DropsDAO Newsletter - June 23
This week, Zora launches its own creator-focused scaling network, NounsDAO kicks off a milestone movie production, and CryptoPunk #8611 has been burned on Ethereum & revived on Bitcoin.
Happy Friday, DropsDAO community!
This week, the DropsDAO team has been working on some UI tweaks, as well responsive fixes to improve the dApp’s user experience.
We’ve also been testing & making necessary updates to the positions pool on mainnet.
In the wider NFT market, an interesting development came from HSBC bank, as the firm files a new trademark application covering everything from Metaverse banking to consulting, financial services, and virtual credit cards:
Drops Stats
Supplied: $3,803,100
Borrowed: $830,920
Highest Yield (APY)
The highest APY for USDC is available in the Ocean Pool, with a supply APY of 41.12% in USDC and a distribution APY of 5.08% in DOP.
The highest APY for ETH is available in the Ocean Pool, with a supply APY of 24.29% in ETH and a distribution APR of 0% in DOP.
veDOP Stats
Total veDOP: 327,995.23
Total DOP Locked: 1,995,718.46
Average Lock: 0.66 years
NFT News - Highlights of the Week
🔥 Zora Launches Layer-2 Platform Focusing On Creators
Popular NFT platform Zora has launched its own Layer-2 network to support creators and reduce costs.
The platform is built on Optimism's optimistic rollup technology and secured by Ethereum, aiming to make minting NFTs faster and cheaper. With fees costing less than 50 cents, Zora's CEO mentioned that the network will be able to experiment with economic mechanisms to help creators.
The platform integrates with existing tools and has gained support from over 35 groups. Zora has experienced rapid growth, reaching 100,000 monthly active users and raising $60 million from investors including Haun Ventures and Coinbase Ventures.
🔥 Nouns Movie Becomes First Animated Film Funded By A DAO
"The Rise of Blus: A Nouns Movie" has become the first animated film funded by a DAO.
The film’s creation is being led by former animators for Pixar, Netflix, and Marvel, with a budget of $2.75 million. It is set in the cloud city of Blus and follows a 13-year-old protagonist who uncovers a plot to enslave the city's citizens.
The NounsDAO community approved the film's funding proposal, and a team of creatives from Atrium is writing, producing, and animating the movie remotely.
The film's creators have the freedom to craft a unique world and storyline for the 8-bit characters due to the open-source nature of the Nouns project.
The pilot segment of the movie can be watched on the Nouns Movie website.
🔥 CryptoPunk Burned On Ethereum And Inscribed On Bitcoin
CryptoPunk #8611 has been intentionally burned and linked to an Ordinals inscription on Bitcoin, representing the first intentional migration of a CryptoPunk from Ethereum to Bitcoin.
The burning of the NFT was a community-led effort to create fractional ownership representations through Ordinals inscriptions.
The process involved using the BRC-721E token standard to move the NFT from Ethereum to Bitcoin Ordinals. Once migrated, the NFT cannot be returned to the Ethereum ecosystem, and the new token on Bitcoin does not possess the same privileges as the original collection.
The initiative aimed to symbolically demonstrate the transition of valuable assets from Ethereum to Bitcoin. The burning process permanently stores the asset in an address beyond anyone's control.
Other headlines:
Foundation claims to fix 'self-destruct' feature that could have wiped out its NFTs
Shiba Inu Introduces ‘Shibacals’ to Link NFTs to Real-World Items; SHIB Jumps
Puma, Gutter Cat Gang and LaMelo Ball Team Up to Release NFT Sneakers
Faroe Islands postal service issues NFT-embedded stamps
German intelligence service launches dog-themed NFTs to fetch cyber talent
State of the NFT Market (via NFTGO.io)
Market sentiment: 33/100 (💧 Cool)
Total NFT Market Cap: $6.7B
NFT Weekly Volume: $143M
Buyers: 25,501
Sellers: 27,130
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