DeFi protocol Paribus announces the launch of their testnet MVP, the beginning of a new approach to DeFi. Secure, trustless, and truly decentralized, Paribus users will be able to borrow against previously illiquid digital assets such as NFTs.
Put simply, Paribus is a cross-chain, DeFi borrowing and lending protocol. With the unique selling point of allowing exotic assets like NFTs, LP tokens, virtual lands and synthetics to be used as collateral for loans. The platform will also utilize standard crypto assets. Being cross-chain, Paribus will be on multiple chains but is building for the Cardano ecosystem, and will access their blockchain via side-chains.
Paribus focuses on evolving with new digital asset classes, and has recently launched the testnet MVP of their platform. Their testnet MVP will feature traditional borrowing and lending with standard crypto assets for members who participate in Paribus’ staking program.
Paribus currently offers staking in their gold staking pool. The gold pool, Aurum, allows users to stake from 1,000,000 to 6,000,000 PBX for 365 days (less than 5 months remaining) for a minimum of 30% APY reward level. Since the APY is dynamic, rewards can increase, and is currently at 31%.
There is a growing need for both interoperability and the ability to borrow against exotic assets like NFTs in DeFi. The NFT space is growing, institutional investors are becoming more interested in the potential of cryptocurrency, and the industry grows leaps and bounds every day. Paribus plans to be the platform for DeFi lending, leveraging their tech and security to bring users a well-rounded experience. Their full MVP launch will include APY boosts, and attractive rates and returns for users.
This is just the beginning of the Paribus roadmap. With a team that believes in steady growth, strong fundamentals, and providing a new level of security for users, Paribus will bring much-needed legitimacy to DeFi borrowing and lending.