Drops DAO Weekly Newsletter: July 2 - 8
July has officially kicked off and we’re already roaring through the beginning of the month with some exciting new updates!
This week, we announced a major change in our NFT lending pool listing process, with pools now being grouped into 4 different categories based on their risk - read more here. On top of that, the governance proposal to list The Sandbox LAND NFT collection was approved!
In addition, we had a blockbuster Twitter space where the Drops team and BAYC holders discussed an NFT NYC 2022 recap and the state of the current market - you can listen to the recording here.
See what else we’ve got in store for this week’s newsletter update!
Lending Pool Statistics
Check out the most recent stats below for our lending pools:
Total Supply: $2,562,585
Amount Borrowed: $367,532
Supplied NFTs
BAYC: 1
MAYC: 10
OTHR: 24
CyberBrokers: 23
Squiggles: 2
Highest Yield (APY)
The highest APY for USDC is available in the Drops Pool, with a supply APY of 22.14% for USDC and a distribution APY of 11.18% for DOP.
The highest APY for ETH is available in the CyberBrokers Pool, with a supply APY of 2.7% for ETH and a distribution APR of 6.8% for DOP.
veDOP statistics
DOP Locked: 1,171,099
Total veDOP: 169,386
Average Lock: 0.58 years
Product Development
This Week
Tested NFT Mortgage beta
Stabilized oracle to use NFTBank and Drops price feed simultaneously
Worked on liquidation insurance smart contracts (95% complete)
Worked to support NFTX tokens
What’s Ahead Next Week
NFT Mortgage private beta
Liquidation insurance frontend development
NFTX xTokens integration
Subfloor price feeds for BAYC
The Sandbox LAND market deployment
NFT Market Statistics
Total NFT Sales Volume
Although this week has seen a bit more green for the overall crypto market, NFT sales went down another 25%, with the number of sales decreasing by around 4.6%.
(Source: https://nonfungible.com/market-tracker)
Top NFT Sales
Loot NFTs dominated the top sales for the week, with several BAYC NFTs also in the mix.
(Source: https://nonfungible.com/market-tracker)
NFT Marketplace Weekly Volume & Users
OpenSea: $98M volume / 137K users
X2Y2: $147M volume / 6.7K users
Gem.xyz: $11.4M volume / 11K users
LooksRare: $17.9M volume / 3.7K users
(Source: https://dappradar.com/rankings/category/marketplaces)
What’s Happening in the NFT space
Reddit announces the launch of its own NFT avatar marketplace
Mark Cuban enters Dallas Mavericks into partnership with Voyager, sparking criticism
Facebook and Instagram begin to introduce NFTs to the market
Black is Beautiful NFT project announces NBA All-Star Bam Adebayo as a founding collaborator
Klaytn enters into partnership with OpenSea to attempt to grow in Asian NFT market
Solflare integrates with FTX to increase adoption for Solana DeFi and NFT ecosystem
OneOf and The Christopher Wallace Estate enter into partnership allowing fans to develop and buy Biggie Smalls NFTs
Actor Johnny Depp donates $800K to children’s hospitals via NFT sales
Drops Meme of the Week
