Enjin invests in Unbound Finance to bring UND stablecoin to Efinity and Polkadot ๐จ This article is 3 years old...
Enjin invests in Unbound Finance to bring UND stablecoin to Efinity and Polkadot
Efinity, an upcoming parachain built on Polkadot will soon see increased liquidity courtesy of Enjin.
2 min read
Updated: Jun. 22, 2021 at 10:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Non-fungible token (NFT) ecosystem developer Enjin has invested in Unbound Finance to increase liquidity on Efinity, the former’s upcoming NFT parachain built on Polkadot.
The move comes after Unbound recently announced a $5.8M investment round from Pantera Capital and Michael Arrington, founder of TechCrunch, among a host of other leading venture capital firms.
โUnbound is exploring an innovative new form of lending that allows yield farmers to convert their collateral into UND, which they will be able to spend on Efinity,” said Maxim Blagov, CEO of Enjin said, in a statement.
He added, “Working with Unbound will help ensure persistent liquidity on Efinity and enable DeFi participants to enjoy opportunities within Enjinโs growing NFT ecosystem.โ
Unbound x Enjin
Unbound is a decentralized non-custodial protocol for unlocking liquidity from AMM pools. It works by opening and creating new avenues for earnings and investments without affecting usersโ existing liquidity pools. With its factory smart contract, Unbound supports Uniswap, Balancer, DFYN, PancakeSwap, Curvefi, and Bancor.
Enjin, on the other hand, is a maker of blockchain software products that make it simple for anyone to utilize, integrate, trade, and distribute NFTs. The Enjin Platform powers the creation of unique digital assets and marketplaces that underpin the next generation of the digital economy.
Through Unbound Finance, yield farmers can use liquidity pool tokens created from providing liquidity to Uniswap, for example, and use them as collateral on the Unbound platform to gain UND. This UND can then be used to purchase NFTs on the Efinity network.
Unbound, the creator of the decentralized UND stablecoin, is already integrated with 12 automatic market makers platforms, including Uniswap, PancakeSwap, SushiSwap and Balancer.
Enjin has been working alongside Unbound since the launch of its, and UND is slated to be among the first decentralized stablecoins on Efinity, Enjinโs upcoming cross-chain network that will support NFTs from any blockchain.ย
Some features of Unbound include:
- Liquidation-free liquidity provision system
- A no-debt position created when assets are minted
- Decentralized stablecoin UND, and other synthetic assets such as uETHย
- Liquidity Lock contracts designed to be permissionless and support AMMs like Uniswap, Balancer, and Mooniswap
โWe have built UND to be one of the most decentralized stablecoins on the market. With strong fundamentals, Efinity users will leverage the benefit of a fast, borderless stablecoin which will act as a great fiat on and off-ramp bridge. UND will also open up the benefits of defi through Unbound.Finance,” ended Tarun Jaswani, Founder and CEO of Unbound Finance.
Disclaimer: CryptoSlate holds a financial position in Unbound.
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Enjin Coin is a platform that uses blockchain technology for social gaming and virtual goods.
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