KuCoin Partners with Fracton Protocol to Bring Top NFTs to The Broader Audiences
KuCoin, a global cryptocurrency exchange, has announced that on July 15th, 2022, it has entered into partnership with Fracton Protocol - a fractionalization NFT liquidity protocol. KuCoin will cooperate with Fracton Protocol to improve the liquidity of NFT assets and lower the investment threshold for retail users to participate in NFT investment. By bringing the top NFTs to a broader range of audiences, KuCoin will launch the NFT ETF Market, and the first batch of trading pairs will include hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4, then KuCoin will launch more NFT ETFs with the help of Fracton Protocol.
Between 2021 and 2022, more than 20% of total market gas fees were attributed to NFTs. The values peaked at 46% in June 2022. Even under the conditions of a predominantly bear market, NFT activities remain as the biggest gas generator on Ethereum. However, the majority of crypto users still consider NFT infrastructures, such as Opensea, as well as wallets, smart contracts, and other market elements difficult to manage. Even for on-chain users, the exorbitant price of top NFTs and the poor liquidity still need to be concerned.
To make NFTs more attainable for their 20 million crypto users worldwide, KuCoin partnered with Fracton Protocol to launch fractionalized NFT trading pairs. It provides the means to help all crypto users get the NFTs they like, whether 10-USDT-valued PUNKS or 200 pieces of Sandbox 3*3 land. With the help of Fracton Protocol Meta-Swap, inter-protocol market makers can provide immediate liquidity.
Some distinct features of Fracton Protocol:
· Dual NFT Fractionalization: total 1M ERC-20 fractions for one NFT to further release liquidity.
· Innovative Fractions Vault: joint liquidity pools for representative NFT collections to support instant redemption.
· Decentralized Fundraising: no barriers for people to participate in fundraising, owning partial ownership of top NFTs.
· Convertible ERC-1155 tokenized fractions: fundamental standard for NFT fractions vault.
· Meta-Swap: One-Stop Swap for Multiple Standards Tokens to break through the traditional exchange paradigm.
Fracton Protocol will launch hiBAYC Tokens based on BAYC NFT as Debut. hiBAYC is an ERC-20 token representing 1/1,000,000 ownership of the target BAYC in the BAYC Meta-Swap of Fracton Protocol. As the first step of this cooperation, KuCoin will support the hiBAYC token sale. Meanwhile, KuCoin will launch the NFT ETF Market to support hiBAYC token trading. As the partnership progresses, KuCoin will support more fractionalized NFT tokens such as hiPUNKS to be released on Fracton Protocol soon.
“NFTs are regarded as the next trend of the crypto world, but for now it is difficult for common users to invest and trade NFTs.” as Johnny Lyu, the CEO of KuCoin, stated, “ As a consumers-centered crypto trading platform, KuCoin is committed to offering user-friendly products and real-potential novel assets to its users. Through the partnership with Fracton Protocol, KuCoin allows investors to easily participate in NFT investments. In addition, we will build a bridge connecting the decentralized world and centralized exchanges to provide a better experience with high liquidity and security for NFT trading, which accelerates the establishment of a mature NFT market.”
Sebastian Chen, core developer of Fracton Protocol, added, “Two weeks ago, two whales completed a $3.16 million loan on one NFT lending protocol with 147 CryptoPunks as collateral. On the other hand, the daily trading volume of CryptoPunks is around 350k USDT, which is less than 5 CryptoPunks. The secondary market indeed cannot match the potential liquidity demands based on most NFT collections. With KuCoin’s industry-leading capabilities of operating innovative crypto assets, we believe our cooperation will make a profound impact on the NFT market.”
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 20 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2021. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.
About Fracton Protocol
Fracton Protocol is a NFT liquidity infrastructure, with 2 steps of fractionalization (ERC721-ERC1155-ERC20), provides permissionless liquidity and oracle for all kinds of NFTs. Based on a deeply reformed ERC1155 middle layer standard, Fracton is building a non-status smart contract system, to increase the protocol’s efficiency, lower gas fees, and maximize asset security.
Dedicated to abstracting the financial layer apart from the utility of NFTs, Fracton can be easily integrated into both CEX and Dapps, and also offer solutions for both inter-protocol liquidity providers and fractionalized NFT market makers.
To find out more, visit https://www.fracton.cool.
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