Enjin announced a new investment with a focus on bringing UND stablecoin to Efinity and Polkadot. Unbound Finance is the latest recipient of Enjin investment. The ultimate result of the investment is bringing more liquidity to the upcoming Efinity, a blockchain for non-fungible tokens (NFTs). Efinity is a parachain that will launch on Polkadot and is the latest effort from Enjin to complete its NFT ecosystem.
Providing More Liquidity for the NFT Ecosystem
NFT market has experienced considerable growth in the past months. Many businesses and individuals acknowledged the power of non-fungible tokens in creating an economy. Artists around the world gathered on various platforms to show their productions and earn money from them. Enjin is one of the market leaders here, with a focus on developing the NFT ecosystem. It has decided to launch a new blockchain for NFTs called Efinity. The latest investment from Enjin aims to bring more liquidity for the upcoming blockchain.
Enjin invests in Unbound Finance to increase liquidity on Efinity. The investment comes with a partnership that makes it possible for Efinity users to purchase NFTs with UND stablecoin. UND is a great stablecoin for liquidity providers. Those who provide liquidity on platforms like Uniswap can collateralize their earned tokens on Unbound and earn UND. The process makes the ecosystem that Enjin wants. Liquidity providers will be encouraged to bring their liquidity to the NFT market.
Tarun Jaswani, Founder and CEO of Unbound Finance, said:
“We have built UND to be one of the most decentralized stablecoins on the market. With strong fundamentals, Efinity users will leverage the benefit of a fast, borderless stablecoin which will act as a great fiat on and off-ramp bridge. UND will also open up the benefits of DeFi through Unbound.Finance.”
Unbound Finance recently raised $5.8M from Pantera Capital and Michael Arrington, founder of TechCrunch. The project is on the path to expanding the team and services. The recent partnership with Enjin surely helps it find customers and more partners easier. UND stablecoin is in a good position now. 12 automatic market makers have integrated the stablecoin and let their liquidity providers have a better opportunity to use their earnings.
Big names like Uniswap, SushiSwap, PancakeSwap, and Bancor now support UND. Enjin can surely benefit from the liquidity that users from these platforms bring with themselves to Efinity. Maxim Blagov, CEO of Enjin, said:
“Unbound is exploring an innovative new form of lending that allows yield farmers to convert their collateral into UND, which they will be able to spend on Efinity. Working with Unbound will help ensure persistent liquidity on Efinity and enable DeFi participants to enjoy opportunities within Enjin’s growing NFT ecosystem.”
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