Salvor secures Avalanche Rush with a $1 million incentive grant to build out Avalanche’s Prime NFT Lending Platform.
Takeaway Points
- Avalanche gave Salvor a $1 million incentive grant to enter the Avalanche Rush Program.
- Avalanche Rush is an ongoing liquidity mining program that has helped turbocharge Avalanche DeFi since 2021 while creating a more accessible, decentralized, and cost-effective Avalanche ecosystem.
- Savlor is a high-volume peer-to-peer (P2P) NFT and memecoin lending protocol built on Avalanche C-Chain.
Salvor Secures Avalanche Rush with a $1M Incentive Grant
Avalanche announced in its blog on Thursday that Salvor, a high-volume peer-to-peer (P2P) NFT and memecoin lending protocol built on Avalanche C-Chain, has entered the Avalanche Rush Program with a total amount of up to $1 million in $AVAX, provided by the Avalanche Foundation (the Foundation).
According to the report, Avalanche Rush is an ongoing liquidity mining program that has helped turbocharge Avalanche DeFi since 2021 while creating a more accessible, decentralized, and cost-effective Avalanche ecosystem. During Salvor’s Avalanche Rush, users can earn points by creating loan offers, borrowing, listing, bidding, and trading with rewards for strategies allocated in AVAX or Salvor’s native ART token.
Aytunc Yildizli, CEO of the Avalanche Foundation, said that Savlor’s participation in the Avalanche Rush Program shows an important milestone for bridging DeFi and NFTs.
“Salvor’s participation in the Avalanche Rush Program marks a significant milestone for bridging DeFi and NFTs on Avalanche. By facilitating secured loans against NFTs, Salvor not only potentially enhances liquidity but also widens the scope for NFT owners to engage in the financial ecosystem without selling their assets,” Aytunc said.
Utku, Founder of Salvor, said in a comment that the company started as an NFT marketplace to make it easy for users to trade.
“We started as an NFT marketplace to make trading easier for our users. By introducing P2P NFT Lending, users can now borrow funds against their NFTs without needing to sell them. We believe this will play a key role in supporting healthy ecosystems. Our primary focus is to make NFTs more liquid,”Uktu said.
What is Savlor?
According to Avalanche Savlor is a high-volume peer-to-peer (P2P) NFT and memecoin lending protocol built on Avalanche C-Chain, the platform supports 800+ NFT collections, including Avalanche heavyweight names like Dokyo, MadSkullz, Chikn, and Steady.
Salvor offers a dynamic P2P lending and borrowing platform, allowing users to leverage their NFTs and memecoins as collateral to secure loans in AVAX, enhancing liquidity and financial flexibility within the Avalanche ecosystem.
Other Activities
Avalanche said that Core, its native ecosystem wallet and portfolio, has integrated a new promotion and airdrop tool developed by Ava Labs. According to the report, Core’s airdrop tool leverages underlying on-chain data sources for seamless token distribution, allowing any builder to strategically reward their loyal community members.
Core is rewarding all participants from their Core Memecoin Month, which ran from April 1 to May 6. Participants will receive an evenly distributed reward in the same memecoin they used during the event. For example, if a participant qualifies by following instructions during COQ’s memecoin week, the participant will be airdropped COQ coins, Avalanche said.
