Mar 27, 07:16 PM

SquiggleDAO Locks $1M USDC Loan at 17% APY, One-Year Term Using NFTs

SquiggleDAO, a decentralized autonomous organization focused on NFTs, has successfully secured a $1 million USDC loan using 11 of its Chromie Squiggles as collateral. This transaction, facilitated through Zharta, marks a significant milestone in the NFT finance sector, showcasing growing trust and interest in digital art as a form of collateral. The loan, which includes a rare Hyper Bold Squiggle among the collateral, is noted as the largest Squiggle-backed loan to date. It carries an annual percentage yield (APY) of 17%, has a one-year term, and is viewed by some as leveraging $500k of illiquid collateral in what is criticized as a marketing stunt. This move by SquiggleDAO aims to elevate the Chromie Squiggle as a seminal art project within the culture, highlighting its value beyond the digital realm. The deal has sparked discussions in the NFT community, with some viewing it as a bullish sign for the market, while others criticize it as a marketing stunt leveraging illiquid assets.

#SquiggleDAO #Chromie Squiggles #Zharta #Hyper Bold Squiggle #Squiggle #Chromie Squiggle #NFT

Written with ChatGPT (GPT-4).

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SquiggleDAO Locks $1M USDC Loan at 17% APY, One-Year Term Using NFTs

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