Sherlock Announced $30 Protected Release of Protocol

Sherlock announced last Friday, September 23, through his Twitter account, the protected launch of $30M of the Sherlock protocol.

Image on Sherlock’s Twitter post

“Sherlock is pleased to highlight the protocols that we will cover over the next several weeks for our protected mainnet launch! These protocols can be launched with exploit coverage, which adds a sense of security and risk reduction in the eyes of the user”, he said through an article published on his website.

Options for NFT

The company explained that there are billions of dollars in intangible value locked into NFT and it has been nearly unusable for NFT owners. With Nifty Options, that changes. The DeFi options market has lacked NFT’s burgeoning asset class, and we are excited to partner with a product that is a pioneer in this new space.

“Introducing NiftyOptions (from Teller Org, Inc.) – the first on-chain NFT options trading protocol to launch today on the Ethereum mainnet! Today’s popular derivative options platforms do not provide the ability to trade NFT options, so we are excited to see NiftyOptions innovate in this space, signaling the summer revival of NFT / DeFi. As more value accumulates for NFTs, we need more financial services built around this asset class”, he noted.

According to the company, NiftyOption contracts offer the right to sell a specific NFT at an agreed price and an expiration date in the future. NFT coverage. Borrow against NFT. Sell ​​NFT options.

“When a user creates an option contract, the option contract itself is minted as a new NFT. Once the option is completed, the NFT of the option contract itself can be used as collateral based on the value of ETH available in the option. Quite a goal. This guaranteed amount can be used as collateral in other DeFi systems”, he added.

Also read: Kraken Announced Commitment to Fund Bitcoin Rust Development

Sherlock and Nifty options

The company indicated that Sherlock is excited to partner with Nifty Options because they have a ton of great attributes that Sherlock looks for when deciding to cover protocols.

“Nifty Options is part of the Teller Org family and we were impressed with the team from Day 1. They were battle hardened and emphasized the importance of security and good development practices from Day 1. It also helps that they are creating a new primitive DeFi (NFT options) using very few lines of code and no oracles or composability with other protocols. From the Sherlock team’s perspective, these are exactly the kind of protocols that we want to build long-term partnerships with”, he said.

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