Strip Finance, the multichain NFT lending & borrowing platform backed by the leadership teams of Polygon & Solana
Coming to IDO on Starter.XYZ on November 11th on Binance Smart Chain
Strip Finance is tapping into one of the newest and most innovative forms of DeFi available in crypto today, NFT collateralization.
Founded by veterans of the industry, Varun Satyam, Yuvraj Chhibber and Yash Jejani, each of which have years of experience working for crypto stalwarts such as Ankr, Bitfinex, Bithumb and Prometheus Labs; Strip Finance will initially launch on Binance Smart Chain, with more chains to follow.
Following on from the successes of StrongNode Edge, MIMIR, ProjectOasis, and EnjinStarter, Strip Finance offers the next opportunity for our START-ers to invest in a burgeoning project, pushing the boundaries of blockchain.
The Strip Finance team require KYC for this IDO: https://verify-with.blockpass.org/?clientId=strip_finance_0ee93&serviceName=Strip%20Finance&env=prod
Now, let’s get into Strip Finance…
What is Strip Finance?
Hundreds of thousands of creators and an even higher number of enthusiasts are engaged in creating millions of dollars in value in the NFT space today.
The ever-growing transfer and value of NFTs, is creating a liquidity challenge in the market.
All of this value that is created, this liquidity, is locked in the NFT with no way of being released.
For example — Person A buys an NFT for $10,000 from Person B. Person B now has $10,000 which is liquid, they can use this to buy crypto or another NFT, or put it to work in DeFi.
Person A has an NFT worth $10,000 — but until they sell the NFT, this $10,000 is unrealized. It is locked.
What if Person A and Person B could both put their $10,000 to work? By providing loans against the value of NFTs (collateralization) Strip Finance will unlock millions of liquidity currently locked in ‘Blue Chip NFTs’.
The DeFi Protocol
Lenders can provide stable coins as liquidity to the Strip Finance DeFi protocol, lending to borrowers who want to borrow against their valuable NFTs. The lender will have control over the interest rate and Loan-To-Value (LTV) they are willing to offer.
The value of the NFT is fetched directly from the NFT Marketplace that they are currently partnered with, which is OpenSea and WazirX.
When accepted by the borrower, the NFT is transferred to an escrow. If the instalments are paid in the stipulated time, the borrower gets the NFT back. In case of defaults, the ownership rights are transferred to the lender.
What’s more, these arrangements don’t have to be carried out person-to-person (P2P), there will also be an option to opt for a pool. Where investors and lenders funds and NFTs will be pooled, creating stronger collateral and better security for all parties involved.
The Financial Layer of the Metaverse
At the heart of the Metaverse is NFTs. And behind every NFT aims to be Strip Finance.
Varun Satyam, the co-founder of Strip Finance, said, “NFTs are becoming the default method of claiming ownership in the digital world and this is just the tip of the iceberg. The possibilities for us are immense as we build the financial layer for the metaverse.”
$1.5M Raised so Far
Strip Finance recently closed a $1.5 million funding round from Old Fashion Research, Nothing Research, Tenzor capital, Exnetwork Capital, Valhalla capital, Block0, Shima Capital, Lancer Capital, MEXC Global Exchange, Kryptos Research, The NewField Fund, ZBS Capital, Starter Capital, J10M Capital, Wave 7, and others.
Just as impressive as the VC backing is the advisors and angel investors, which includes Co-Founder and COO of the largest CEX in India, Siddharth Menon, the Co-Founder and CEO of Polygon, Jaynti Kanani, the Head of Ecosystem and Growth at Solana Tamar Menteshashvili, and Partner of Shima Capital, Yida Gao.
More blockchains are on the horizon for Strip Finance, including Ethereum, Polygon, Solana, and more…
Whenever there is a fall in the price of NFTs to the extent that it crosses the risk threshold, meaning that a further price reduction might lead to the price becoming lower than the loan amount; the borrower would have to extend their leverage position to avoid getting liquidated. They can do so with additional leverage by depositing STRIP tokens of the leverage value.
The token would function as a native platform utility token used to pay fees for availing different platform services that include but are not limited to commission payment, borrower fee, lender’s interest, liquidity penalty etc.
Implementing project governance will help us bring transparency and trust to the platform. As we build a decentralized system, STRIP tokens would drive every significant decision on the platform like updates, airdrops, burn schedule, developer and community grants etc. This will also help us involve the community as the holder would have the right to propose and vote.
Under both P2P & Pool Lending, we will incentivize users to extend liquidity to the platform. In pool lending, we will create liquidity pools that will invite participation from time to time. To incentivize participation, we have an LP tokens program.
Seed — 10% at TGE, 10% for 9 months
Pvt- 20% at TGE, 10% for 8 months
Public — 25% on TGE, 25% monthly
2% every month first year
3% every month second year
4% every month third year
Team & Advisory
1 year cliff
25% for each quarter
5% for first 2 months
2% for 45 months
1 year cliff
2.5% every month
Strip Finance require you to complete KYC to take part in this sale, please do so here: https://verify-with.blockpass.org/?clientId=strip_finance_0ee93&serviceName=Strip%20Finance&env=prod
Date: November 11th Time TBC
Guaranteed Allocation: Yes, headstart 10 minutes.
Direct Link: Pool to follow
Softcap: 90 BNB (50k USD)
Hardcap: 180 BNB (100k USD)
IDO price: 0.00071 (0.40 USD)
Listing price: 0.00071 (0.40 USD)
Vesting: 25% on TGE, 25% monthly
Listing on PancakeSwap and MEXC exchange.
How to take part
Taking part in the Strip Finance IDO is easy, simply follow these steps:
For a more in-depth guide on how to take part in a BSC based IDO, please see our docs: https://docs.starter.xyz/faq/how-to-guides/how-to-take-part-in-a-sale-on-binance-smart-chain-bsc
KYC is required for this IDO fill out here: https://verify-with.blockpass.org/?clientId=strip_finance_0ee93&serviceName=Strip%20Finance&env=prod
Website — strip.finance
Twitter — twitter.com/StripFinance
Telegram — t.me/stripfinance
Announcements — t.me/stripfinanceannounce
Medium — https://blog.strip.finance/
LinkedIn — https://www.linkedin.com/company/stripfinance/
Strip Finance is building a collateralized NFT borrowing and lending marketplace initially launching on Binance Smart Chain. The platform will enhance liquidity in the NFT market by providing users with an option to retain ownership and yet be able to derive liquidity.
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