Collectors of the now-bankrupt cryptocurrency alternate FTX have pledged their claims as collateral for loans on the decentralized finance (DeFi) protocol Arcade. The deal was the primary on-chain mortgage backed by FTX bonds, in line with chapter bond platform Discovered.
The $31,307 declare was tokenized and possession was represented by a non-fungible token (NFT). On June 23, NFTs have been used as collateral for a $7,500 mortgage that shall be repaid inside 5 days. Within the occasion of cost default, the lender is entitled to a declare.
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