Pine Protocol, a decentralized non-custodial loan protocol specializing in NFT-based loans, has recently announced the launch of its platform on Polygon Network. With the integration, Pine Protocol will be able to access over 200 million wallets of Polygon’s second-highest market cap. At the same time, the collaboration boosts the value proposition of its existing collection. It aims to use the potential of every idle NFT for instant liquidity.

Pine Protocol was first launched in 2022 and has since then facilitated more than 4 million dollars worth of NFT loans, operating services such as Bored Ape Yacht Club, Azuki, Doodles, etc. The founder of the protocol, Alex Ho, noted how the collaboration will open up the NFT lending market to 200 million+ wallets. The DeFi Head at Polygon, Hamzah Khan, has praised the partnership for the cost-effective and speedy transactions which will be enabled between NFT lenders and borrowers.

The collaboration between Pine Protocol and Polygon is certainly a major development in the DeFi world. With simpler and seamless transactions, more people will be encouraged to join crypto networks and engage with DeFi projects. It also shows that more blockchain protocols are interested in the NFT lending market for its ability to provide yield-backed trading. As Polygon continues its worldwide reach, Pine Protocol will be able to expand its NFT asset-based loan transactions further.



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