Solv Protocol is a decentralized platform created specifically for creating, managing, and trading financial NFTs.
Blockchain has brought a lot of innovations to the world in such a short amount of time, but the mainstream adoption rate is just starting to take off. In other words, it would soon evolve into new forms and services that would further redefine how people interact with their assets and how they grow their wealth.
Table of Contents
Background
Non-fungible tokens (NFTs) are one of the most popular blockchain-based products. And while they are usually associated with immersive artworks, NFTs can also play a bigger role outside the art realm. NFTs can also serve as an effective financial tool to help investors and traders tap the opportunities of decentralization to seek a new and viable stream of revenue and grow their wealth even further.
What is Solv Protocol?
Solv Protocol is a decentralized platform created specifically for creating, managing, and trading financial NFTs, a new type of digital asset with massive potential at its back.
The idea of a financial NFT was born from the necessity of applying NFTs to more critical areas of finances, such as using it as representation and certification for any type of financial equity.
But based on ERC-721’s specification, NFTs are specifically used to identify a person or an object in a unique way. And this is certainly a problem since financial scenarios require natural instead of unique representations.
This is where Solv Protocol enters with its fractionalized NFT Standard called “vNFT,” an ERC-721 extension that equips NFT assets with both quantitative property and operations. In other words, vNFTs are ideal digital assets for financial scenarios.
Vouchers
In Solv Protocols’ world, Vouchers are Financial NFTs intended to simulate debt certificates, real-world property rights, deposit certificates, investor shares, house and land deeds, forward contracts, and more.
Solv Vouchers
Solv Voucher is a decentralized finance (DeFi) application that uses Solv Protocol and its vNFT Standard; and only charges 1.5% on every successful transaction.
With the help of smart contracts of Solv Vouchers, digital assets can turn into Vouchers which represent investment allocations as composable or splittable NFTs, which will be discussed in detail later on.
Another important thing that traders and investors need to know is that Solv has not yet issued any governance token, which means that any token or voucher claiming to be a Solv governance is a clear fraud.
When it comes to upcoming opportunities, various projects are now preparing to issue their allocation of Vouchers, and Solv Protocol will soon provide an opportunity for everyone to mint vouchers on their preferred ERC-20 tokens.
Vesting Vouchers
Vesting Vouchers are safe boxes that are automatically executed and programmed in the form of NFTs. ERC-20 tokens could be locked into this safe box as a Vesting Voucher, with various ways for platform users to release their tokens.
Benefits of Vesting Vouchers
1. Users can trade them on open NFT markets, and holders can borrow against Vesting Vouchers for lending. Platform users can also package a group of vouchers and fractionalize them so they can issue derivatives.
2. They are compatible with all ERC-721-supported structures.
3. Based on Solv Protocols release rules, Vesting Voucher holders have the right to claim their lock-up tokens.
4. Teams behind blockchain projects don’t have to apply additional code development for project managing allocations. On top of that, they can facilitate a transparent OTC market on-chain for lending and trading allocations.
5. Vesting Vouchers are ideal for airdrops or liquidity mining as they have a cheaper cost for distributing lock-up allocations.
6. They serve as a one-stop solution for lock-up tokens and are ideal containers for locking up tokens and don’t have a rigid circulation.
Accessing Vouchers
How To Purchase Vouchers on the Marketplace
1. Click “Marketplace”.
2. Point the cursor over a preferred voucher, and click the “Buy” button.
3. Users can purchase a voucher by the amount or by value.
How To Purchase Unlisted Vouchers
1. Click the “Off-market” button, which is on the right side of the Marketplace.
2. To make an offer on a preferred voucher, click the “Make Offer.” Once the voucher holder accepts the offer, the purchase process is finished. Please be reminded that this feature isn’t online yet, but Solv will soon announce its release.
How To Cancel Voucher Orders
1. Hover the mouse on the right side of the screen and click the “Cancel” button of the corresponding voucher.
2. Click “Cancel Order” and pay the required fees for the cancellation.
How To Sell Vouchers
Fixed Price
1. Set the desired price for a voucher
2. To start the sale, users may choose the default “Sell Now” or select the “Scheduled” option
3. Click the ‘Advanced’ button. Users have the option to set up a Purchase Limit with a minimum value and a maximum value.
4. After authorizing to list a voucher, it will then be available in the Marketplace.
Variable Price
1. Set the desired starting and final price of the voucher
2. Choose the desired duration period.
3. Users may choose between the “Sell Now” or “Scheduled” option to start a sale.
4. Click the ‘Advanced’ button. Users can set up a Purchase Limit with a minimum value and a maximum value.
Solv Marketplace
Solv Marketplace is a decentralized exchange specifically made for Financial NFTs and is equipped with fractionalized features to facilitate NFT trading.
All financial transactions are done in the Ethereum blockchain to ensure security and transparency, giving users peace of mind that their assets are protected.
The Marketplace also implements fixed and variable prices as these features have already proven their benefits on regular NFT exchanges.
OpenSwap Partners With Solv Protocol
OpenSwap, a DeFi Hub that offers a wide array of products, including DEX Aggregator, Liquidity Queues, Hybrid Routing, among others, has announced that it will issue vouchers on Solv’s platform.
The DeFi firm has an existing staking program, and its staking rewards tokens have a vesting schedule of a minimum of six months, and its potential can multiply through the use of Solv’s Vesting Voucher.
OpenSwap currently runs two campaigns called ‘Liquidity Queue Providers Kickstart Program’ and ‘Queue Trading Competition’ that utilizes Solv Protocol to provide rewards.
Solv Joins Immunefi To Keep Its Platform Secure
To further highlight its dedication to keeping its platform secured, Solv has joined in a bug bounty platform called Immunefi, which provides rewards on participants to keep the DeFi space secured from cyber threats.
With the help of Immunefi, Solv has offered a $50,000 “bounty” as a reward for both developers and white hats in searching for possible vulnerabilities, risks, and limitations in its protocol.
Solv’s participation in the event aims to protect the platform from big threats, including loss of user funds, freezing of unclaimed yield, smart contract failures, and theft of unclaimed yield.
How To Get Started With Solv Protocol?
Project teams interested in using Solv Protocol’s services may submit their project information, token address, and Vesting Voucher cover on Solv’s Discord server.
After the Solv Team whitelists their token, they could now proceed on minting their Vesting Vouchers and execute operations with vouchers, including splitting, merging, claiming, and transferring.
All these operations can be done without code development, making it easy for project teams to focus on leveraging Solv’s Vesting Vouchers rather than being entangled with technical matters.
Conclusion
Solv Protocol has effectively tapped the benefits of NFTs to create innovative products and services to better refine a trader and investor’s interactions with digital assets. With its unique idea of creating a financial NFT on the Ethereum blockchain, the platform is in a solid position to attract more traders and investors to its platform.
