GO TELL IT ON THE BLOCKCHAIN: ApeChurch's NFT Lending Protocol Purgatory Plans To Go Crosschain And Expand To More Communities Soon, According To DeFi Mark!

Go tell it on the blockchain!

While Blur's once popular NFT lending platform Blend has gone to hell, ApeChurch is keeping the faith in NFTFi and looking to bring its peer to peer lending platform, dubbed Purgatory, to more collections and chains soon!

Degens, let not your hearts be troubled!

Last night, ApeChurch Cofounder DeFi Mark announced that the clergy is preparing to spread its gospel of collateralized lending beyond the Gimboz community following the success of its Purgatory protocol, which allows borrowers and lenders to negotiate NFT backed loans entirely onchain!

 

“We're going to expand on this product even further, adding other chains + collections and allowing for cross-chain execution,” DeFi Mark tweeted. “Collectors want a secure, trustless, immutable ways of accessing value without risking liquidation or trusting third party oracles.”

 

 

According to DeFi Mark, Purgatory has already facilitated nearly 9 million $Ape in loans backed by almost 6,000 Gimboz NFTs, generating more than 317,000 $Ape in interest for lenders!

But remember, this isn't just another NFTFi platform where lenders lend and borrowers borrow.

In Purgatory, peer to peer means peer to peer! Borrowers and lenders negotiate their own loan terms without relying on third party pricing oracles. And here's where things get interesting: The loan agreements themselves are NFTs, allowing lenders to sell their debt positions rather than waiting for borrowers to repay!

 

“Purgatory differs from other lending protocols because there is no oracle, it is a sealed contract between the Lender and the Borrower,” DeFi Mark wrote. “You pay me back this amount, with interest increasing hourly, within 30 days or I have the option to keep your NFT. It allows lenders and borrowers to work out their own deal and even delayed pay schedules fully on-chain. Everything is immutable once set. Nobody can change what your NFT is worth or how much you are owed. There is no oracle or third party you need to trust to ensure your NFT is safe for the duration of the loan.”

 

The Gazette will continue to follow all things Purgatory and will let you know when the lending protocol expands to additional chains and NFT collections. Stay tuned for updates!