By integrating IQ Protocol into the Magic Sq. ecosystem, risk-free borrowing has by no means been simpler

Magic Sq. is worked up to announce that IQ protocol is now part of the Magic Sq. ecosystem. With IQ protocol, our customers can simply hire NFTs, unlocking billions in utility. IQ Protocol is a DeFi Resolution for renting NFTs and Crypto Tokens. Customers can use the platform to unlock new income streams for his or her dormant digital belongings.

What’s Magic Sq.?

Magic Sq. is a platform that helps customers to find dApps, DeFi, NFTs, Video games, and rather more in a single place. They’re a Internet 3.0 resolution that allows the group to vet, rank, and prioritize the apps that they imagine in.

The Magic Sq. Retailer is a single, built-in ecosystem for all issues crypto. Magic Sq. appears on the crypto house by means of a holistic lens to seek out community-validated apps. With Magic Sq., it’s by no means been simpler to connect with all your apps with one login.

What’s IQ Protocol?

IQ Protocol is a revolutionary new means for lending and borrowing NFTs and crypto tokens. Due to their first-of-its-kind “warping” expertise, it’s now attainable to borrow NFTs or crypto tokens with out the necessity for collateral.

With IQ Protocol, it’s by no means been simpler to place your NFTs and crypto tokens to work. IQ Protocol permits digital asset house owners to earn passive revenue by safely lending their NFTs & crypto tokens. This offers renters with entry to belongings and their utility for a specified time interval.

IQ Protocol Has already confirmed itself as a trusted supply for storing belongings and at present has over $8 million of locked belongings and has generated greater than $500,000 for its customers.

How does IQ Protocol work?

The rental course of on IQ Protocol is easy for each the lender and the borrower. Whereas different lending and borrowing platforms require onerous staking of belongings, customers of IQ Protocol by no means truly see their belongings go away the protocol. As an alternative, when a borrower desires to hire an asset, IQ Protocol creates a wrapped, expirable model of the underlying asset. That is then issued to the renter. These wrapped belongings have various functionalities based mostly on what has been outlined for them. This “warps” their capabilities. Consequently, IQ Protocol calls these issued, wrapped belongings “warpers”.

For the reason that authentic asset stays secure within the IQ Protocol, house owners by no means want to fret about debtors making off with their tokens. The unique asset is locked inside the protocol for the lifetime of the mortgage and, upon expiration, the warper is burned.

On the renting facet, debtors can obtain the identical end result of gaining access to the options outlined within the warper. With out the necessity to put up collateral to get entry to the rented asset.

Consequently, the one value to the renter is the rental price. When the rental contract is about up with the length of the mortgage, debtors pay a price to hire the asset. The warper is then issued and each the lender and borrower can each take pleasure in advantages.

What Does IQ Protocol Add to Magic Sq.?

The largest profit for Magic Sq. customers is that they’ll now have entry to NFTs, crypto, tokens, and all of the utilities they create just by borrowing them for only a small fraction of the common value. An added bonus for Magic Sq. customers is the power to borrow and stake Magic Sq.’s native SQR tokens. The worth of those tokens is recurrently rising and with IQ Protocols, customers can get full entry to SQR tokens with out full cost.

It’s now attainable to take pleasure in all the advantages of a specific token with out the necessity to truly spend the complete value to purchase it. “This can be a revolutionary idea within the crypto house, and Magic Sq. is making it occur along with IQ Protocol,” Tom Tirman (IQLabs CEO) stated.

IQ Protocol is a decentralized cash market. They permit digital asset renting and on-chain subscriptions. IQ Protocol permits customers to hire wrapped, expirable variations of digital belongings with out the necessity for any upfront collateral. This permits customers to entry their utility whereas permitting holders to earn by offering liquidity with out threat.

As the worth of Magic Sq.’s SQR tokens continues to rise, among the capabilities of the Magic Sq. Retailer, corresponding to use-to-earn or itemizing of a brand new dApp, require the staking of SQR tokens. Due to IQ Protocol, each customers and creators can hire SQR tokens and stake them with out the necessity of paying the complete value.

Consolidate Your Crypto As we speak

With Magic Sq., the power to seamlessly consolidate all your crypto holdings into one place is within the palm of your hand. And because of IQ Protocol, your entry to all of the utilities of NFTs is wider than ever earlier than. Head over to Magic Sq. and see for your self simply how simple it’s.

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