Despite the relative silence of the crypto markets, the past two months have been quite busy for PWN. In fact, they’ve been so hectic that we’ve again decided to merge our monthly digests for July and August. On that note, let’s have a look at what PWN has been up to lately.
In July, PWN saw several first-ever loans, such as the $60K DAI loan backed by a Noun NFT or the $7K USDC loan backed by a CloneX NFT, which belong to the blue-chip league, as well as more unusual P2P collateral types, such as the 7 ETH loan backed by Rocket Pool ETH, which demonstrates the high LTV achievable with P2P lending. Finally, there were several Cometh NFT backed loans that paved the way for more GameFi assets being used as collateral for lending.
Speaking of GameFi (and other DeFi native assets), our chieftain, Josef, had the opportunity to talk about how PWN ties into the vision of delivering the cryptonative economy during EthCC in Paris.
The cryptonative economy seems to be a timely topic, as more than two-thirds of our community identifies as cryptonatives. You’re the reason we’re building!
When it comes to discussing and exploring what exciting features could be built for the DeFi crowd, we invited Evgeny from Re7 to talk about various yield farming strategies of his fund as well as the security precautions one must follow to avoid getting rekt in the space. Learn more in our recap of the Twitter Spaces session with Re7.
Despite falling valuations across the entire crypto space, we’ve seen an increase of interest regarding fixed term loans offered by our P2P model as people have started to appreciate stability and safety even more than before.
PWN can certainly serve as a hedging tool, not only for individuals but also for entire communities - the P2P model doesn’t suffer from the risk of cascading liquidations caused by sudden market movements. Once you accept an offer from a lender, you know that the terms are going to be fixed up until the loan’s expiration. Zero liquidations.
Even though it’s not the only factor, the above mentioned shift in risk appetite has certainly helped in achieving a significant milestone on our journey: In August, we reached the 1000th loan request listed on the PWN platform! I can’t believe how far we’ve progressed since opening the platform to the public.
See for yourself! You can check all the loan requests that are waiting for funding on PWN now.
Among the most popular collateral categories for the month of August have been ENS domains, which is a great sign that our radical openness (anything can be used as collateral on PWN) opens doors for novel use cases for all DeFi assets. We strive to keep the PWN protocol as open and flexible as possible to offer the DeFi ecosystem a versatile tool on top of which major innovations can be built.
To keep track of all the new incoming loan requests on PWN, one of our amazing engineers, Vojtech, built a great Discord bot. Using it, you can now subscribe to any loan on PWN and get notifications about any new events related to it. We highly recommend checking it out on the PWN Discord so you don’t miss any yield farming opportunity.
More information about the loan notification bot can be found on our Twitter:
To continue our educational journey, we invited another legend from the DeFi/GameFi space to our Twitter spaces, Jerome de Tychey of Cometh. We talked in depth about blockchain games with benefits – you can read the entire blog post about it.
You might’ve noticed that we haven’t gone into much detail on many product updates in this latest issue of the PWN digest. This is not an accident – let’s just say that September is going to be huge from this perspective (!).
Stay tuned and take care!
Now that the PWN loan market is picking up pace, we strongly recommend checking out the app. Perhaps you need liquidity, or perhaps you want yield – in both cases, we’ve got you covered!