Double Protocol, ThunderCore’s newest partner, is re-imagining the world of non-fungible tokens (NFTs) with its groundbreaking rental platform that lets people put their digital assets to use rather than idle in their wallets. Fully open-sourced and decentralized, the NFT rental protocol and marketplace specializes in assets for GameFi and the metaverse.

ThunderCore is a high-performance, ultra-fast public blockchain with sub-second confirmation times and gas costs at a fraction of a cent. We host a vibrant ecosystem filled with NFT platforms, decentralized exchanges (DEXs), and decentralized finance (DeFi) protocols. This makes us a perfect fit for Double, whose rental services will soon extend to the many NFTs housed on our blockchain.

What is Double Protocol?

Double is a rental protocol for utility NFTs that lets owners of these digital assets put them to use in ways that would otherwise have never been possible.

In other words, it allows busy people with NFTs that are meant to do more than just sit around to put them to work by renting them out. The rental contracts expire automatically after a given timeframe, saving on gas costs and hassle for everyone.

Renters

For those without the liquidity to own items from collections with high floor prices, it’s possible to rent NFTs and begin using them with just a few clicks — and with no collateral required. An additional feature allows renters to gain usage rights by paying in installments, which is particularly useful when it comes to very expensive tokens.

It’s even possible to sublet the NFTs. In fact, there is no limit on the number of sublessees, opening up the potential for some intricate investing strategies on the part of renters.

Guilds

GameFi guilds will find Double to be especially useful, as it allows for automatic accounting that distributes earnings as soon as assets are acquired. The protocol’s dynamic dashboard lets guild members see how the guild is doing financially, with powerful analytics tools to boot. No-code UI enables easy token issuance and on-chain governance, and it’s even possible to set up liquidity mining with customizable incentive structures.

Projects

Projects will notice that Double opens up their work to more users since zero-collateral leasing removes financial barriers to entry for those on a tight budget. NFT holders can generate revenue, which further incentivizes them to deepen their involvement in projects and brings stability. And the protocol is fully decentralized and trustless, with no need to integrate.

Partners

Well-known partners already using Double Protocol include the leading metaverse Decentraland and the Ethereum Name Service (ENS).

How does Double Protocol work?

ERC-4097 token standard

Double Protocol proposes that projects adopt a certain token standard, ERC-4097, so that tokens can be rentable. The difference between the more commonly used ERC-721 and ERC-4097 is that the latter is an extension. It introduces dual roles for the owner and the user of an NFT.

Dual roles for tokens

When a project adds dual roles to its issued NFTs, it can then assign separate rights to the two categories. Only the owner can sell or burn the NFT, while the renter is able to make use of it or sublet it. The terms apply until the expiration date set by the owner has passed.

When owners make their NFTs rentable, they do so by staking it in a vault in return for a voucher NFT called a VNFT. The renters, on the other hand, get an ERC-721-compliant token called a DONFT. If the renter sublets the NFT, they pass on the usage rights to that person. Under Double’s framework, whoever controls the usage rights at a given moment in time is called the “user.”

Wrapped tokens

For upgradeable NFTs, dual-use mechanisms can be introduced to smart contracts with just 30 lines of code. For NFTs that cannot be upgraded, it’s possible to use Double’s wrapping contracts to achieve the same effect.

How will Double Protocol benefit ThunderCore’s ecosystem?

By introducing the concept of renting across our NFT platforms, Double Protocol will help our users to earn additional revenue from their digital assets. This will allow us to entice more people to get involved in our blockchain and thus boost our goal of achieving mass adoption through the acquisition and retention of users.

Flappy Machine is the first GameFi in our ecosystem that uses Double Protocol. By using Double Protocol, users can earn $TT by renting NFTs to other players. At the same time, we are looking forward to more upcoming projects using Double Protocol to build on ThunderCore.

For projects on ThunderCore, opening up the additional use-case of renting for NFTs will further entrench the desirability of holding the asset and in turn the staying power of the project. This will contribute to a virtuous circle that will see more daily active users (DAU), as the NFT will not need to go unused and can be constantly working to draw more people into their DApps.

About ThunderCore

ThunderCore is among the world’s top 5 blockchains and the only platform growing DApp users organically through ecosystem retention, which will be the key driving force behind the real mass adoption of blockchain. Its proof-of-stake (PoS) architecture, EVM compatibility, entertainment-first ethos, and deep developer support provide a battle-tested home for the next generation of crypto innovators across Web3, DeFi, NFTs, GameFi, and the metaverse.

Thanks to its unique PaLa consensus mechanism, ThunderCore can handle 4,000+ TPS with sub-second confirmation times and ultra-low gas fees kept at a fraction of a cent.

ThunderCore Token (TT), the chain’s popular native asset, can be stored in the feature-rich TT Wallet, together with other supported ecosystem assets.

Created in 2017 by Silicon Valley tech entrepreneur Chris Wang to help solve Ethereum’s scalability issues, ThunderCore was able to reach such an achievement in ecosystem retention because of the proven, stable, scalable, and secure blockchain technology built over the last five years.