DeFrag x Chainlink Announcement – NFT Culture
DeFi 🤝 NFTs
Our core beliefs
We are spending more of our lives online. As global citizens of the internet, we must have two fundamental building blocks – financial sovereignty through DeFi and digital private property through NFTs. We believe Web3 will manifest itself by leveraging these two components. As native Web3 assets proliferate, they will require an intricate yet fluid relationship between DeFi and NFTs.
Who we are
Introducing Defrag, a lending protocol that allows NFT owners to access instant liquidity. Defrag allows you to use your NFTs as collateral. We rank the creditworthiness of your NFTs based on a number of factors to determine your collateral ratio.
Why we are different
The protocol automatically insures your NFT assets with a financial instrument called a Put Option. In other words, in order to receive a loan against your NFTs, the protocol purchases insurance on your behalf via Put Options.
Peer To Pool
Defrag uses a Peer To Pool model which allows for borrowers to get instant liquidity on their NFT assets without having to wait for a counterparty to enter into a contract. Underwriters provide liquidity and earn premiums through the insurance fees collected from the sale of Put Options.
Raising the Liquidity Pool via Minting our Metamatician NFTs
Each Metamatician will have a proportional stake in our initial Liquidity Pool used to underwrite the first NFT projects. Our NFT holders will have a yield generating asset. Metamaticiansserve as your User ID in our financial ecosystem. As the protocol matures and evolves, so will your Metamatician.
Metamaticians—a collection of 3,141 randomly generated NFTs priced at 1.618 ETH. Metamatician NFTs will be minted, each of which features unique attributes including the name of a famous mathematician, a randomly generated 8 digit number, and a greek symbol associated with risk in pricing out financial instruments.
Defrag has integrated Chainlink Verifiable Random Function (VRF) on the Ethereum mainnet. By integrating the industry-leading oracle solution, Defrag now has access to a tamper-proof and auditable source of randomness required to assign attributes to Metamatician NFTs during the minting process in a fully transparent and unpredictable manner. Through Chainlink VRF, we can help ensure participants have a fair and equal chance at obtaining NFTs with the rarest traits.
The 8 Digit Number | Pi π
The randomly generated 8 digit number is your place in the number Pi following the decimal.
The proximity of your number to “3.” will determine the rarity of your NFT. Which in turn will boost your abilities in our financial ecosystem. A few examples include – improving your collateral ratio in other words the ability to borrow more. Another example is increasing your stake in a liquidity pool.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.