Borrow Against and Redeem stakefish Staking NFT's
Last updated
Last updated
Parallel offers holders of stakefish Non-Custodial Staking NFT's the ability to borrow against and instantly unstake their Ethereum Beacon chain position. These NFT's are a perfect complement to our cross-margin NFT-Finance protocol, and their effective decentralization and permissionless nature aligns well with Parallel values.
stakefish is the single-largest Ethereum staking pool operator, and it now offers its users the ability to mint an NFT which directly gives them access to their non-custodial staking principal and rewards.
And in this the user has direct access to their ETH staking principal and rewards, but with Parallel a user need not request withdrawal to access liquidity from their stakefish NFT. Staking yields are high for holders of stakefish NFT's, but what users gain in yield they give up in liquidity
Parallel helps solve this problem by providing instant liquidity to users who seek to borrow against their valuable stakefish NFT's. Such functionality works in the same decentralized and permissionless P2Pool fashion as does lending against Art and Collectible NFT's.
stakefish NFT holders may deposit these tokens into the Parallel protocol and gain a credit line which allows them to borrow ETH and ERC-20 tokens against the same. In doing so they can keep their ETH staked on the Beacon chain while also accessing liquidity in ETH itself, stablecoins, or any other supported ERC-20 fungible tokens.
If an NFT holder wishes to exit their staking position entirely, they may simply supply the token to Parallel and use the permissionless marketplace and sell it to those looking to stake ETH. In fact the NFT holder need not wait until the token sells to access liquidity--they may gain access to ETH loans immediately which will automatically be repaid once their NFT sells.
The Parallel marketplace will thus allow users to gain liquidity or stake ETH via stakefish. And indeed the purchaser may use our "Buy Now Pay Later" leveraged bid and purchase system to access 32 ETH validator node positions with less than 32 ETH.
One of the truly exciting aspects of stakefish NFT's is that it grants the NFT holder full rights to not only request a full withdrawal of ETH but also regularly claim rewards. Parallel will build upon this functionality to offer stakefish NFT holders to manually or automatically claim staking rewards. And in doing so the protocol will enable users to manually or automatically compound Ethereum staking rewards into the Parallel ETH money market--further boosting yields.
.svg)
