Drops DAO Weekly Newsletter: May 14 - 20
Time is flying by as we closely approach June. Behind the scenes, the Drops team has been busy working on upgrading our platform and adding key integrations.
But this week’s newsletter is different from the rest… the beginning of something new. We’re excited to announce that we’re refreshing our weekly newsletter with even more valuable information in a cleaner and more exciting style!
We’re also pleased to inform everyone that the veDOP token has launched and is now live! Navigate here to start staking your DOP and take a look at our Twitter thread for all the details.
As a side note, we also have an exciting announcement that will be released next week. Stay tuned!
Check out what we’ve got in store for this edition and many more to come!
Job Listings
We’re still hiring! Check out our job listings below and see if you’re a fit to join Drops:
Apply by sending an email to hr@drops.co
Head of Community
Frontend Developer: https://cryptojobslist.com/jobs/web3-frontend-developer-drops-dao-remote
Lending Pool Statistics
Check out the most recent stats below for our lending pools:
Total Supply: $5.2M+
Amount Borrowed: 2.3M+
Supplied NFTs:
BAYC: 4
MAYC: 18
PUNK: 5
OTHR: 20
Moonbirds: 0
The current supply APYs are:
$USDC: 15.56% (4.36% + 11.2% DOP)
$ETH: 27.74% (10.4% + 17.34% DOP)
Current borrow APYs are:
USDC: 21.96% (-23.4% + 45.36% DOP)
ETH: 6.36 (-36.97% + 43.33%)
Product Development
This Week
Added NFT Lending Pool #3 for the Moonbirds collection
Oracle deployments for the upcoming NFT collection
Architecture for NFT liquidation insurance mechanism
UI fixes
veDOP launch
Working on 2nd audit preparation
Working on NFTBank floor TWAP API integration
Began building an internal dashboard for tracking NFT prices
Launched governance voting portal: https://snapshot.org/#/dropsdao.eth
Prepared draft for listing process
What’s Ahead Next Week
Snapshot vote on which collection should be listed
Partnerships and integrations
Work on liquidation insurance development
New oracle deployments
2nd audit preparation
Implementing the NFTBank API as an additional price feed for Chainlink oracle
Continue to build an internal NFT price tracking portal
Begin work on notifications for NFT price changes
Further UI improvements
NFT Market Statistics
Total NFT Sales Volume
NFT sales are dropping across the board, with over a 52% decrease from ~28,000 to ~13,400 in just a week.
(Source: https://nonfungible.com/market-tracker)
Top NFT Sales
Here are the top trending NFTs that were purchased this week, ranked by highest volume.
(Source: https://nonfungible.com/market-tracker)
NFT Marketplace Weekly Volume & Users
OpenSea: $256M volume / 163,541 users (68.9% dominance over 30 days)
MagicEden Weekly Volume & Users: $70M volume / 116K users
X2Y2 Weekly Volume & Users: $142M volume / 3.27K users
Gem.xyz Weekly Volume & Users: $39M volume / 10.4K users
Looksrare Weekly Volume & Users: $78M volume / 8,624 users
(Source: https://dappradar.com/rankings/category/marketplaces)
What’s Happening in the NFT Space
Ryder Ripps begins designing and minting a new NFT set mocking the Bored Ape Yacht Club (BAYC) collection
Spotify begins testing musician NFT galleries, allowing artists to display their collections
People are beginning to get more excited about the potential for Gamestop’s NFT marketplace
Robinhood will allow its users to hold crypto and NFTs through new wallet
Getty Images aims to create its own NFT Marketplace in collaboration with Candy Digital
Front of House, the first NFT marketplace built for restaurants, officially launches in New York
Meta plans on launching its own cryptocurrency and NFT platforms to get some skin in the game
A Muhammad Ali film is looking to create its very own NFT collection