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Salvor Secures Avalanche Rush with a $1M Incentive Grant to Develop Avalanche’s Prime NFT Lending Platform

Twitter icon  •  Published 2 weeks ago  •  Hassan Maishera

Salvor has entered the Avalanche Rush Program with a total amount of up to $1M in $AVAX, provided by the Avalanche Foundation.

The Avalanche Foundation announced via a blog post on Thursday that Salvor, a high-volume peer-to-peer (P2P) NFT and memecoin lending protocol built on Avalanche C-Chain, has entered the Avalanche Rush Program with a total amount of up to $1M in $AVAX, provided by the Avalanche Foundation.

Salvor offers a dynamic P2P lending and borrowing platform, allowing users to leverage their NFTs and memecoins as collateral to secure loans in AVAX. During Salvor’s Avalanche Rush, users can earn points by creating loan offers, borrowing, listing, bidding, and trading with rewards for strategies allocated in AVAX or Salvor’s native ART token.

The Foundation also explained that lenders can offer short-term loans and earn profits from interest payments. If the loan amount (principal plus interest) is not paid back within the agreed period, the defaulted loan is automatically placed in a Dutch auction, enabling the lender to recover the loaned amount and potentially make a profit.

Avalanche is an open-source platform for launching Decentralized Finance (DeFi) applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem. AVAX is up by 3% so far today and currently trades at $35.58 per coin.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.