market. We believe liquidity with time, and with more use cases for NFTs, will drastically improve. 2023 seems like it will be a good year for NFTs and tokenized assets, i.e. physical goods/assets as NFTs. With such a growth in adoption, I believe systems like Paribus will become much more fluid and collateral friendly”
Paribus COO Wilson Davis said, “Being a cross-chain borrowing and lending protocol, our goal with Paribus is to help bring liquidity and TVL from other ecosystems into the Cardano network. As soon as we have the functionality to integrate with Milkomeda we’ll be able to start bringing some of that liquidity across.”
As DeFi moves forward, innovators are uncovering transformational ways to store and represent value on-chain. Paribus’ mission is to unlock the true potential of these assets, evolving them into interoperable financial instruments, capable of being used within DeFi protocols, on any chain. If it can be sold, there is a market value. If it has value, it can be modeled. Paribus is the protocol that brings all of these forces together, offering DeFi holders and investors a platform to extend the reach of their digital assets and positions, doubling down on their earning power.
Source: Plato Data Intelligence: https://PlatoAistream.com
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.
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