Gondi V1 was launched in July 2023 as a proof of concept for a more capital efficient credit market for NFT-backed loans. Since then, Gondi V1 has facilitated $15M USD worth of origination, $6M USD of TVL and hundreds of loans against the most valuable NFTs. Today, we are excited to announce the launch of Gondi V2 on Ethereum’s mainnet. Gondi V1 introduced novel mechanics to the on-chain lending market including (i) instant refinancings, (ii) pro rata interest loans, (iii) partial refinancings, (iv) Art Blocks collection offers, (v) Multiple offers per item, (vi) loan capacity for collection offers and more. All of this while saving 50% gas on average to users.

Gondi V2 introduces:

• Buy now, pay later, allowing the purchase of NFTs using Gondi loans across 150 marketplaces including Cryptopunks native marketplace and Opensea. Collection-level loan offers are used for BNPL increasing the capacity to deploy more capital for lenders.

• Sell & Repay, allowing borrowers to accept buy offers made at other marketplaces or natively at Gondi, to repay the owed amount of a loan and keep the difference.

• Refinancing Lock-ups, creating a more balanced approach between an incoming vs outgoing lender on a loan. Newly originated loans will not be eligible for refinancing for 5% of the remaining loan duration. The same lock-up applies on every refinance done both at a full or partial level where tranches are locked up.

• Flexible Principal, allowing borrowers to choose a partial principal amount of a loan offer.

• Loan Extensions, allowing lenders to seamlessly extend a loan without making any change to the other loan terms

• Vaults, allowing borrowers to bundle multiple ERC-721s, ERC-20s and even ETH into a vault and then borrowing against it.

• Delegate.cash, allowing users to delegate to a hot wallet. This also allows borrowers to prove ownership and claim airdrops.

• Flash Actions

These new features built on top of Gondi V1, make Gondi V2 the most capital efficient and flexible NFT lending protocol ever deployed on mainnet.

For a more detailed explanation of Gondi V2 mechanics check out docs.gondi.xyz

Audits

Security is a top priority for Gondi. Our auditing process for V2 included:

• A complete audit from Quantstamp

• A complete audit from 0xQuit

• A complete audit form 0xFoobar

• Comprehensive review process from our engineering team

Launch Details

Gondi V2 contracts have been deployed on Nov-12-2023 01:21:47 PM +UTC.

V2 contract address can be find at docs.gondi.xyz/protocol-contracts

Gondi V1 Loans

Outstanding V1 loans remain unchanged with this new release. Gondi V1 loan will continue to work with prior mechanics and still be compatible with the Gondi dapp.

There’s no mechanism to upgrade loans to V2. From this moment onwards, all loan offers and loan originations will be exclusively for Gondi V2.

Join Gondi

We will be releasing further updates and features on Gondi V2 which we haven’t announced yet. Gondi has a Typescript and Python SDK for builders in the community. We would love to hear from you and continue to push the space forward:

To get involved and stay informed:

• Join the Gondi community discord: https://discord.gg/gondi

• Follow Gondi on X: https://twitter.com/gondixyz

The Gondi Team