Flayer

Flayer is an NFT liquidity protocol that converts NFTs into fungible tokens, addressing the chronic illiquidity of non-floor NFTs. Its core mechanism, Liquid Listing, allows users to deposit any NFT into a pool and immediately receive a tradable token (e.g., ƒMILADY), priced relative to the collection floor. This is enabled by Harberger Fees, where the seller sets a price and pays a recurring interest rate, creating a constant incentive to price fairly and allowing instant purchase by anyone at any time. The protocol also features a Lockbox for borrowing liquidity without surrendering ownership, and a Trade-Up market for combining multiple floor NFTs into rarer items. A key differentiator is its fee switch, which FLAY holders can vote to activate, redirecting 10% of all protocol trading fees to token holders as real yield. Additionally, its Flaunch product is a memecoin launchpad on Base, leveraging Uniswap V4 hooks and AAVE yield to offer zero-fee launches. The core problem solved is the lack of efficient price discovery and liquidity for mid-to-high-end NFTs, which traditionally suffer from wide spreads and long sale times. Over the past six months (2026-03-05 to 2026-09-05), no reliable public information is available regarding specific developments, partnerships, or metrics. No major negative events (excluding user complaints) were identified in the available sources. The project operates on Ethereum and Base, with documentation and community activity visible on its official website and X account.