Cyan, a Buy Now, Pay Later (BNPL) service for the metaverse has unveiled its groundbreaking v2 protocol. The upgraded version provides users with full usage of their NFTs during the financing period, delivering an unparalleled “Buy Now” experience.
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Launched in 2022, Cyan has established itself as the leading metaverse BNPL protocol, attracting investment from top-tier investors such as Animoca Brands, OpenSea, and gumi Cryptos Capital.
“Cyan v2 brings an authentic BNPL experience to all Web3 stakeholders. For the first time ever, customers can actually use the assets they are financing while paying for them,” said Evan Mair, Principal at gumi Cryptos Capital. “Developers can also seamlessly integrate with Cyan using WalletConnect, bypassing the need for additional software integrations or supporting wrapped assets.”
Unlike other protocols that issue limited-use wrapped NFTs during the financing period, Cyan v2 grants users full control over their NFTs. Throughout the financing period, users will have the opportunity to fully engage with a range of features, including airdrops, token-gated events, app sign-ins, and staking.
“While other protocols allow users to finance and borrow against NFTs, they restrict full NFT utilization since the assets are locked in a smart contract,” says Cyan Founder and CEO Mikio Crosby, “It’s like having a car loan without being able to drive your car. Our new protocol lets you use your car while paying it off.”
In addition to BNPL services, Cyan offers users loans of up to 66% loan-to-value against their NFTs — the highest in the industry. From there, borrowers can stake ETH into Cyan’s Vault products to earn yield from those loans.
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With Cyan v2, users can finance multiple NFTs simultaneously and access ETH loans supported by various NFTs as collateral. They can settle NFT loans early if their value rises, customize their initial payment, extend loan durations up to six months, and refinance at more favorable interest rates when desired.
To ensure a safe and secure experience for all Cyan users, part of the protocol has been audited by CertiK, a leading blockchain security firm. Cyan will also release a bug bounty on Immunefi, a top security platform for decentralized applications.
Accompanying the release are two highly requested features: a revamped user-friendly interface design and support for the Polygon Network. Cyan plans to roll out support to Binance Smart Chain and additional networks, an improved Chrome extension, and additional financing features in the latter half of 2023.
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