🧊Pledging Mechanism

When users want to borrow assets from the protocol, they first have to pledge their NFTs in the protocol. Currently, Zumer plans to support the following projects on the Ethereum mainnet:

• CryptoPunks

• Bored Ape Yacht Club

• Mutant Ape Yacht Club

• Otherdeed for Otherside

• Moonbirds

• CloneX

• Doodles

• Meebits

• VeeFriends

• Azuki

• World of Women

• Proof Collective

• Bored Ape Kennel Club

• Chromie Squiggless by Snowfro

• Damien Hirst — The Currency

• Cool Cats

• Invisible Friends

• Mfers

• DigiDaigaku

On the Goerli Testnet, Zumer currently supports the following collections:

• Bored Ape Yacht Club

• Mutant Ape Yacht Club

• Doodles

• Meebits

When users pledge an NFT, the NFT gets safely transferred to a custodian zNFT contract, which will then mint a corresponding zNFT to the user. This zNFT can be burned later to redeem the original NFT from the zNFT contract.

Borrow ETH against pledged NFTs

Once the NFTs are pledged, users gain borrow credit that can then be used to borrow ETH from the corresponding NFT pool.

To pledge NFTs:

// contract: ZNft.sol
// @notice A caller can mint multiple ZNfts by pledging underlying Nfts
// @param  tokenIds  The underlying NFT's tokenIds that the caller would like to deposit
// @param  receiver  The receiver that will receive the minted ZNft
function mint(uint256[] calldata tokenIds, address receiver)

To unpledge NFTs:

// contract: ZNft.sol
// @notice A caller can redeem multiple ZNfts for the underlying Nfts deposited
// @param  tokenIds  The ZNft's tokenIds that the caller would like to redeem
// @param  receiver  The receiver that will receive the underlying Nfts
function redeem(uint256[] calldata tokenIds, address receiver)

Read more in Borrowing mechanism

Auction immediately

Users can also list their NFT up for auction immediately after pledging, and set a desired minimum bid price to start the auction. The auction will be live for 3 days, and if a winner bids, the proceeds will go to the original owner.