Metaplex Foundation has introduced MPL-404, a framework and on-chain protocol focused on hybrid decentralized finance (DeFi). This initiative establishes “SPL-404 ” created by Mutant Labs within the Metaplex Program Library.
The collaboration improves the integration of tradeable and non-tradeable commodities within the Solana ecosystem.
Based on the announcement, Hybrid DeFi puts the fungibility of the tokens to the non-fungible tokens, where it is possible to swap between the fungible token and the non-fungible token of the same item. Due to the relatively low cost and high performance, Solana is suitable for this innovation. SPL-404 makes it easy for one NFT to be traded for a set quantity of tokens using NFT, thereby opening up extra utilization of NFT.
MPL-404 provides mechanics tooling for the NFT ecosystem. This includes dynamic trait re-rolling for NFT projects, loot-box style mechanics for Web3 games, and on-chain identities for token communities. These create a digital experience for developers, creators, and collectors.
Solana-based, Mutant Labs was among the first to venture into the hybrid DeFi space to make its contribution by integrating the SPL-404 swap program functionality into the Metaplex Program Library. It helps in creating dual facilities of DeFi and improving the MPL-404 area by leveraging its expertise comprehensively.
Metaplex and Mutant Labs will roll out applications to enable Solana programmers to leverage SPL-404 more easily. It also aim to expand the use of the hybrid DeFi standard for creators of such products to be assisted by resources as they work through this functionality. The new on-chain hybrid programs will utilize a variety of NFT standards from Metaplex, including Core and Token Metadata; developers will have self-serve access to a variety of tools and SDKs.
Also read: Beeple to Deliver Immersive 3D NFTs to Solana via Metaplex & Render
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