Spice Finance Flagship Vault Launch

NFT lending aggregator protocol on Ethereum.

DETAILS

• Mechanics & Features
  • Spice aggregates and runs automated lending strategies across NFT lending marketplaces (e.g. NFTfi, X2Y2, BendDAO, Arcade, ParaSpace, etc.)
  • The Flagship Vault is the first public vault – everyone is eligible to deposit
  • Previously launched Vaults are the the Prologue Vault and the Prologue Leverage Vault, which both requires a Prologue NFT to deposit
  • Users can deposit $WETH or $ETH in the Vault to earn yield, in ETH
  • Spice allocates deposited capital to the NFT lending marketplace and earns yield through underwriting NFT-backed loans and periodically by interest payments
  • Flagship Vault fees are currently set to 20% of interest earned
  • The amount of $WETH that can be withdrawn from any Vault is equal to the Vault’s TVL minus $WETH that the Vault has deployed to P2P loans
  • All withdrawal requests are fulfilled on a FCFS basis when $WETH is available in the reserve to be withdrawn