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Hoard Exchange Review: Bringing Mass Functionality To NFTs

CryptocurrencyJul 28, 2021 08:31AM ET
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Hoard Exchange Review: Bringing Mass Functionality To NFTs

NFT Exchange paves the way for broader adoption of Non-Fungible Tokens (NFTs). Its mission to build a blockchain-powered ecosystem where users can contribute to development and governance paves the way for more general industry engagement. It was also one of the first NFT projects to explore the DAO governance model to achieve complete decentralization.

The Hoard Exchange Vision

One of Hoard Exchange’s primary selling points is True Ownership. Users are free to trade, buy, sell, loan, and rent non-fungible tokens. Moreover, those costs can span in-game items, digital art, and even domain names, allowing for ample flexibility. Initially founded in 2018, Hoard’s vision remains the same today:: empowering users and developers with the correct infrastructure to showcase the potential of blockchain technology.

Under the hood, Hoard is built on the Ethereum blockchain and has implemented support for Plasma. That latter option allows the team to tap into a growing user base, as Plasma is designed to strengthen the Ethereum blockchain. The technical side of Plasma ensures there is no unnecessary data in Ethereumm’s blockchain, as only completed transactions are broadcast to the Ethereum chain. It results in an inexpensive way of interacting with the broader ecosystem.

Opting for this dual-pronged approach has made Hoard Exchange one of the more successful platforms in the NFT industry today. In addition, as a platform designed for the gaming industry, the launch of its SDK can bring tremendous amounts of in-game assets to this ecosystem over the coming years. For now, the team is not focusing entirely on the traditional gaming industry. Its platform is open to any game developers, and blockchain-based gaming solutions keep gaining momentum.

The Benefits of Hoard Exchange

Thanks to its NFT-oriented technology, Hoard Exchange provides some intriguing concepts to gaming enthusiasts and developers. For instance, users can acquire actual ownership of their virtual items. In most games, items are linked to an account, yet users cannot take these items outside the game. Solutions like Hoard change that narrative, as the item exists on the blockchain and the owner has complete control over it.

Secondly, Hoard’s native NFT marketplace is an intriguing addition. The code is completely open-source, and anyone is welcome to submit changes, ideas, or suggestions. Building a global ecosystem requires a decentralized and open-source approach. Moreover, the Marketplace, launched in late May 2021, provides loan and stake functionality.

NFT Loans Explained It is intriguing to see NFTs being used for collateral to obtain loans in cryptocurrency. Current loan assets include HRD, DAI, USDT, USDC, and BUSD. For the collateral side, users can supply many types of NFTs, with more types being added over time. Additionally, anyone owning assets from CryptoKitties, Wrapped CryptoPunks, Axie Infinity, SupperRare, and other platforms can put them to use through Hoard’s Marketplace.

As an NFT owner, users can request a loan by listing their non-fungible tokens as collateral through Hoard’s Marketplace protocol. Users can set the minimum value they want to receive as a loan. If a lender reviews the assets and offers the loan, they can charge the borrower interest. Once an offer is signed and accepted, borrowers have to repay the loan before the due date. Failure to do so will see the NFT collateral being transferred to the lender.

Flash Loans The team also introduced a flash loan service to let borrowers access instant and uncollateralized loans. These transactions are taken, used, and repaid within one transaction. If repayment is not possible, the transaction is reverted, creating risk-free lending solutions for lenders. Flash loans like these can be sued for arbitrage, collateral swaps, and self-liquidation purposes.

The introduction of flash loans lets lenders gain interest through a risk-free product and loans can be set up in a few clicks. For borrowers, they have easier access to funds with clear instructions on how to go about this option,

Hoard Staking Explained The Staking functionality is an incentive for hodlers of Hoard’s native HRD token. Staking lets HRD holders lower the platform fees on the Marketplace. Additionally,s takers will receive part of the platform fees paid out in staking rewards. As an HRD holder, there is now a double yield opportunity if they add liquidity to ETH/HRD trading on Uniswap and stake their liquidity provision tokens on the Hoard Marketplace.

The HRD Token As the native asset of Hoard, HRD serves as an ERC20 token to pay for purchases of items within this ecosystem. That includes games designed on the platform. Developers can use HRD to pay service fees. The tokenomics are as follows:

  • Token Name: Hoard
  • Symbol: HRD
  • Type: ERC20 (Utility Token)
  • Supply: 1,000,000,000
  • Emission: Fixed
  • HRD Token Market: HRD/ETH on Uniswap, HRD/KRW and HRD/USDT on probit, HRD/USDT on dcoin
  • Utility Token: Fee, Governance token
  • Network: Ethereum Blockchain

The Software Development Kit (SDK)

To cater to aspiring and advanced game developers, Hoard has released its SDK. This user-friendly tool is easy to use and helps integrate any game with this blockchain-based solution. There is no need for developers to “train” themselves in blockchain technology, as everything is taken care of by the software development kit.

Closing Thoughts

Hoard positions itself as a prominent and evolving NFT-oriented service provider. The Marketplace is a good addition, and the growing focus on decentralized finance products and services can prove worthwhile.

In addition, bringing more usability to NFTs can bring broader attention to the blockchain industry. As this functionality is now accessible by the masses, now is a good time to check out what Hoard offers.

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Hoard Exchange Review: Bringing Mass Functionality To NFTs
 

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