Ultra Partners with Elrond for New NFT Based DeFi
The Ultra team announced a new partnership with Elrond with the aim of setting the foundation for NFT-based DeFi use cases. The NFTs released on Ultra will be part of the DeFi products launched on Elrond.
Elrond is a blockchain platform that aims to be highly scalable through a sharding mechanism and a Secure Proof of Stake. Apparently Elrond can manage 15,000 TPS, and it's focused on distributed apps and enterprise use cases.
Ultra and Elrond with their partnership want to make the two blockchains interoperable, in order to leverage the major use cases of NFTs released on Ultra. Indeed, it will be possible to use Ultra's NFTs on Elrond's DeFi projects.
“All games published on Ultra are tokenized assets which have hard intrinsic value. We believe DeFi will bring new use cases for these NFTs such as collateralized microloans which will ultimately benefit Ultra’s gamers. Elrond’s partnership is our first step towards this goal.” - David Hanson, Ultra Co-CEO
The first step for this process involves enabling eGold (EGLD) as a payment method on the Ultra platform.
Sources:
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