Fung Token

Launch Date: 26 May 2024

0x0e4e...bdc58a
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Fung Token

FUNG

0x0e4e7f2aecf408aff4f82f067677050239bdc58a

The Index offers a non-custodial, market-cap-weighted NFT index and algorithmic lending protocol, enabling instant NFT sales, NFT-backed loans, and a yield-bearing NFT index token. Fungify addresses the challenges at the intersection of NFTs and DeFi with its elegant primitives. The 🔓MarketVault primitive automates liquidity provisioning for NFT holders, supporting outright sales or using NFTs as loan collateral. It allows permissionless NFT ingestion, creating a peer-to-contract marketplace and guaranteeing liquidation counterparties. An algorithmic interest rate control mechanism stabilizes liquidity demand and supply. A key innovation is the decentralized 🖼️NFT Index Token ($NFT), which provides exposure to a curated set of NFTs and yields from borrowers. Fully backed and redeemable for NFTs in the MarketVault, $NFT mitigates individual NFT illiquidity and is pegged to the broader market via arbitrage. Using $NFT as a loan unit of account reduces volatility and aligns risk parameters with the market. These components unlock ecosystem liquidity, seamlessly integrating NFT and DeFi functionalities.

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