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Pine Protocol Review 2026: Small NFT Lending Protocol

Pine Protocol is a non-custodial NFT lending protocol on Ethereum and Polygon that lets borrowers take token loans against NFTs. Its liquidity is very small and no audits are listed, so it suits only experienced users who accept high risk.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

4.5/10

Weak

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Our verdict on Pine Protocol

4.5/10

Pine Protocol is a non-custodial NFT lending protocol on Ethereum and Polygon that lets borrowers take token loans against NFTs. It suits experienced DeFi users who understand NFT collateral and liquidation risk. Its main strength is the straightforward concept of borrowing without selling an NFT. The main caveat is its small liquidity of about $22,000 and the lack of any listed audits, so treat it as high risk and size positions accordingly.

Score breakdown

How Pine Protocol scores

Security: 3.5/10
Ease of use: n/a
Fees: n/a
Features: 5.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Pine Protocol?

Pine Protocol is a decentralized, asset-backed lending protocol. It lets borrowers take loans in fungible tokens from lenders, using NFTs as collateral. It is listed on Ethereum and Polygon and has been tracked since February 2023.

The protocol holds roughly $22,000 in total value locked, with a 3.5% rise over the past week. That is a very small amount for a lending market, so available liquidity is likely limited. A PINE token is associated with the project, and its official account on X is PineProtocol.

No audits are listed, and the project's homepage was not available for review, so details on supported collections, terms and team are not confirmed here.

How Pine Protocol works

NFT lending lets owners access liquidity without selling their NFTs. A borrower locks an NFT in a smart contract as collateral. A lender provides a fungible token, such as a stablecoin or ETH, as the loan.

If the borrower repays the principal plus interest within the agreed terms, the NFT is returned. If the borrower fails to repay, the lender can claim the NFT. Because NFTs are illiquid and hard to price, loans are usually small relative to the NFT's estimated value.

Pine describes itself as non-custodial, meaning the collateral sits in smart contracts rather than with a central operator. Specific terms such as supported collections, loan-to-value limits and interest models are not described in the information reviewed.

5 features

Key features

NFT-backed loans

Borrowers pledge NFTs as collateral and receive fungible tokens from lenders, rather than selling the NFT.

Non-custodial design

The protocol is described as non-custodial, so loans are handled by smart contracts rather than by a company holding assets.

Lender-funded loans

Lenders supply fungible tokens to borrowers and earn interest on the loans they fund.

Two-chain support

The protocol is listed on Ethereum and Polygon, giving a choice between mainnet and a lower-cost network.

PINE token

A PINE token is associated with the project, though its role is not detailed in the information reviewed.

Pros and cons

What we like

Non-custodial design keeps collateral in smart contracts rather than with a company
Lets NFT holders get liquidity without selling their NFTs
Available on both Ethereum and Polygon
Has run since early 2023 and maintains a public presence on X

Watch out for

TVL is very small at roughly $22,000, which points to thin liquidity and few active loans
No audits are listed in the available protocol data
NFT collateral can lose value quickly, which exposes borrowers to liquidation and lenders to losses
The project does not publish fee, team or governance details in the information reviewed
Only two chains are supported, limiting the range of collections that can be used

Pine Protocol fees

Pine Protocol does not publish a fee schedule in the information reviewed. Interest rates, any origination or protocol fees, and liquidation penalties would be shown in the app when a loan is created.

Borrowers and lenders also pay network gas fees on Ethereum or Polygon. Gas is usually higher on Ethereum mainnet and lower on Polygon.

Is Pine Protocol safe?

No audits are listed for Pine Protocol in the protocol data reviewed. The project does not publish audit reports, team details or a bug bounty in the information reviewed, so smart-contract risk should be treated as significant.

NFT lending carries market risk. Collateral prices can drop sharply, and liquidations can lead to losses for lenders as well as borrowers. Very low TVL also means the protocol has little depth if many users act at once. Use a dedicated wallet, approve only what is needed, and revoke unused approvals.

6 steps

How to get started with Pine Protocol

1
Confirm that NFT-backed borrowing is legal and suitable for you where you live.
2
Set up a self-custody wallet that supports Ethereum or Polygon.
3
Open the official Pine site and connect the wallet, checking the address carefully to avoid imitation sites.
4
Review which NFT collections and loan terms are supported, including interest rate, duration and liquidation conditions.
5
Start with a small loan or deposit to learn how repayment and liquidation work.
6
Track loan deadlines and the value of your NFT so you can repay before a default.

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Who Pine Protocol is for

Pine Protocol suits experienced DeFi users who hold NFTs and want a loan without selling them, or lenders willing to take NFT-collateral risk for interest. It is not a fit for beginners or anyone who cannot accept losing the funds involved.

Pine Protocol FAQs

What is Pine Protocol?

Pine Protocol is a non-custodial, asset-backed lending protocol. Borrowers receive fungible tokens from lenders and put up NFTs as collateral.

Which blockchains does Pine Protocol support?

The protocol is listed on Ethereum and Polygon. Check the official site to see which collections and networks are currently supported.

Does Pine Protocol have a token?

Yes, it has a token called PINE. The information reviewed does not describe its utility or distribution in detail, so check official sources before relying on it.

Has Pine Protocol been audited?

No audits are listed in the protocol data reviewed. That does not mean none exist, but readers should look for published reports before depositing funds.

What are the risks of NFT lending?

Main risks include smart-contract bugs, falling NFT prices that trigger liquidation, and low liquidity that can make loans hard to fill or repay on good terms. Only use funds you can afford to lose.

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