DeFi Mark

5+ years web3 dev. Building on Apechain

[DeFi Mark @MoonMark_]

Purgatory, the peer to peer NFT lending product built into @apechurch, has outperformed our expectations.

We've seen that if you add good incentives for LPs, people love borrowing value against their usually illiquid NFTs.

Purgatory has lent nearly 9M APE against Gimboz NFTs alone. Lenders have earned over 317k APE in interest from putting up their capital against almost SIX THOUSAND Gimboz NFTs.

About ~6% of loans defaulted, allowing lenders to claim NFTs usually worth 2-3x as much value as the loan itself.

Purgatory differs from other lending protocols because there is no oracle, it is a sealed contract between the Lender and the Borrower. You pay me back this amount, with interest increasing hourly, within 30 days or I have the option to keep your NFT. It allows lenders and borrowers to work out their own deal and even delayed pay schedules fully on-chain.

Everything is immutable once set. Nobody can change what your NFT is worth or how much you are owed. There is no oracle or third party you need to trust to ensure your NFT is safe for the duration of the loan.

This deal itself is an NFT. The owner of the Purgatory Deed NFT is the one who receives repayment or is able to claim the NFT if the borrower defaults. This allows lenders to go a step further and sell their debt, or optionally borrow against their own debt, instead of being locked in to a deal.

This not only makes supported NFTs liquid, but the loan itself is also liquid.

We're going to expand on this product even further, adding other chains + collections and allowing for cross-chain execution. Collectors want a secure, trustless, immutable ways of accessing value without risking liquidation or trusting third party oracles.

[Dim0n4ik @dim0n4ik_ape]

I truly believe in @Bayc364 and @apechurch.
Love House
Love Purgatory
Love Poker tournaments
Love farming HP
As for now feels that gimboz community is strongest Nft community. To much Gimbo-Value.
If you bullish for @OthersideMeta @BoredApeYC, there is no way not to hold Gimbo

[Tclaws @TeviLawson13]

I’m legit glad I doubled down on @apechurch and sniped 4 Gimboz yesterday before @Bayc364 and the team swept.

Seeing this post today makes me even more bullish on this ecosystem than I already was.

!Church🐸

[ApeChainHUB @ApeChainHUB]

@Bayc364 @apechurch Church

Just grabbed a couple more 🦍🦍

[Merc @Justmerc]

We swept 100,000 $APE of Gimboz today because we believe in what we're building.

Markets turn. Real builders don't disappear. We're doubling down on @apechurch and the $APE community.

Proud to build this with @Bayc364 and @MoonMark_ .

We're just getting started.

[KOKO @Bayc364]

When times get tough, there’s no better moment to double down on yourself, what you’re building, and the people who believe in you.

Today, we swept 100,000 $APE worth of Gimboz NFTs as part of our ongoing commitment to strengthening the @apechurch ecosystem and creating long term value for the greater $APE community.

Market conditions come and go. Conviction is what separates those who build through the hard times from those who disappear when things get difficult.

We’re not going anywhere. We’re just getting started.

[DeFi Mark @MoonMark_]

Gimboz are the coolest NFTs in crypto and nothing will convince me otherwise. Good tech, good rewards, they're the guardians of the church! What else could you ask for.

Join us or stay sidelined. We're just getting started.

[KOKO @Bayc364]

When times get tough, there’s no better moment to double down on yourself, what you’re building, and the people who believe in you.

Today, we swept 100,000 $APE worth of Gimboz NFTs as part of our ongoing commitment to strengthening the @apechurch ecosystem and creating long term value for the greater $APE community.

Market conditions come and go. Conviction is what separates those who build through the hard times from those who disappear when things get difficult.

We’re not going anywhere. We’re just getting started.

[Ape Church Bell 🔔 @ApeChurchBell]

ApeChurch Deployer has swept 27 GIMBOZ NFTs for a total cost of 104,874.00 APE, purchasing each NFT at an average price of 3,884.22 APE. @apechurch

[KOKO @Bayc364]

Gimbo morning ☀️

[duggs @duggiano]

25 ape and a dream baby 😮‍💨 king of the frenchies @apechurch https://t.co/ucxX3d1QhQ

[DeFi Mark @MoonMark_]

@Nfts4bob @apechurch Bob maybe it’s my wifi right now but this looks like just a photo! I wanna see the run!

[DeFi Mark @MoonMark_]

@JayBClassics These two are deadly together especially for game dev. I built a harness specifically for this. I talk to claude, it talks to Astra + other models as needed for art assets, SFX, blender work etc. Claude handles planning + integration

[KOKO @Bayc364]

Happy Gimbooween 🎃

[DeFi Mark @MoonMark_]

@FundyApe3659 @Bayc364 @apechurch Welcome to Church! Happy to have you Fundy, you were kicking ass in the mud water tourney. See you on Sunday!

[FundyApe🍌 @FundyApe3659]

Late to the party, but absolutely had to grab a Gimbo after seeing @Bayc364 @MoonMark_ and the @apechurch team ship the Mudwater Poker tourney so quick.

Now you are telling me I get to play in Freerolls like THIS just for holding my Gimbo?! Heck yeah!

Check out my new guy!

[DeFi Mark @MoonMark_]

@twosevensixeth @Nfts4bob He likes to really savor his wins with 1x speed.

[tboe 🍌 @tboe3D]

Bought 2 more Gimboz on Apechain by @apechurch here

Proud to be in one of the best communities on ApeChain 🤝

[DeFi Mark @MoonMark_]

Absolute carnage in cyber security today. Makes me greatful to be building in web3 and have all critical infrastructure / payment rails entirely on-chain. You're almost spoiled, at least when it comes to financial security, if you build non custodial systems. Own your keys folks

[DeFi Mark @MoonMark_]

@apechurch Church! New dashboard is my favorite

[Ape Church @apechurch]

THE NEW APE CHURCH

A completely rebuilt platform, made to feel as good as it plays