Overview of NFT Lending project – OpenSky

• About the OpenSky . project
• Operation model
• Liquidation mechanism
• Tokenomics
• Development team
• Investors and partners
• Epilogue

About the OpenSky . project

OpenSky is an NFT lending platform on the Aave ecosystem, with a unique combination of P2P and P2Pool model. This platform is aimed at two main audiences, Lender and Borrower. Lender can deposit his tokens into the platform to receive interest, while Borrower can put NFTs on the platform to instantly borrow 50% of the asset value or set up a loan agreement with peer-to-peer loans.

Operation model

OpenSky works in the following steps:

Step 1 : Lender deposits his assets (token) on the platform and can set up Bespoke lending (P2P lending) for Borrower.

Step 2 : Lender's deposit is transferred directly to Aave by OpenSky, so Lender can receive interest from both Aave and OpenSky.

Step 3 : Borrower puts NFT on the platform to instantly borrow 50% of the asset value. OpenSky only supports instant loan mode for BAYC and CryptoPunks collections . In addition, Borrower can set up a loan with Lender through the Bespoke lending mode (P2P loan).

Step 4 : Once the loan is established, Borrower will receive the loan amount and must repay the loan along with interest before the maturity date to get his NFT back.

Liquidation mechanism

OpenSky will process loan liquidation by time, not value. When the loan agreement between Lender and Borrower comes due, Borrower must pay back the loan along with interest. Borrower was granted an additional 2 days grace period to repay the loan. If Borrower fails to repay the loan within this period, OpenSky will do one of two things:

• For loans in instant loan mode: OpenSky will buy back NFT from Borrower and put it into Treasury.
• For Bespoke Loans: Lenders may request ownership of NFTs from Borrower.

Tokenomics

Information about tokenomics has not been officially announced by the OpenSky team, we will update you with this information when there is an update from the project.

Development team

Currently, there is no official information about the development team of the OpenSky project. We will continue to monitor and update the latest information when there is news about the project development team.

Investors and partners

OpenSky has received significant support from Aave, one of the fastest growing DeFi ecosystems today. In addition, the project also received investment from many leading investors in the blockchain and cryptocurrency industry, such as FBG Capital or CollinStar. The support and investment of these partners demonstrates the potential of OpenSky in creating a unique and attractive lending platform for NFT on the Aave ecosystem.

Epilogue

OpenSky is a unique NFT Lending project, built on the Aave platform, with a combination of two P2P and P2Pool Lending models. This project is in its early stages and there are not many statistics on the effectiveness of the protocol yet. Therefore, more observation time is needed to evaluate and draw accurate conclusions about OpenSky. However, with the support and investment of Aave and some other investors such as FBG Capital, CollinStar, OpenSky has the potential to develop and bring new values ​​to the NFT Lending market. Readers can find out more information about the project through the official social pages below.

Website | Twitter | Discord

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