Vanilla is a versatile platform that offers various profit realization opportunities to NFTs. Users can benefit from depositing, locking up, and boosting their assets using the platform’s native token, BUM.
Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (BUM/USDT – Trade it here) on the Innovation Zone! Check it out now!
What Does Vanilla DApp Do?
The NFT market shows remarkable growth potential within the crypto markets. Over the past year, its market capitalization and trading volume have surged significantly, attracting companies with intellectual property (IP) and existing crypto investors to issue NFTs or prepare for their entry into this thriving sector.
However, despite the market’s hype, the inherent limitations of NFTs as assets have not been adequately addressed. The primary challenge is their low liquidity due to their non-fungible nature. This characteristic results in high slippage when trying to liquidate NFTs quickly, leading to undervaluation compared to their average transaction price. In highly volatile asset classes, low liquidity poses an even more critical problem as it discourages investors from setting stop-loss orders.
To address these challenges and unlock new possibilities for NFT holders, Vanilla Dapp offers a platform service that provides profit realization opportunities. Users can utilize Vanilla’s platform token to deposit, lock up, and boost their assets. Additionally, the platform offers an innovative NFT collateral loan service, enhancing liquidity by reinforcing NFTs and introducing an element of entertainment interest to the NFT market. Through these offerings, Vanilla aims to bridge the gap and overcome the fundamental limitations faced by NFTs, creating a more vibrant and sustainable ecosystem for this exciting sector.
Vanilla DApp’s NFT collateral loan service
The platform offers the capability to collateralize amplified NFTs, allowing users to borrow BUM tokens. This borrowing process is similar to how Compound operates. Therefore, it eliminates the need to wait for matching borrowers or lenders. Users can borrow BUM by utilizing their amplified NFTs as collateral.
Here are some functions available on the platform:
- Collateralize Amplified NFTs: Users can stake their amplified NFTs, and if their position is safe, they can always retrieve their NFTs. By activating their NFT’s weights, they can receive boosted BUM without incurring supply interests.
- Un-collateralize Amplified NFTs: Users can retrieve their collateralized NFTs, which deactivates the NFT’s weights and consequently decreases their boosting BUM.
- Borrow BUM: Users can borrow BUM tokens based on their collateralized NFTs. There will be borrowing interests per block, and if the total value of borrowed BUM exceeds the total value of the collateralized NFTs, the position becomes unsafe and can be liquidated by anyone holding BUM.
- Repay Borrowed BUM: To avoid liquidation, users must repay their debts in BUM. The repayment will decrease the outstanding debt, and users can choose to repay as much as they wish.
- Liquidate Position: Any account in an unsafe position can be liquidated. By liquidating a position, the liquidator pays off the position’s debt and acquires the position’s NFTs at a price lower than the amount repaid.
The platform provides a dynamic and efficient system for leveraging NFTs to access borrowing opportunities, ensuring that users can make the most of their assets while managing risks effectively.
Where to buy BUM Token
You can find BUM Tokens here at MEXC! We are listing BUM/USDT in our Innovation Zone!
What is the Price of BUM Tokens?
The BUM token is currently trading at MEXC with a live price of $0.21062. You can check the live price of their token right here!
How to buy BUM Tokens on MEXC
You can buy BUM Tokens on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “BUM” using the search bar to see the available trading pairs. Take BUM/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of BUM you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy BUM] to confirm your order. You will find the purchased BUM in your Spot Wallet.
You can find a detailed guide on how to buy BUM Tokens here.
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Meanwhile, check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!
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