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NFT Collections Whitelist
Project Galapago uses NFTs as the collaterals for borrowing which enables NFT holders to be able to actively participate in the DeFi ecosystem. This means that controlling the risks associated with the NFTs such as price fluctuations and manipulations are crucial to reduce the financial risks to the protocol. When assessing which NFT collections are eligible to be whitelisted for instant lending, Project Galapago uses the following NFT Performance Map designed by nonfungible.com with 5 key metrics:
- Trade Volume (Number of sales)
- Asset value (Average asset sales value)
- Interactions (Number of dapp transactions, including bids and other interactions)
- Community (Number of unique wallets interacting at the dapp level)
- Retention (Percentage of how many days a wallet is active in the time period, for example a retention rate of 14.3% indicates that users are only active one day of the week)
Mainnet: We are in the process of assessing whitelisting collections as collaterals.
Testnet: Supports any collections as collaterals.