Place/Date: - August 11th, 2021 at 3:06 pm UTC · 2 min read
Contact: Relite Finance, Source: Relite Finance
Relite Finance, a decentralized cross-chain lending protocol, has signaled an intention to adopt a crafted design for its exclusive NFT series, empowered with extensive utility functionality. Therefore the team behind the project is calling NFT Artists and graphic designers to collaborate on the unique appearance for the upcoming non-fungibles release.
As stated on their website, the public part of the competition will last from 10th to 16th August 2021. The participants are warmly welcomed to submit their applications through a form. In the second phase, the selected artists will have to provide their visuals, while the winner will get a 5,000 USDT prize pool alongside contributing to the upcoming utility NFT series’s design.
The selected NFTs created in this contest will have a lifelong functionality within the Relite protocol, adding yield multiplier bonuses for their owners. As the NFT distribution details are yet to be announced, it’s stated that there will be 3 types of NFTs serving as a key that unlocks yield multiplier: Gold, Silver, and Regular. Based on the type, the “NFT-key” will access its holder to the Relite platform “superpowers,” including the increased staking APY, better rates, and potentially some other bonuses.
George Groshkov, CEO and Founder of Relite, has warmly welcomed the participants and underlined a significant role prepared for the NFTs within the upcoming platform:
“The Relite NFT contest is something mindblowing, as we are mixing banking instruments with art and wrapping them both into DeFi. Months ago, Relite announced its ambitious plans to build up edge-cutting lending infrastructure, using NFTs as loan collateral among the product features. Today we are about to do another significant step on that way by releasing an NFT series with vast functionality! We’re glad to welcome the artists to join the competition and unveil the potential utility of NFT”.
Relite Finance is a cross-chain DeFi money market protocol that enables users to lend, borrow, and stake all crypto assets in one interface by utilizing Polkadot’s Moonbeam Parachain, bridges, and a unique reserve fund module. Relite plans on creating interoperability with Bitcoin, Ethereum, BSC, and other blockchains. In addition, Relite plans to implement collateralization of NFTs with better fees and usability than other protocols can offer. Follow Relite on Twitter and Telegram.