Jewel is the first peer-to-pool NFT lending platform available on MultiversX Network. It is available for anyone to borrow funds with NFTs as collateral within 20 seconds.
MultiversX lacked a decentralized peer-to-pool lending solution prior to Jewel. This left the community unable to fully leverage the benefits of NFTs, particularly for those who didn't want to trade their NFTs for liquidity. With the recent surge of new projects launching NFTs, such as DivergentClub, Calileo, and uPark, it became increasingly crucial to provide quick access to liquidity. This was the driving force behind Jewel - to create a secure and decentralized way for borrowing digital tokens while also enabling the lending of EGLD, the native currency of MultiversX, for a higher yield than the current staking solutions (yielding ~8-14 APR).
Thanks to the Combased Team's efforts, Jewel's MVP was developed within 4 sprints, each lasting 2 weeks. The client's requests for creating a customizable borrow and collateral rate per NFT were incorporated, resulting in the development of two key components:
1. A smart contract developed natively with the latest MultiversX tools (compiler version 0.39.2) that provides the following functionality:
2. A frontend application built with React and an official MultiversX React repository (mx-template-dapp 2.2.9 version) that has the following features:
Combased was chosen for the project due to their previous successful projects on MultiversX, which included NFTcommerce, Bubbleearn, and uPark minting solutions. The selection criteria included the team's expertise in smart contract development, understanding of UI/UX in blockchain projects, a track record of delivering results, and a gradual development process.
Jewel became the first peer-to-pool NFT lending solution on MultiversX. The borrowing and lending functionality being written directly into the smart contract ensured decentralized ownership and prevented possible fund thefts and security issues. In collaboration with Combased's marketing efforts, Jewel locked in over 250 EGLD in TVL (total value locked) within 7 days of its launch, exceeding the client's and community's expectations.
Jewel will continue to partner with Combased to provide additional benefits for customers, such as auctions, loan health scores, and incremental interface improvements. After providing the MultiversX community with a new way to receive liquidity, Jewel aims to continue being a leading peer-to-pool NFT lending solution.
Check out the live demo of the dApp at app.jewelswap.io
