> For the complete documentation index, see [llms.txt](https://nft-docs.particle.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://nft-docs.particle.trade/overview.md).

# Overview

Particle is a decentralized borrowing and short selling platform for NFTs. The terms on each position are agreed upon <mark style="color:yellow;">peer-to-peer</mark> and locked between a trader and an NFT supplier. The protocol is <mark style="color:yellow;">permissionless</mark>, as any trader wallet can select any NFT collection from any supplier. In this exchange, Particle unlocks two fundamental aspects for NFT financialization:

1. Traders can [short and profit](/mechanism/trade.md) against NFT price drop.
2. Owners can directly [earn customizable interest](/mechanism/earn.md) with their NFT assets.

Particle protocol is <mark style="color:yellow;">oracle-free</mark> to the floor price. The NFT suppliers and traders collectively determine the most competitive price. This design creates a new financial primitive to enable fully on-chain hedging, inventory management, yield generation, and more for the NFT asset class.

<figure><img src="/files/PXAM93Zsmade6UMBBQYm" alt=""><figcaption><p>Trade flow of a short perpetual position</p></figcaption></figure>

<figure><img src="/files/m85B76Ps5KDBk3czCZdj" alt=""><figcaption><p>Illustration of Particle protocol system design</p></figcaption></figure>