Fungify x Berachain
Fungify is excited to announce the launch of its Pools and Index protocols on Berachain. Until now, Fungify has only been available on the Ethereum mainnet, as the NFT ecosystem on other EVM-compatible chains was not mature enough to justify a deployment. Berachain, however, started with Bong Bears—the first rebasing NFT—and has since grown via rebasing to add collections like Bond Bears, Boo Bears, Baby Bears, and Band Bears. Independent projects like The Honey Jar have further fueled this growth, creating a vibrant, creative community that is ready for financialization. With this strong foundation, Berachain is set to become a leading L1 solution— making it the perfect home for Fungify.
Pools has been active on the Ethereum mainnet for the past eight months, achieving a cumulative loan volume of over $25 million. Recently, Pools has also been deployed on the Berto testnet and will soon be accessible to the public. On ETH mainnet, It has already facilitated over $4 million in loan volume specific to the Berachain NFT ecosystem, supporting notable projects like THJ and Bit Bears.
The Index, which has been live for just two weeks, has already reached a liquidity pool of $600k. Pools will be deployed first on Berachain, followed by the Index. While the Pools deployment will largely mirror the Ethereum deployment, it is important to discuss the implications for the Index as part of our cross-chain strategy.
The Cross-Chain Strategy
The Index token, $NFT, can be wrapped and bridged to other chains. There, it can provide exposure to NFTs for communities that cannot afford either the transaction fees or the cost of Ethereum NFTs. When a chain develops its own NFT ecosystem, an index for that chain can be created, using the Ethereum NFT index as a base. This allows activity on the other chains to feed back liquidity to the Index on Ethereum. Even more than this, the Index from the other chain can be bridged back to Ethereum to allow users on the Ethereum mainnet to get exposure to that ecosystem’s NFTs. In the process, because the $NFT token is the base of every index, it still drives demand to the underlying Ethereum Index, allowing it to grow further in size.
This strategy can be replicated across every chain, funneling demand from across the entire blockchain space to the Ethereum index, and providing a base from which the index of other chains can grow. Berachain will be the first chain where we deploy this strategy.
About Fungify
Fungify is composed of two NFTFi applications: Pools and Index. Pools is a cross-chain lending protocol for NFT yields and loans. It allows you to earn interest while borrowing against your NFTs, stablecoins, or any other digital asset. The Index is an NFT ETF allows fractional exposure to a market-capitalization weighted basket of blue-chip NFTs. The two applications come together by allowing you to use the $NFT token as collateral on Pools to borrow, providing integrated utility across both protocols.
About Berachain
Berachain is a high-performance EVM-identical blockchain built on Proof-of-Liquidity consensus. Learn more:
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