NFT Market Update: October 4, 2024

A Pudgy Penguins holder borrowed **9,969 USDC** against their NFT #1851 through Cyan's lending platform. This follows a pattern of active NFT utilization, with previous loans including: - 13,651 USDC against Pudgy Penguins #5503 - 4.79 ETH against Pudgy Penguins #7054 **Key developments:** - Cyan now offers loans on Hypurr NFTs from Hyperliquid - Borrowers keep all airdrops and rewards - BNPL for Hyperliquid NFTs launching soon The platform encourages NFT holders to **unlock liquidity** without selling their assets, turning idle collections into working capital.

**Cyan Wallet** introduces NFT-backed lending while preserving users' airdrop and reward eligibility. **Key Features:** - Borrow against NFT collections without losing potential airdrops - Seamless integration with existing lending platform - **Seven independent security audits** backing the platform **Security & Trust:** - Operating since 2023 with established user base - Focus on both security and user experience - Comprehensive audit coverage for asset protection The wallet targets NFT holders seeking liquidity without sacrificing future reward opportunities in the evolving digital asset space.

A Bored Ape Yacht Club NFT holder used their **#7334 Ape as collateral** to secure a $12,470 USDC loan through Cyan's lending protocol. This represents a slight increase from the previous week's largest loan of $11,474 USDC against Ape #2600. **Key highlights:** - Cyan enables NFT owners to unlock liquidity from their digital assets - Users can generate income from their NFT holdings rather than simply holding them - The protocol provides financing options specifically designed for the NFT market The trend shows consistent demand for **NFT-backed lending**, with Bored Ape holders actively leveraging their assets for capital access.

Cyan, a Buy Now Pay Later service for NFTs, has been integrated into the TrueFi ecosystem during Q2. This strategic merger aims to enhance product development capabilities. - Integration completed in Q2 2025 - Focus remains on product excellence - Community call scheduled for Wednesday at 6pm UTC *Join the @TrueFiDAO report call* to learn more about this integration and future developments.

ApeCoin is sunsetting its mainnet staking operations as part of a planned migration to ApeChain. Key updates: - All staking positions will be automatically freed for migration - New staking system on ApeChain will support Shadow NFTs - Migration deadline: April 15, 2025 - Users must move $APE to ApeChain and re-stake to continue earning rewards - BAYC/MAYC/BAKC Shadows will be supported **Action Required**: Prepare to migrate your staked $APE to continue earning rewards on ApeChain.