The Pine Protocol comprises a set of smart contracts deployed on multiple blockchains including Ethereum, other EVM (Ethereum Virtual Machine) chains, Solana and more.
Pine Protocol – blockchain infrastructure for asset-backed loans. Pine Platform will function as a decentralized marketplace for lenders and borrowers using non-fungible tokens (NFTs) as collateral for instant permission-less loans; built on top of the Pine Protocol.
$PINE functions as the native governance token, access token, and economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on Pine, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. $PINE is an integral and indispensable part of Pine, because without $PINE, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on Pine. Given that additional $PINE will be awarded to a user based only on its actual usage, activity and efforts made on Pine and/or proportionate to the frequency and volume of transactions, users of Pine and/or holders of $PINE which did not actively participate will not receive any $PINE incentives.
$PINE Holders will have control over the PineDAO which governs both the Pine protocol and the Pine Platform and manages their future development. $PINE would allow holders to propose and vote on on-chain governance proposals to determine future features and/or parameters of Pine, with voting weight calculated in proportion to the tokens staked.
Pine Protocol, an NFT-backed crypto loan platform, has raised US$1.5 million in a seed round led by Sino Global Capital, Amber Group, and Spartan Group, the company told Tech in Asia.
Investors including Alameda Research, Gate Ventures, Impossible Finance, and Shima Capital also took part in the fundraise.