Astaria, an NFT lending platform led by a former Sushi CTO, has launched to the public

Astaria, a lending platform for non-fungible tokens (NFTs), is launching publicly after a long period of closed beta testing. The platform, co-founded by former SushiSwap CTO Joseph Delong, enables NFT holders to lease their assets to traders who may not be able to afford a high-value NFT in a single purchase. With support for over 300,000 NFTs, Astaria aims to provide liquidity to the broader NFT ecosystem based on Ethereum.

However, unlike other NFT lending platforms that operate peer-to-peer with borrowers and lenders, Astaria is using a third party to facilitate its lending market. It has partnered with NFT appraisal service Upshot to serve as the “strategist” that will help liquidity providers enter the market while helping borrowers with leasing their assets.

Justin Bram, CEO and co-founder of Astaria, said that peer-to-peer lending models are hard to scale, and utilizing a three-actor model helps make the lending process much easier. He added that Astaria is borrower-friendly, with fixed terms and no force-liquidation of anyone.

In order to manage the capital flow within the protocol, Astaria is releasing a pre-funded vault that Upshot will help control in order to manage risk and rewards options between borrowers and lenders.

Astaria took advantage of the bear market to build out its protocol before releasing it to the public. In June 2022, Astaria raised $8 million in seed-funding to deliver robust NFT lending infrastructure.

The NFT lending trend has been on the rise since the launch of NFT marketplace Blend by Blur in May. According to data from platform Dune Analytics, the marketplace has already loaned out 46,472 ETH, about $83.7 million.

See Also: Binance Launching NFT Loan Feature

Edited by Toby Leah Bochan.