ParaSpace Helps Azuki Owners Drop Elementals Immediately On Platform
Key Points:
- Elementals airdrops can now be claimed on the NFT ParaSpace lending platform, which makes Azuki holders eligible for them.
- Participants in the Elementals airdrop do not need to use the Flash Claim feature to get Azuki back.
- A banner at the top of the lending page will indicate whether you are eligible to claim.
NFT lending platform ParaSpace tweeted that Azuki holders can now request Elementals airdrops through the ParaSpace Flash Request function without redeeming Azuki.
Eligible users to claim, they will see a relevant banner at the top of the loan page.
The decision to temporarily suspend Azuki’s team, including deposits, withdrawals, and liquidations, was made public yesterday by ParaSpace. Users will be given more time to replenish liquidity, pay off debt, and improve their health as a result of this measure.
The decision was made in light of the most recent Azuki ecosystem collections, which were widely criticized by the community for not meeting their expectations with the Elemental collection.
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Within seven days of the confidence crisis in Azuki beginning, the price dropped by more than fifty percent. Yesterday, NFT lending platform ParaSpace abruptly halted Azuki’s collateral liquidation due to insufficient liquidity, resulting in tens of thousands of dollars in bad debt.
The official said that the move was made to give people more time to get healthy, pay off debt, and get their money back, but the liquidation will continue after that. Additionally, the lending platform claims that ParaSpace’s reserves will cover any shortfall at the end of the suspension. However, it should be noted that ParaSpace’s losses might spread even further without Azuki’s price stabilizing.
Lending contracts must demonstrate their value for an illiquid asset like NFT at a time when the market is facing significant difficulties as a result of the sharp decline in market prices.
In the NFTFi array, the community notices a lending project called ParaSpace. The platform has surpassed BendDAO to lead the TVL ranking of NFT Lending projects, despite just launching the mainnet version.
