Drops DAO Weekly Newsletter: June 4 - 10
Things are really spicing up here at Drops, as we’ve been pushing forward tons of initiatives and updates to keep the ball rolling. While the crypto market sentiment may be down, our spirits are high as we continue to build use cases for collateralizing NFTs!
Here are some key highlights for the week:
We completed sub-floor valuation where our platform will be able to have different pricing for NFTs within the same collection
Fidenza and Ringers NFT collections will be supported soon
We’ve got plenty more in store to unravel today - keep reading to learn what’s been happening on the backend.
Lending Pool Statistics
Check out the most recent stats below for our lending pools:
Total Supply: $4,352,529
Amount Borrowed: $1,313,894
Supplied NFTs
BAYC: 3
MAYC: 9
OTHR: 22
CyberBrokers: 24
The current APYs for supplying assets in our NFT lending pools can be found below:
$USDC: 3.79%
$ETH: 1.65%
Borrowers can earn DOP rewards from borrowing, too. Current APYs are:
USDC: 14.44%
ETH: 9.77%
veDOP statistics
DOP Locked: 956,130
Total veDOP: 128,690
Average Lock: 0.54 years
Product Development
This Week
Launch ambassador program NFT
Launch NFT sub-floor valuation to support Artblocks NFTs
Launch Squiggles (Artblocks) NFT lending pool
veDOP APY Integration (80%)
Liquidation insurance (50%)
NFTBank.ai integration
Oracle dashboard development
What’s Ahead Next Week
New pool launch
$veDOP APY and $DOP Rewards
Liquidation insurance development
Continued oracle dashboard development
Price oracle optimization
NFT Market Statistics
Total NFT Sales Volume
We’re continuing to see a downtrend in NFT statistics across the board. Over the past 7 days, overall volume declined by almost 5%, with the number of sales plummeting by almost 20%.
(Source: https://nonfungible.com/market-tracker)
Top NFT Sales
Blue-chip collections continue to steal the show, with the BAYC collection dominating the list of top NFT sales this week.
(Source: https://nonfungible.com/market-tracker)
NFT Marketplace Weekly Volume & Users
OpenSea: $178M volume / 161K users
X2Y2: $184M volume / 6.86K users
Gem.xyz: $52M volume / 24K users
LooksRare: $15M volume / 5.67K users
(Source: https://dappradar.com/rankings/category/marketplaces)
What’s Happening in the NFT space
Previous Robinhood, Button, and Venmo executives raise $8M for NFT Company Floor
Mastercard will allow people to purchase NFTs with their credit cards
Johnny Depp is selling an NFT that brands his daughter as “cunning”
BitBoy Crypto enters into a partnership with The Players Lounge, a popular sports platform for NFTs
REVA, a popular digital art collection platform, hosts an in-person NFT crypto art exhibition
US law firm Holland & Knighti issues an NFT Subpoena in an exchange hack court case
Drops Meme of the Week
