Top NFT and blockchain gaming platform, Enjin (ENJ), has strategically partnered with liquidity unlocking platform, Unbound Finance (UND).
The partnership between both platforms is focused on bringing Unbound Finance (UND) stablecoin to both Efinity and Polkadot. Interestingly, Efinity, which is built on Polkadot, is also known as Enjin’s proposed NFT parachain. The plan to introduce Unbound Finance UND stablecoin to both Efinity and Polkadot closely follows a recent funding round by Unbound. The decentralized liquidity unlocking platform raised $5.8 million in a funding round led by Pantera Capital and a host of other VCs, and Angel investors.
Details of The Partnership
The DeFi space is currently making waves in the crypto and blockchain space, and Unbound is looking to take the possibilities embedded in this space to new heights. Unbound Finance is a non-custodial protocol focused on unlocking liquidity. Therefore, making it possible for users to earn more without affecting their already existing investments in liquidity pools.
A major example of this would be tokens obtained from providing liquidity to protocols like UniSwap. These liquidity pool tokens can then be used as collateral to receive the UND stablecoin on Unbound. Furthermore, the partnership with Enjin will make it possible for interested persons to purchase NFT on Efinity using the obtained UND.
Speaking of the partnership, CEO of Enjin, Maxim Blagov, pointed out that Unbound is looking to provide yield farmers with new ways to “[…] convert their collateral into UND.” He also added that working hand-in-hand with Unbound will create an enabling environment for DeFi players to enjoy the myriad of opportunities embedded in the fast-growing ENJ ecosystem. The partnership, according to Blagov will also “[…] ensure persistent liquidity on Efinity.”
Founder and CEO of Unbound Finance, Tarun Jaswani also spoke highly of the partnership with Enjin. Disclosing that the Unbound Finance UND stablecoin is currently one of the most decentralized stablecoin available today. Adding that, now Efinity users will have access to “[…] the benefit of a fast, borderless stablecoin which will act as a great fiat on and off-ramp bridge.”
More on Unbound Finance
The non-custodial, decentralized, liquidity-providing, and token yield generation platform Unbound is looking to create the world’s first-ever truly decentralized stablecoin. Unbound, according to reports, is currently incorporated with 12 top Automatic Market Maker (AMM) platforms like Uniswap, SushiSwap, Balancer, PancakeSwap, and more.
Some of Unbound Finance top features include:
- A zero debt feature when asset minting takes place.
- The formation of a no-liquidation liquidity system.
- Specially designed permissionless liquidity lock contract, supporting AMMs like Balancer, Uniswap, etc.
- The creation of its decentralized stablecoin UND alongside other synthetic assets like uETH.
At the time of publication, ENJ was trading at $0.889556 with a 24-hour trading volume of $181,492,938. The token price is down by 17.1% over the last 24 hours.
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