Analysis of Bondly Finance: Helping NFTs Achieve Simple Cross-Chain Transactions

Author: Qin Xiaofeng, Planet Daily

With the expansion of the blockchain ecosystem, cross-chain interoperability has become a necessity. However, most current cross-chain solutions focus primarily on token trading, leaving NFT assets excluded. A new cross-chain player named "Bondly Finance" is attempting to address these pain points.

Bondly Finance is a trusted, portable, and transparent cross-chain trading protocol designed to help more people enter the decentralized finance market and has launched a series of NFT+DeFi products.

First is the NFT Creation and Issuance Market (NFT Launchpad). Bondly Finance is one of the earliest companies to collaborate with musicians and influencers, having issued the "Big Fat Sexy Card Collection" NFT for two-time Brit Award winner Lewis Capaldi, and also released limited edition NFTs for YouTube star Logan Paul—this collection sold out in less than 30 minutes. Currently, Bondly Finance is selling virtual land in the Netvrk metaverse, totaling 560 plots. Additionally, NFT collectors will be able to transfer their NFT assets from one blockchain to another, enabling cross-chain trading.

Next is BONDSWAP (BSWAP), which is similar to the over-the-counter trading features of some centralized trading platforms, but this product focuses more on direct on-chain trading and allows users to send transactions using different blockchains and various chat applications. Through BSWAP, users can: trade their NFTs directly for the NFTs or tokens they want; sell large amounts of low liquidity tokens without slippage risk; mint tokens, set their own prices, and then post the information on social media for the audience to purchase, aggregating private traffic; and purchase assets using debit/credit cards.

Secondly, BOND DEX will provide liquidity providers with transaction fees and token rewards. The pricing engine of BOND DEX will compare major cross-chain swap options and recommend the most beneficial trading routes to users. Through BOND DEX, users can: trade USDC for native assets on the Polkadot chain on Ethereum; receive recommendations for the cheapest trading paths; and create their own asset trading pairs.

Finally, Bondly Buyer Protection (BPROTECT) is similar to buyer protection services in Paypal or Alibaba's AliPay Express, but combines the user experience of Escrow.com and Zapper.fi. This service aims to replace traditional website-hosted crypto escrow products with an easy-to-use API and smart contract-driven product. Market platforms may still act as "validators" in market transactions, but they can no longer directly access funds, reducing the risks of market misappropriation and scams. For every user in the crypto market, BPROTECT provides the best protection for decentralized escrow services and token buyers.

In terms of tokens, the BONDLY platform's native token can be used for governance, staking, and obtaining exclusive rights in activities such as Launchpad, IDO, and exclusive sales. In July of this year, the CEO of Bondly Finance's account was hacked, resulting in the theft and crash of BONDLY tokens, after which the official team urgently deployed a new token contract and implemented a multi-signature mechanism.

Regarding investments, in September this year, Animoca Brands announced it would acquire a majority stake in Bondly Finance. Animoca Brands stated: "Bondly has developed powerful tools to help brands and individuals enter the NFT world and has established deep connections with many top brands and artists. These products and relationships will greatly benefit Animoca Brands and our portfolio companies."