NFT Liquidity & Solvent Protocol
Summary of Twitter Spaces with Solvent Protocol
Welcome to Project Serum’s weekly Twitter Spaces. This week, Solvent Protocol is joining us, built to enable index funds and improve liquidity for NFTs on Solana.
Dhrumil Mayur Mehta, one of the brilliant minds leading the charge at Solvent, is here to discuss what the project means for DeFi and where he sees Solvent Protocol going in the future.
For more in-depth information on Solvent and what it means to the Solana blockchain as a whole, check out the full conversation here:
Hey Dhrumil! Today, Solvent’s IDO kicks off, so congratulations on this huge milestone. I want to hear a little bit more about what brought you into the crypto space and how Solvent got started.
I’m originally from Mumbai, India, and lived in the U.S. for 2 years as I finished my Masters’ in Computer Science. Then, I joined eBay as a software engineer and was working on software in their Payments department.
I started initially learning about crypto in 2017. I was reading about Bitcoin, and I actually had to read articles several times to understand them. But I kept reading and keeping up with new things in the news like Ethereum — Ethereum was in the limelight then. It wasn’t until 2019 that I was able to put some of my savings into cryptocurrency. I invested in some Dogecoin and some into Bitcoin.
Like most things, once you get involved financially, you begin to explore and learn more, and that’s how I got started. In 2021, NFTs were kind of hot, so I got started learning more about NFTs.
I learned some Ethereum development, I attended a few hackathons and built some side projects. That’s when I actually had a bad experience, as a user, with Ethereum. Then I got introduced to Solana, and that’s how we got started with Solvent.
For those not familiar with Solvent, what’s your “elevator pitch” for new users?
Let’s say you have an NFT in your wallet and you want to invest in a new project. Instead of having to sell that NFT on an open marketplace to pull out the liquidity, you can sell your NFT directly on Solvent for “floor price liquidity.” Essentially, we’re trying to provide more immediate liquidity to the NFT market and change the way NFTs are traded today.
What are some creative use cases you’d like to see built on top of Solvent?
One of the ambitious applications we’re trying to achieve is a smoother lending and collateralized loan protocol on top of Solvent. I see Honey Finance is also in the chat, and they’re already doing great things with NFT liquidity themselves.
The beautiful thing is that, due to composability, we can integrate with all of these protocols that are being developed specifically for NFTs. We’d also like to use composability to work with protocols like Apex that simplify liquidity mining for users.
Wrapping up with Solvent Protocol
The Solvent Protocol is just the beginning of many exciting things that are happening on the Solana blockchain. Thanks to new concepts like composability, creators like Dhrumil are just beginning to scratch the surface of what’s possible for this new wave of NFT and crypto projects.
For more in-depth information on Solvent and what it means to the Solana blockchain as a whole, watch the TwitterSpace interview or check out the recording on YouTube.
