🛡️ Introducing the CYAN Wallet 🛡️— 𝔟𝔬𝔫𝔤𝔩𝔬 (@bonglo_eth) May 26, 2023
What if your digital wallet was more than just a storage space?
What if it's a powerhouse, enabling seamless interaction with your NFTs across a multitude of platforms?
Let's delve into the tech, use case, & versatility of @usecyan Wallet pic.twitter.com/z6h9wQwucG
Exciting news 🔓— eBit・#1 Transparent Casino (@playebit) July 18, 2023
You can now deposit your NFTs to play on eBit!
In collaboration with @usecyan , you can now collateralise your NFTs, obtain a loan, and play your favorite games!
Start winning now - https://t.co/wxF0vNwrLz pic.twitter.com/j1VpUCmwlE
🔹@usecyan is a buy now, pay later service that allows users to make purchases and pay for them in the future.— MickyXBT (@MickyXBT) August 30, 2023
The 1st protocol to offer financing options for purchasing NFTs, re-collateralized loans on NFTs, and Vaults for capital providers to earn a yield
Backed by Animoca.
Financed ✅— A(ZB) 🏴 (@azb_31) November 14, 2023
Ape staking ✅
Actual ownership to do as you wish, list on OS, connect to Merch sites etc..... ✅
What else but @usecyan
Happy I got my first #MAYC through Cyan for sure. Customer support is next level and honestly can't recommend them enough!! pic.twitter.com/uImViZzIMa
There are certain people and things in this world that really make an impact on your life.— POSCO (@P05C0) September 10, 2023
The team over at @usecyan and @DareVader_eth are some of the most generous and supportive individuals in Web3@DareVader_eth and I were on the phone for 2 hours. Vibes were at a max 🧵
10/ Peer to pool borrowing/lending (@usecyan):— Tytan.eth (@Tytaninc) September 22, 2023
Cyan is one of the most underrated peer to pool protocols with numerous features available. Ape staking, vault staking, and utilization of your NFT while in escrow are all major features.
How to use Cyan as a lender below 👇
Buy Now Pay Later (BNPL) is a way of financing an item. Klarna, Affirm, and Afterpay provide BNPL to existing e-commerce websites. BNPL works by breaking up the price into many installment payments. So instead of paying for an NFT all at once on OpenSea, only an initial down payment is necessary. Make four payments in three months on Cyan instead of one large payment on OpenSea.
Cyan is a DeFi protocol that matches users with NFT leverage and those looking for yield by staking Ethereum into Cyan Vaults. When users start a new BNPL plan, they make a down payment of 25% and borrow the rest to buy the NFT. This is a 75% LTV, with which the underlying NFT purchased becomes the collateral for the loan. Cyan Vaults have claims against the purchased NFT in the event of a default.
An NFT Loan is when you use an NFT as collateral to borrow ETH, WETH, USDC, MATIC, or other cryptocurrencies. On Cyan, we offer up to six-month loans against your NFT, with installments paid back every 31 days. You are now able to borrow up to 66% of the appraised value of your NFT. We also offer shorter durations, such as 24-hour flash loans or 7-day weekly loans.
In a missed payment, the underlying NFT moves to the respective Cyan Vault. For example, in a BNPL default, the purchased NFT moves into a Cyan Vault. The NFT liquidation process begins by listing the NFT in open markets. We are currently building a grace period into the protocol to allow for late payments.
Cyan’s risk engine will appraise every NFT requested and provide an interest rate. We’ve identified over 150 characteristics to measure. The major criteria are the creditworthiness of the user and the quality of the NFT. Trailing volume, volatility, depth of markets, number of transactions, stability of the community, and dispersion of ownership are some of the characteristics which determine the quality of an NFT.
Currently, a token does not exist. Similar protocols have issued tokens, and we've seen them become distractions or harm the community. A token must enhance the protocol instead of a means for capital or value extraction. There is no definitive date for issuing tokens, but it is always under review.