Magic Square is excited to announce that IQ protocol is now a part of the Magic Square ecosystem. With IQ protocol, our users can easily rent NFTs, unlocking billions in utility. IQ Protocol is a DeFi Solution for renting NFTs and Crypto Tokens. Users can use the platform to unlock new revenue streams for their dormant digital assets.
What is Magic Square?
Magic Square is a platform that helps users to discover dApps, DeFi, NFTs, Games, and much more in one place. They’re a Web 3.0 solution that enables the community to vet, rank, and prioritize the apps that they believe in.
The Magic Square Store is a single, integrated ecosystem for all things crypto. Magic Square looks at the crypto space through a holistic lens to find community-validated apps. With Magic Square, it’s never been easier to connect to all of your apps with one login.
What is IQ Protocol?
IQ Protocol is a revolutionary new means for lending and borrowing NFTs and crypto tokens. Thanks to their first-of-its-kind “warping” technology, it’s now possible to borrow NFTs or crypto tokens without the need for collateral.
With IQ Protocol, it’s never been easier to put your NFTs and crypto tokens to work. IQ Protocol allows digital asset owners to earn passive income by safely lending their NFTs & crypto tokens. This provides renters with access to assets and their utility for a specified time period.
IQ Protocol Has already proven itself as a trusted source for storing assets and currently has over $8 million of locked assets and has generated more than $500,000 for its users.
How does IQ Protocol work?
The rental process on IQ Protocol is simple for both the lender and the borrower. Whereas other lending and borrowing platforms require hard staking of assets, users of IQ Protocol never actually see their assets leave the protocol. Instead, when a borrower wants to rent an asset, IQ Protocol creates a wrapped, expirable version of the underlying asset. This is then issued to the renter. These wrapped assets have varying functionalities based on what has been defined for them. This “warps” their capabilities. As a result, IQ Protocol calls these issued, wrapped assets “warpers”.
Since the original asset remains safe in the IQ Protocol, owners never need to worry about borrowers making off with their tokens. The original asset is locked within the protocol for the life of the loan and, upon expiration, the warper is burned.
On the renting side, borrowers can achieve the same outcome of having access to the features defined in the warper. Without the need to put up collateral to get access to the rented asset.
As a result, the only cost to the renter is the rental fee. When the rental contract is set up with the duration of the loan, borrowers pay a fee to rent the asset. The warper is then issued and both the lender and borrower can both enjoy benefits.
What Does IQ Protocol Add to Magic Square?
The biggest benefit for Magic Square users is that they can now have access to NFTs, crypto, tokens, and all the utilities they bring simply by borrowing them for just a small fraction of the regular cost. An added bonus for Magic Square users is the ability to borrow and stake Magic Square’s native SQR tokens. The value of these tokens is regularly increasing and with IQ Protocols, users can get full access to SQR tokens without full payment.
It’s now possible to enjoy all the benefits of a particular token without the need to actually spend the full price to buy it. “This is a revolutionary concept in the crypto space, and Magic Square is making it happen together with IQ Protocol,” Tom Tirman (IQLabs CEO) said.
IQ Protocol is a decentralized money market. They allow digital asset renting and on-chain subscriptions. IQ Protocol allows users to rent wrapped, expirable versions of digital assets without the need for any upfront collateral. This enables users to access their utility while allowing holders to earn by providing liquidity without risk.
As the price of Magic Square’s SQR tokens continues to rise, some of the functions of the Magic Square Store, such as use-to-earn or listing of a new dApp, require the staking of SQR tokens. Thanks to IQ Protocol, both users and creators can rent SQR tokens and stake them without the need of paying the full price.
Consolidate Your Crypto Today
With Magic Square, the ability to seamlessly consolidate all of your crypto holdings into one place is in the palm of your hand. And thanks to IQ Protocol, your access to all the utilities of NFTs is wider than ever before. Head over to Magic Square and see for yourself just how easy it is.