Drops DAO Weekly Newsletter: March 7 - 11
Welcome to our weekly newsletter, where our team will continuously keep you updated on everything pertinent regarding Drops DAO, the DeFi/NFT market, and much more.
For this week’s edition, we’ll provide a general summary of our platform’s statistics, in addition to some exciting product developments happening in the works as we speak.
Our Platform by the Numbers
Here’s a current look at the transaction volume and amounts locked within the Drops DAO protocol:
Total Value Locked (TVL): $3,143,744
Amount Supplied: $8.33 million
Amount Borrowed: $5.19 million
Product Development
We’re excited to let our community know that the primary components of our platform have been built!
We’ve been undergoing unit tests of all components which include frontend interface for NFT liquidations and NFT oracle.
We’re conducting a final review to deploy oracle with Chainlink. The upcoming work includes testing the entire oracle workflow on the Ethereum mainnet.
During tests of veDOP rewards distribution contracts that were used at Solidly, we found logic issues which need to be resolved.
We’re currently in the works of developing Bonds, where users will be able to buy discounted $DOP tokens with liquidity tokens.
What’s Happening in the NFT space
This week, NFTs continued to be the talk of the town. There were plenty of interesting news pieces involving these assets and how they’re being used globally:
LimeWire Pivots to NFT Business Model
LimeWire, a formerly popular file sharing organization will be resurrecting its platform in May 2022, but this time with a new take - providing NFT services. They’ll be providing support for NFTs specifically for music, entertainment, and art content in addition to initiating an NFT drop with rewards mechanisms.
Read more about this news here.
$200 Million Metaverse Fund
Venture capital firm Spartan Group is getting close to finalizing its $200 million fund directed towards the metaverse. The goal of the fund is to help invest and drive innovation towards projects in the metaverse, particularly virtual worlds supporting digital ownership.
To view the full article, please click here.
Largest NFT Loan
This week, someone took out an $8 million loan collateralized by their 101 CryptoPunk NFT collection. This marked a huge milestone in the NFT market, as it was the largest NFT-backed loan in history - you can read more about it here.
Ukraine/Russia War Involving NFTs
Ukraine is planning to issue its own NFT collection to take advantage of crypto donations that are flooding in from people all across the world. There were rumors about the Ukranian government issuing an airdrop, but this was soon cancelled - now they’re planning to sell newly-created NFTs to help fund their military.
For more information, check out the article here.
Iranian Citizens Banned from using NFTs & Crypto
It has been reported that wallets, such as MetaMask, and platforms, such as OpenSea, have begun blocking users who are citizens of Iran from using their services. This is due to the U.S. sanctions imposed on the country and is causing a huge stir amongst crypto market participants, with increasing frustration.
Learn more about it here.