Relite Finance is a decentralized cross-chain lending protocol. The platform publicly called on NFT artists to help develop NFTs to unlock additional features on the Relite platform. There is a huge team behind the idea of this project. They were openly calling out for NFT artists as well as graphic designers to collaborate on their unique NFT design for their up-and-coming NFT release. Besides, the website stated that the public part of the competition will be held from August 10th to 16th, 2021. Artists who wish to apply can submit their application forms. In the second stage, selected artists will submit their work. The winner will receive a prize of US$5,000 in addition to contributing to the development of the next NFT series.
After the artists will submit their work, the team will select NFTs. These NFTs in the competition will have lifetime functions in the Relite protocol. Also, it will increase performance multiplier rewards for its owners. Still, no details have been released about the distribution of these NFTs. Furthermore, it is said that there will be 3 types of NFTs as the key to unlock yield multipliers: Gold, Silver, and Regular. NFT will provide its owners with “superpowers” on the Relite platform according to the key type. Lastly, this will include increased staking APY, better borrowing rates, and some unmentioned utilities.
What The CEO Says
George Groshkov is the CEO and Founder of Relite. He welcomed all the participants and then explained to them what significant role these NFTs will play within the upcoming Relite Ecosystem. He said:
“The Relite NFT contest is mind-blowing, as we are mixing banking instruments with art and wrapping them both into DeFi. Months ago, Relite announced its ambitious plans to build cutting-edge lending infrastructure, using NFTs as loan collateral among the product features. Today we are about to make another significant step on that journey by releasing an NFT series with vast functionality! We’re thrilled to invite the artists to join the competition and unveil the potential utility of NFTs”.
About Relite Protocol
Relite Finance is a decentralized cross-chain lending protocol. It allows its users to use Polkadot Moonbeam Parachain, Bridges, and a single reserve fund module to lend, borrow, and stake crypto assets. Moreover, this platform is currently planning to create interoperability with Bitcoin, Ethereum, BSC, and other blockchains.
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