1. What is Metastreet?
Metastreet is a project with a primary focus on developing a protocol that facilitates the generation of yield from various types of assets, ranging from highly liquid ones like Ethereum to less liquid assets such as non-fungible tokens (NFTs). One key feature introduced by Metastreet is the Liquid Credit Token (LCT), which serves as a representation of users' lending and borrowing activities.
For users who lend Ethereum (ETH), they stand to earn interest rates of up to 2x%. Additionally, when users deposit ETH into the platform, they receive LCT tokens, enabling them to explore additional profit opportunities across different decentralized finance (DeFi) platforms. Notably, platforms like HyperLock, Wasabi, and Thruster currently accept liquidity pools from these LCT tokens.
Similarly, users can leverage their NFTs, and potentially other assets like luxury goods or physical assets in the future, to borrow up to 90% of the asset's value (based on its floor price). This functionality not only provides immediate liquidity for assets with low liquidity but also helps safeguard their minimum value.
Metastreet has successfully concluded three fundraising rounds, amassing a total of $49.1 million in funding. These rounds, held in February 2022 and February 2024, saw participation from reputable investors such as Dragon Fly, OpenSea Ventures, theLAO, as well as prominent individuals like Andrew Kang and Dingaling.