Expanding RMRK’s functionality within Composable’s cross-chain ecosystem
Exclusive Kanaria item for Composable’s top 500 DOT crowdloan contributors
Disclaimer: Information as of Jan 27, 2022. For the most recent updates, dive into our comprehensive documentation here.
Composable Finance is proud to be joining forces with RMRK, for the expansion of functionalities of NFTs using our cross-chain infrastructure and DeFi ecosystem. We are commemorating this groundbreaking alliance with RMRK by gifting our top 500 Composable Polkadot parachain crowdloan contributors who helped us win our Composable Parachain with exclusive and limited Kanaria items. Through our partnership, we will allow Kanaria owners the ability to use their NFTs as collateral to borrow against, with holders of the Composable Kanaria item receiving a discount when doing so.
Our collaboration with RMRK is one of the most powerful synergies in Dotsama. RMRK will be onboarded to Picasso as a pallet that will open the gateway for RMRK’s NFTs to be used within our DeFi protocols, alongside other natively interoperable pallets in the Picasso ecosystem. By leveraging Composable’s tech stack, RMRK will be implementing Kanaria’s to be used as collateral within Angular — an isolated lending protocol. Initially Angular will serve use cases such as leverage on interest-bearing assets, as well as a lending protocol for leveraged trading, options, and derivatives. This new advancement opens up opportunities for RMRK users to borrow against their NFTs, thereby giving Kanaria’s utility and value that turns them into a composable asset.
Allowing users to borrow against their Kanaria’s
RMRK is a set of standards on the Kusama blockchain which compose five “NFT lego” primitives — Nested NFTs, On-chain emotes, Multi-resource NFTs, Conditional rendering and NFTS as DAOs. By transforming simple JPEGs to advanced lego-blocks that have significant utility, not only have RMRK created the standard for the next-generation of NFTs, but they have the leading NFT marketplace — Singular, as well as one of the most anticipated metaverses — SkyBreach. RMRK’s value proposition covers the entire life cycle of NFTs from creation to trading, and ultimately having functionality within the budding metaverse and gaming.
Composable’s collaboration with RMRK will initially see the latter onboard as a pallet on Picasso, benefiting from the rich ecosystem of other natively interoperable pallet primitives within Picasso and DotSama, as well as tapping into other networks like Cosmos through Composable’s Centauri bridge. The next phase of our collaboration would expand on enabling RMRK Kanaria’s to be used as collateral within Angular. With this, Kanaria’s NFTs use-case will be expanded specifically through locked buy-orders to be able to both liquidate and estimate the “true price” for a Kanaria. One of the limitations of using locked buy-orders is that funds are not productive whilst being locked. However, because Picasso will host an extensive DeFi ecosystem, we will be able to then have locked funds seek further yield opportunities, and additionally allow buy-orders to be created from assets such as LPs to increase capital efficiency even further. Allowing users to borrow against their Kanaria’s will create significant activity within Picasso and Kusama DeFi, boosting TVL and liquidity that benefits the entire ecosystem. In the coming weeks, we will be releasing more information covering RMRK’s implementation on Angular in deeper detail.
We are particularly excited about this partnership as combining the power of the Composable ecosystem with the innovation of RMRK will create opportunities that have never been possible. Picasso, our Kusama parachain, adopting a non-application specific approach, will act as the home for DeFi innovation that covers almost all use-cases — AMMs, lending markets, DeFi privacy, derivatives, the opportunities are truly limitless as anyone can build atop Picasso leveraging our pallet-centric style of onboarding pallet developers building primitives, core or application layer technologies. Whilst we are spearheading innovation across multiple pallets and protocols, we have left the door open for how these applications would then be used with NFTs and the metaverse through MURAL — our cross-chain and cross-layer NFT transferal protocol powered by Mosaic.
Kanaria item for Composable’s top 500 DOT crowdloan contributors
To mark such an exciting partnership, the top 500 contributors to Composable’s Polkadot crowdloan will receive an exclusive and limited Kanaria item. Holders of the Kanaria item will have access to a significant discount when collateralising their Kanaria birds. Not only does this exclusive collaboration mark our commitment to innovation and the broader relationship with RMRK, but it additionally showcases a Kanaria item with one of the most utility so far.
To qualify as one of the winners of the rare Kanaria bird items all you need is to be among the top 500 contributors who helped us realize our Composable Parachain. We will be announcing the winners of the Kanaria item and winners will receive their Kanaria items with the same Polkadot.js wallet they used in contributing to our crowdloan.
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