DropsDAO Newsletter - July 14
This week, we do a recap of the Drops platform, Google Play begins to support in-app digital assets, Bitcoin Ordinals volume do $210M in volume in Q2, and a DeFi user borrows $35K against a Patek NFT.
What’s up, DropsDAO community!
This week, let’s do a quick recap of what can be done on the current Drops platform 😎
Users can access 48 collateral options, with rates starting at just 3% annually. You can unlock the potential of your NFT assets with up to 75% loan-to-value, borrowing against your favorite collectibles.
Drops users can also borrow using staking positions – liquidity provider positions from Aura Finance, with more supported protocols on the way.
Custom lending pools are also available, enabling users to launch their own customized solution. They will earn a share of lending fees, and can boost liquidity with token incentives.
Price feeds are secured by multiple oracle solutions, including Chainlink, Reservoir, Alchemy, NFTBank, and NFTX. The platform has also been audited by Peckshield and has run smoothly for 731 days without a hitch!
Drops Stats
Supplied: $3,118,042
Borrowed: $854,092
Highest Yield (APY)
The highest APY for USDC is available in the Drops Pool, with a supply APY of 41.00% in USDC and a distribution APY of 4.96% in DOP.
The highest APY for ETH is available in the Lake Pool, with a supply APY of 33.76% in ETH and a distribution APR of 0% in DOP.
veDOP Stats
Total veDOP: 316,961.21
Total DOP Locked: 1,767,910.75
Average Lock: 0.72 years
NFT News - Highlights of the Week
🔥 Google Play Store To Allow NFTs In Apps & Games
The Google Play store is now permitting apps and games that allow users to purchase, sell and earn digital assets, including NFTs.
The move may give them the upper hand in the sector over Apple, who has been much more strict about such functions.
Group product manager Joseph Mills says that Google Play will take steps to protect its users from fraud and scamming, due to its prevalence in the digital asset world.
🔥 Bitcoin Ordinals Volume Reaches $210M In Q2
Bitcoin Ordinals inscriptions have achieved more than $210 million in trading volume in the second quarter of this year, according to a report from DappRadar.
Trading volume in Q1 was just over $7 million, meaning that Ordinals saw a major 2834% increase in volume. Well over half a million trades were made in Q2, with around 150,000 unique traders.
The time period also saw Bitcoin become the second most popular blockchain for NFTs, overtaking Solana.
🔥 DeFi User Borrows $35K Against NFT Representing Real Watch
A crypto user has set a potential milestone, by borrowing $35,000 from another user against an NFT representing a real physical watch.
The user sent a Patek Phillipe watch to NFT escrow firm 4K Protocol, which then issued him an NFT representing ownership of the watch. The NFT was then listed on a DeFi lending protocol, where the user accepted a loan offer.
In the event that the user does not repay his loan, the lender will be awarded the NFT and assume rightful ownership of the underlying watch.
Other headlines:
NFT Lender Gondi Goes Live, Raises $5.3M Round Led by Hack.vc
Cool Cats partners with Animoca Brands-owned video game developers
Digital Toy Company Cryptoys Integrating Kid-Friendly AI Chatbot Into NFTs
Blockchain gaming platform creates refundable NFT program
State of the NFT Market (via NFTGO.io)
Market sentiment: 21/100 (💧 Cool)
Total NFT Market Cap: $6.45B
NFT Weekly Volume: $88.7M
Buyers: 24,218
Sellers: 23,990
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