Want to capture the next blur, NFTfi free money?
This email is about "xx protocol" the "Blur + @opensea + @BendDAO"
Want to capture the next @blur_io ?
Introducing “ParaSpace” = Blur + @opensea + @BendDAO
No token yet but read on to see what can u do!
📍In this thread
1️⃣ What is ParaSpace
2️⃣ Core features of ParaSpace
3️⃣ Recent Traction with Data 12/27🧵
4️⃣ Team, Concern & Fud 17/27🧵
5️⃣ Summary, Speculation 19/27🧵
6️⃣ Actionable 26/27🧵
TLDR
Paraspace is NFT lending + marketplace with high onchain traction recently.
1️⃣What is ParaSpace
ParaSpace is decentralized lending protocol for NFTs and ERC20 specialise in NFTfi with NFT marketplace built in.
Imagine it as a swissknife of NFTfi, packed itself with a mix of tools of NFTs. Let’s look into it from its core features
2️⃣Core features of ParaSpace
🔹NFT as collateral for lending
🔹NFT credit
🔹Buy Now Pay Later feature
🔹Apecoin Staking
🔹NFT as collateral for lending
ParaSpace is a Peer-2-pool model design, takes in 9 different types blue chip nft such as BAYC, MAYC.
They also introduce new small features for better user experience such as
Cross margin
Supplied NFT to claim airdrop
Mulit asset borrowing (stETH, aETH, cETH)
In their gitbook they mention uniswap v3 position as collateral coming soon which can be interesting
🔹NFT credit
If you have a collateralized NFT position within ParaSpace, u will essentially have the same amount of “credit” of how much you can borrow from ur NFT.
It is basically a simple way/more user friendly way for u to take a loan against ur current NFT to buy/trade NFTs.
It might be risky, but user friendly & promotes more trading volume on their marketplace
🔹Buy Now Pay Later feature
Basically helpping u Buy the NFT and setup the loan directly so the entry barrier is lower to trade NFTs.
🔹Apecoin Staking
Without going into the details of Apecoin staking features.
High level speaking its mechanism where u can pair BAYC nft with $APE coin for high staking reward.
Paraspace basically allowed users to pair up for higher apy and provide leverage as well.
3️⃣Recent Traction with Data
TLDR
🔹Relatively high TVL at 90m
( reference, @blur_io is 140m, @BendDAO 230m )
🔹Growing market share in nftmarket space, in volume & user
Right now 91.93m TVL +20m borrowed
From 28-11-2022 it’s NFT lending went from 0% to around 2x% of the market (Green color)
With 42m cumulative borrow amount
With 39.2% of new unique users going to Paraspace
4️⃣Team, Concern & Fud
Team & Concern
@yuboruan
@0xJ_C
@WalidOfNow
@jenndefer
@DRodriguezFX
@0xjon_eth
Team looks solid from what i see
but while i was doing research one of the reputable twitter kols i follow @billtheinvestor has raised some concerns.
TLDR
• Founder’s education background does not match
• Allegedly no investment from those top tier investors
Will be great to get some reply from the team if possible @ParaSpace_NFT
5️⃣Summary, Speculation & Actionable
Rating
🤔Utility, Hard Market Demand
❓Valuation (no token yet)
✅Speculation
🤔Investors profile (primary tbc, retail no token yet)
✅Metrics to monitor
If take out concern’s Bill raised. I actually quite like ParaSpace
🤔Utility, Hard Market Demand
Onchain data shows demand for it, however not sure how much is organic or trying to get the potential airdrop.
There are a lot of small features/ innovation shows team’s effort in improving the NFTfi user experience
✅Speculation
🔹Hot NFTfi narrative
🔹Top NFTfi project by TVL
🔹Narrative of next blur/opensea + benddao !?
i can hear the degen screaming APEEEEEEEE INNNNN already
🤔Investors profile
No token, no retail holders yet.
About the fud on twitter will try to reach out to the team to find out more.
🐑Summary
Tbh i quite like the product,althought i don’t hold any valuable nfts coz im cheap n missed out.
I can tell the product team design n fine tune a lot of details to make it user friendly with product market fit.
Such as the ape staking, nft credit so user can buy NFTs without selling their NFTs, BNPL etc these aren’t just hopium road map items.
One of the key concern i have is mainly on bill’s fud + their marketing seems to be targeting asia market too much, most media exposure seems to be chinese kols.
6️⃣ Actionable
No token yet so mainly to speculate on airdrop
U can interact with the protocol by
🔹Deposit ur blue chip NFTs (im cheap i don’t have any)
🔹Deposit Tokens for lending
🔹Buy & Sale NFTs on their marketplace
Airdrop speculation hunting aren’t really my thing, but i will keep an eye on their token launch or NFTs when they launch it
Thanks for reading guys, if u find it useful. forward it to friends and like it!
