Partnership with Kyoko Finance
We are delighted to announce that Kyoko is integrating DIA’s xFloor NFT price oracle to power its P2P NFT Lending protocol.
Introducing Kyoko Finance
Kyoko is a P2P NFT lending platform and cross-chain GameFi NFT lending market for guilds and players. Kyoko offers a one-stop platform that provides liquidity to the Web3 and GameFi industries. Kyoko’s P2P NFT lending platform and cross-chain asset lending market brings liquidity to the traditionally illiquid NFT market and lowers the cost of entry into popular P2E titles.
We are delighted to announce a cooperation with Kyoko Finance to power the NFTfi protocol with transparent and customizable NFT price oracles. The oracle will play a critical role in the Kyoko platform, valuing the NFT collections used as collateral, and enabling users to borrow against them.
“Accurate price discovery has always been an elusive challenge in the NFT market. Our partnership with DIA has pushed the capabilities of Kyoko’s Peer-To-Pool NFT lending platform to new heights. DIA’s innovative xFloor oracle offers our users the most up-to-date NFT collection pricing data while, critically, bolstering platform security through more robust price discovery mechanics.”Steve HopkinsHead of Investor Relations and Business Development
NFT Price Oracles to Power P2P NFT Lending
In order for Kyoko’s lending market to operate in a permissionless fashion, an oracle that imports the real-time price of NFT collections is required. The oracle must price NFTs accurately while being resilient to market manipulations and avoiding false liquidations.
Custom Use case: Loan-to-Value Ratio
The Kyoko team was looking for a custom price oracle that would return the average price of a specific NFT collection within 30 days. This price feed would become an important parameter the power the protocol’s loan-to-value ratio feature.
The average price is calculated by the total value/number of transactions within 30 days. Meanwhile, the average price is a comprehensive calculation result from different NFT markets’ average price result.
DIA has deployed a dedicated xFloor oracle for Kyoko, containing the aforementioned feeds for a variety of NFT collections including Cool cats, Azuki, Otherdeed, Bad Influence and many more. The oracle has been deployed in the Ethereum network as well as its Goerli testnet.
Transparently Sourced NFT Market Data
Pricing NFTs is not an easy task as market manipulations continuously happen across the whole NFT market. Therefore, DIA ensures fair market value by sourcing NFT sales data from multiple marketplaces such as Opensea, X2Y2 or LooksRare.
By directly sourcing NFT trade data from various marketplaces, DIA xFloor’s price feeds manage to represent the broader NFT market. On top of that, it allows DIA oracles to provide transparent price feeds and unlock utility for 18k+ NFT collections beyond blue-chips.
A Custom, Transparent Delivery
To best serve Kyoko’s requirements, DIA built a dedicated and tailor-made oracle. The requirements were transferred to DIA via a Custom Delivery Request — CDR and it is publicly available via the following link: CDR #031: Kyoko Finance.