Pine Protocol, a two-sided decentralized non-custodial protocol that facilitates non-fungible token (NFT) asset-backed loan transactions between lenders and borrowers, has launched on Polygon, the sustainable scaling solution for ethereum, to provide greater capital efficiency and improved user experience.

The company’s platform has originated over US$4 million of NFT-backed loans since its beta launch in late 2022 and currently supports loans for leading NFT projects, including Azuki, Bored Ape Yacht Club and Doodles. Polygon’s support will create additional utility for NFT collections across different blockchains and significantly enhance the utilization of the protocol.

Pine is backed by leading investors, including Amber Group, Sino Global Capital and Spartan Group, and its smart contracts have been triple-audited by leading security firms – QuantStamp, Nassec and BiPole Labs.

“Polygon NFTs have the largest market capitalization after ethereum,” says Alex Ho, Pine’s founder. “Bringing our technology stack to Polygon not only opens up the NFT lending market to the 200+ million wallets on Polygon, but also enhances the utility and nature of the existing NFT collections across Polygon.”

Hamzah Khan, head of DeFi (decentralized finance) at Polygon Labs, adds: “The Pine team is innovating to build and scale the adoption of technology that will bring asset-backed financing on chain and further validate the NFT industry by pioneering and propelling NFTfi [non-fungible token finance]. The addition of Polygon will enable faster and more cost-effective transactions for its decentralized network of lenders and borrowers.”