Unlockd

What Unlockd does

Unlockd is a decentralized, permissionless DeFi protocol that enables instant borrowing and lending against tokenized real-world assets (RWAs) and NFTs. Built on Ethereum and Polygon with planned expansion to additional Layer 2 networks, the protocol uses a Peer-to-Pool model in which lenders supply USDC to shared liquidity pools and borrowers draw instant loans against collateral such as real estate, watches, fine wine, gold, diamonds, collectibles, and financial assets — all without selling or relinquishing custody of the underlying assets. The platform is accessible globally through the app.unlockd.finance web application, requiring only a crypto wallet and no KYC, and is governed community-first through The Lockeys, a sold-out 3,500-piece genesis NFT collection that grants early mainnet access, boosted rewards, and DAO participation.

The technical core consists of an AI-driven asset valuation engine and a dynamic Loan-To-Value (LTV) risk framework that adjusts loan terms in real time based on market volatility, asset price history, and individual risk factors. The protocol features multi-asset collateral within a single non-custodial multi-signature Unlockd Account, a Smart Liquidation Algorithm with a graduated Borrower Grace Period (starting at 48 hours), an in-protocol Marketplace with open-outcry auctions and instant buyouts, and an Insurance Reserve funded by over-repaid liquidation surpluses. Security is backed by multiple Halborn smart-contract audits and an active Immunefi bug bounty. An Unlockd SDK (published as an npm package) enables third-party RWA marketplaces, tokenization platforms, and collectibles apps to embed instant lending functionality, supported by integrations with Upshot (NFT appraisal), Reservoir (NFT market data), and Gelato (decentralized liquidation bots).

Commercially, Unlockd currently charges zero protocol fees; revenue is intended to accrue from interest-rate spreads on loans, future protocol transaction fees distributed to $UNLK token holders (token launch planned for 2024), and SDK revenue-sharing with integrated partners. The go-to-market is product-led and community-led: a permissionless dApp front-end serves individual users, while SDK partnerships with platforms such as Watches.io, Unikura, ZwapX, and Sablier form a B2B2C distribution layer. The company is headquartered legally as Unlockd OÜ in Tallinn, Estonia (company number 16501715), employs 11–50 staff, and has raised approximately $4.4 million in a seed round led by Blockchain Capital in August 2022, with additional participation from Jets Capital in October 2023. CEO and co-founder Jorge Becerro leads the protocol team.

Name

Unlockd

Legal name

Unlockd OÜ

Website

https://unlockd.finance

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Unlockd is a decentralized DeFi protocol enabling permissionless, instant lending against tokenized real-world assets and NFTs via a Peer-to-Pool model on Ethereum and Polygon, serving global crypto-wallet users, NFT collectors, and RWA investors.

Ownership category

akta.pro rank

Product category

Decentralized Finance (RWA & NFT Lending Protocol)

NAICS

Other Investment Pools and Funds (5259)

SIC

Finance Services (6199)

akta.pro primary industry

Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB)

akta.pro secondary industries

Decentralized Lending & Borrowing Protocols (FSADAMAA), Crypto-Backed Consumer Loans (Secured) (FSADAFAG), Crypto Borrowing & Margin Credit Facilities (FSADAFAC)

Keywords

• DeFi lending protocol
• RWA-backed loans
• NFT collateral lending
• Permissionless borrowing
• Cross-chain lending

Headquarters

HQ city

Isaba

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Interest Spread on Loans: Unlockd operates a Peer-to-Pool lending model where borrowers pay interest on instant loans backed by tokenized RWAs and NFTs. Lenders earn auto-compounding yields in USDC by depositing liquidity into shared pools. The protocol earns revenue from the spread between borrower interest rates and lender yields. The protocol currently charges no explicit fees, but intends to generate revenue through interest rate spreads as the protocol matures.
2. Protocol Transaction Fees (Future): Documentation indicates that in the future, token ($UNLK) holders will receive fees from protocol transactions. Currently, Unlockd does not charge any fee for transacting in the protocol. The token launch and associated fee distribution mechanism is planned for 2024.
3. SDK / Platform Revenue Sharing: Third-party platforms integrating the Unlockd SDK can earn revenue from loans originated through their integration. The SDK enables RWA marketplaces, tokenization platforms, and other partners to offer instant liquidity options to their users while earning a share of the generated loan revenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels10 records

Core offering

Unlockd operates a permissionless Peer-to-Pool lending and borrowing protocol built on Ethereum and Polygon that lets users obtain instant loans against tokenized Real-World Assets (RWAs) such as real estate, luxury watches, fine wine, gold, diamonds, and collectibles, as well as NFTs, while retaining full custody and on-chain utility of their collateral. Lenders deposit into shared USDC liquidity pools to earn auto-compounding yields, and the protocol uses AI-driven valuation engines, dynamic loan-to-value (LTV) frameworks, and an Insurance Reserve to manage risk and orderly liquidations.

Product overview

Unlockd is a decentralized protocol for instant RWA liquidity, consisting of three main product components: the core Unlockd Protocol V2 (a permissionless Peer-to-Pool lending protocol on Ethereum and Polygon enabling instant loans against tokenized RWAs and NFTs, powered by an AI-driven risk engine), the Unlockd SDK (a JavaScript development kit for third-party developers to embed borrowing/lending capabilities into their applications), and The Lockeys NFT Collection (a 3,500-piece genesis NFT that provides community governance access, early feature access, and token incentives). An integrated Marketplace enables collateral auctions and NFT trading within the protocol ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• The Lockeys: A collection of 3,500 NFTs that serve as the genesis collection for Unlockd, providing early access to mainnet, boosted rewards, private community events, and participation in DAO governance.
• Unlockd V2
• $UNLK

Products and services

• Unlockd Protocol V2 Permissionless, non-custodial Peer-to-Pool lending and borrowing protocol enabling instant loans against tokenized Real-World Assets (real estate, watches, fine wine, gold, diamonds, collectibles, financial assets) and NFTs on Ethereum and Polygon. Built on multi-signature wallet infrastructure (the Unlockd Account), with AI-driven dynamic LTV, auto-compounding USDC yields for lenders, and an Insurance Reserve for risk protection.
• Unlockd SDK JavaScript software development kit published on npmJS as @verislabs/unlockd-sdk that enables third-party developers to embed Unlockd's RWA-backed instant lending — including pre-built UI snippets, code examples, Reservoir NFT data integration, Buy Now Pay Later flows, and multi-asset collateral products — into their own applications under a zero-capital, revenue-sharing model.
• The Lockeys NFT Collection Sold-out collection of 3,500 pixel-art NFTs functioning as a community membership pass: holders receive early mainnet access, boosted protocol rewards, private Discord events, and DAO governance participation rights within the Unlockd ecosystem.
• Unlockd Marketplace Native in-protocol marketplace that lists, auctions, and trades collateralized NFTs and tokenized RWAs, including liquidation auctions executed via an open-outcry ascending dynamic auction, instant buyout at the AI appraisal price, and Bid Now Pay Later financing for listed assets.

Quantifiable outcome

• Instant loans against tokenized RWAs with fair Loan-to-Value ratios set by AI models, enabling holders to remain invested while accessing liquidity.
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability5 records

Feature8 records

Partnerships

Ten partnerships are on record, tiered core.

• UpshotcoreTechnology or IntegrationUnlockd uses Upshot's price appraisal data to determine asset valuations and establish liquidation thresholds. Upshot provides real-time, market-informed pricing data that replaces static floor pricing in the protocol's risk engine.
• GelatocoreTechnology or IntegrationUnlockd partners with Gelato Network for decentralized liquidation triggering. Gelato provides a marketplace of executor bots that automate on-chain tasks, serving as an on-chain safeguard for liquidation observability and triggering. This aligns with Unlockd's decentralization vision by replacing centralized bot infrastructure.
• Watches.iocoreTechnology or IntegrationWatch fractionalization and marketplace platform that integrates Unlockd's SDK to offer watch-owners instant loans against their tokenized watches. Collectors retain ownership of physical watches while accessing crypto liquidity.
• UnikuracoreTechnology or IntegrationRWA NFT platform backed by Japanese collectibles. Integration with Unlockd enables holders of Unikura's RWA NFTs to borrow crypto against them, creating new liquidity venues for RWAs on their platform.
• ZwapXcoreTechnology or IntegrationWatch tokenization and vault platform. ZwapX enables users to unlock liquidity from tokenized watches stored in their vault via Unlockd, allowing collectors to retain ownership while accessing liquidity for new investments.
• UniswapcoreTechnology or IntegrationUnlockd plans to deploy uETH liquidity pools on Uniswap as an additional source of uETH liquidity. This provides alternative redemption paths for uETH holders and enhances overall protocol liquidity resilience.
• BalancercoreTechnology or IntegrationUnlockd plans to deploy uETH liquidity pools on Balancer as part of its external uETH liquidity strategy, complementing Uniswap pools to maximize liquidity accessibility.
• HalborncoreTechnology or IntegrationBlockchain security auditing firm that has conducted multiple comprehensive audits of Unlockd's smart contracts across V1 and V2. Audits cover the protocol, wallet smart contracts, LTV bot, reservoir integration, and sudoSwap/yearn integrations. Active bug bounty via Immunefi with rewards up to $20,000.
• ImmuneficoreTechnology or IntegrationLeading Web3 bug bounty platform hosting Unlockd's security vulnerability disclosure program. Rewards distributed according to Immunefi Vulnerability Severity Classification System v2.2, with payouts up to $20,000.
• ReservoircoreTechnology or IntegrationNFT data aggregator integrated into Unlockd's SDK. Reservoir provides real-time market data, collection pricing, and liquidity information that supports Unlockd's valuation engine and SDK integration capabilities for third-party developers.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Maple Finance: Maple offers institutional on-chain credit pools for undercollateralized lending. Shares the institutional-RWA bridge orientation with Unlockd but lacks the retail-consumer, NFT/RWA-collateralized pool structure.
• Arcade (PawnFi): Arcade is a peer-to-pool NFT lending protocol on Ethereum. Comparable to Unlockd on NFT-collateralized pools, multi-asset vaults, and liquidation auction design.
• Centrifuge: Centrifuge tokenizes real-world assets (invoices, real estate, etc.) and brings them on-chain as collateral via Tinlake. Highly comparable to Unlockd's RWA lending thesis but focused on institutional securitization pools rather than permissionless consumer credit.
• Goldfinch: Goldfinch is a decentralized credit protocol extending undercollateralized loans to off-chain borrowers. Comparable in the RWA credit narrative, though uses off-chain identity/credit rather than tokenized physical-asset collateral like Unlockd.

Direct peers

• Aave: Aave is the largest permissionless pool-based DeFi lending protocol. It is the closest direct peer to Unlockd in pool-based lending mechanics, although its collateral is overwhelmingly crypto-native rather than tokenized RWAs and NFTs.
• Compound: Compound is a foundational Ethereum peer-to-pool lending protocol. Comparable to Unlockd on pool-based lending mechanics, interest-rate models, and overcollateralized borrowing, though scope is crypto-native assets rather than RWAs.
• BendDAO: BendDAO is an NFT-collateralized lending pool with instant loans and on-chain liquidation, directly comparable to Unlockd's NFT-backed pool mechanics and grace-period liquidation design.
• NFTfi: NFTfi is a peer-to-peer NFT lending marketplace. Comparable to Unlockd on NFT-backed borrowing, but uses a P2P model (counterparty matching) rather than Unlockd's peer-to-pool design.
• Blend (Blend Protocol): Blend is a peer-to-pool NFT lending protocol on Blue-chip NFT collections with on-chain liquidation. Directly competes with Unlockd for NFT-collateralized pool liquidity and feature parity on dynamic LTV.

Broad incumbents

• MakerDAO: MakerDAO issues DAI against crypto (and increasingly RWA) collateral via overcollateralized vaults. Overlaps with Unlockd on permissionless collateralized lending against tokenized RWAs, but operates via a stablecoin issuance model and governance-heavy structure rather than a peer-to-pool with dynamic LTV.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Unlockd_Finance
• GitHubgithub.com/UnlockdFinance
• YouTubeyoutube.com/channel/UCMl-FS_nMvVkzH4ZcM0U6-A
• LinkedInlinkedin.com/company/unlockd-finance
• Instagraminstagram.com/unlockd_finance

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Unlockd