DropsDAO Newsletter - July 21
This week, we've made the finishing touches on the back-end and front-end for the new positions pool, and begun work on a stablecoin.
What’s up, DropsDAO community!
This week, the DropsDAO development team has finalized the deployment and testing of all positions pool contracts on the platform. We’ve also updated the back-end to support positions APY calculations.
The team has also touched up the front-end to address some minor bugs in the UI.
Last – but definitely not least – we’ve started work on a stablecoin. More on that to come in future updates… Keep your eyes peeled! 👀
Drops Stats
Supplied: $1,967,392
Borrowed: $838,290
Highest Yield (APY)
The highest APY for USDC is available in the Drops Pool, with a supply APY of 40.96% in USDC and a distribution APY of 0% in DOP.
The highest APY for ETH is available in the Lake Pool, with a supply APY of 17.76% in ETH and a distribution APR of 0% in DOP.
veDOP Stats
Total veDOP: 312,696.09
Total DOP Locked: 1,767,410.55
Average Lock: 0.71 years
NFT News - Highlights of the Week
🔥 ERC-6651 Token Standard On The Rise
Use of the ERC-6551 token standard has been on the rise, following an Ethereum Improvement Proposal (EIP) created back in February of this year.
ERC-6551 has taken on the nickname of “backpack wallet” – it enables NFTs to operate as wallets themselves. Such tokens could custody any other derivative tokens associated with the NFT’s collection, such as a native currency or derivative NFTs like digital wearables.
The proposal is still yet to officially become a token standard, however it appears to already be widely adopted by protocols in the NFT space.
🔥 McDonald’s Creates “McNuggets Land” Web3 Experience Via Sandbox
McDonald’s Hong Kong has teamed up with The Sandbox to create a Web3 experience called McNuggets Land, a virtual world dedicated to celebrating Chicken McNuggets' 40th anniversary.
The experience includes a virtual store with a hidden factory and a historical tour of the popular chicken snack. Gamers can participate in quests to earn rewards, such as The Sandbox utility token, which can be used to purchase virtual goods and customize avatars.
The move represents a large step for Web3 use and The Sandbox, as the platform seeks mass adoption.
🔥 OpenSea Launches Peer-To-Peer NFT Swap Function “Deals”
Leading NFT marketplace OpenSea has unveiled a new peer-to-peer NFT swap function, called Deals.
Deals enables users to trade NFTs for other users’ NFTs directly, as well as the ability to add Wrapped Ether (WETH) into the trade to “sweeten the deal.” Users can select up to 30 NFTs when making a deal, as well as the amount of WETH they would like to add to the swap (if any).
The platform says it aims to make direct NFT swapping trustworthy, in an effort to minimize scams and issues when swapping NFTs in an unenforced environment.
Other headlines:
Bitcoin Ordinals saw busy weekend as inscriptions neared 650,000
Kevin Rose’s a16z-backed Moonbirds launches 200-day reveal of new collection
Ferrari worth $2.5 million is now a Polygon NFT
Reddit engineer shares strategy behind NFT onboarding at EthCC
State of the NFT Market (via NFTGO.io)
Market sentiment: 17/100 (❄️ Cold)
Total NFT Market Cap: $6.08B
NFT Weekly Volume: $67.9M
Buyers: 23,876
Sellers: 28,920
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