Gondi’s NFT Lending App Achieves all-time-high $34M in Total Value Locked after V3 Release

Gondi, a decentralized lending app for non-fungible tokens (NFTs), experienced a significant increase in its total value locked (TVL) to a record $34 million, as reported by DefiLlama.

This surge in TVL is due to the listing of Gondi’s latest v3 update on DefiLlama. The v3 update has been active for over two months, but was only tracked by the platform starting from December 27.

The v3 version currently holds $22 million in TVL, representing about 65% of the total deposits on the platform.

Gondi is a non-custodial application that allows users to lend and borrow against Ethereum-based NFTs. The platform has been operational for more than a year.

Users can deposit their NFTs as collateral to borrow Wrapped Ether (WETH) or USDC, with interest accruing on a pro-rata basis. Lenders, on the other hand, can deposit WETH or USDC to earn interest and manage their loans with customizable risk parameters.

According to Gondi, there are over $41 million in outstanding loans, comprised of 6.02 WETH and $21 million in USDC.

DefiLlama data reveals that the most popular NFTs on Gondi’s v3 platform are Wrapped Cryptopunks, which make up 70% of the TVL. Other popular collections include Wrapped Ether Rock (WER), Chromie Squiggle, FIDENZA, Doodle, and PPG.

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