Banx

Banx is a perpetual peer-to-peer NFT lending protocol built on Solana. The original Frakt NFT collection launched in June 2021, followed by a peer-to-pool lending product in July 2022 and Banx.gg in November 2023.

The lending flow is bilateral. Borrowers pledge NFTs as collateral and choose an LTV and interest rate. Lenders post matching offers. When matched, the loan is created on-chain. There is no fixed term, so interest accrues only for the actual duration. Borrowers can repay anytime.

Liquidation is structural, not price-driven. A lender who wants to exit can sell the loan into any matching offer. If none exists, they issue a refinancing call that opens the loan to a refinancing auction. No price move alone forces liquidation. The collateral only changes hands if the lender actively exits and no new lender bids at auction.

The protocol is built around a Banx NFT collection formed by merging the Frakt NFTs and Pawnshop Gnomies. Two point types exist: Partner Points (revenue share and governance) and Player Points (discounts and boosts). NFT holders stake and subscribe their NFTs to weekly Adventures to receive rewards. A Banx NFT can be staked on Adventures and pledged as collateral simultaneously.

The BANX token carries governance rights via Partner Points and a direct claim on protocol revenue. 65% of Partner Points go to BANX stakers; 35% go to Banx NFT holders. The protocol routes 100% of fees and royalties to buy back BANX and redistribute to stakers proportional to their Partner Points. Total supply is 15 billion BANX with approximately 14.99 billion in circulation per CoinMarketCap.

The team was founded by Timur Samoylov (CEO) and Vedamir Efanov (CTO), running 13 full-time equivalents. The team cited USD 3.3 million in cumulative revenue since 2021, 19.2k SOL distributed to stakers through July 2023, and approximately 23% of active Solana NFT lending market share within three months of the November 2023 banx.gg launch. Peak TVL on the prior protocol reached 250k SOL, per the team's Jupiter Research submission.

The protocol carries no price oracle by design. Loan LTV is negotiated bilaterally, so neither party depends on a third-party price feed. Borrowers face no automated liquidation from price moves; risk shifts to lender behaviour, managed through the refinancing auction.