DropsDAO Newsletter - June 30
This week, Azuki drops the ball on its new Elementals NFT drop, ENS unveils its updated roadmap including an expansion to L2, and Dior becomes the latest luxury brand to dive into NFTs.
What’s up, DropsDAO community?!
This week, the team is excited to confirm that the positions pool has passed all of the necessary smart contract tests on mainnet!
We’ve also updated the user interface (UI) to support the new lending pool:
Our new Drops.co homepage is also live, with a refreshed look and additional information for the platform.
Drops Stats
Supplied: $3,820,100
Borrowed: $1,210,525
Highest Yield (APY)
The highest APY for USDC is available in the Drops Pool, with a supply APY of 41.05% in USDC and a distribution APY of 5.03% in DOP.
The highest APY for ETH is available in the Drops Pool, with a supply APY of 24.70% in ETH and a distribution APR of 0% in DOP.
veDOP Stats
Total veDOP: 324,871.28
Total DOP Locked: 1,998,699.81
Average Lock: 0.65 years
NFT News - Highlights of the Week
🔥 Azuki’s Elemental Drop Misses The Mark, Long-Term Holders Dump
NFT project Azuki has received some harsh criticism from the community, following a very controversial launch of its new “Elementals” NFT collection.
Critics claimed that the new collection was much too similar to the original collection, and the minting process was widely described as “hectic.”
The collection even contained some duplicates of the exact same art, much to the disappointment of those who participated.
As a result, the floor price of both the Elementals collection and the original Azuki collection have fallen, with even long-term Azuki holders appearing to sell-off their assets after the drop.
🔥 Ethereum Name Service Looks To Go Layer-2 In Updated Roadmap
Ethereum Name Service (ENS) has released its updated roadmap, which includes plans for Layer-2 interoperability.
The team identified the feature as a “crucial upgrade” as they aim to make domain name registrations more accessible to a wider user base. They plan to utilize off-chain resolvers, assisted by an ENS off-chain registrar contract, and service providers including Lens protocol, Coinbase’s cb.id and Optinames.
🔥 Dior Dives Into NFTs With B33 Sneaker Release
Dior, the well-renowned French fashion house, has become the latest luxury brand to dive into NFTs – all while completely avoiding the use of the terms “NFT” and “Web3”.
The company’s new B33 sneakers will be released exclusively online July 6, with only 470 pairs available. Each pair of shoes, priced at $1,350, will be linked to a matching NFT on Ethereum.
Following releases of the shoe are already planned, however will not be accompanied by an NFT.
Other headlines:
Mythical Games raises $37M for in-game marketplace in Series C round
Sotheby's launches blockchain-fueled program for generative artists
Ordinals-like tokens on Ethereum surge past $1 million in volume
Lacoste Expands Its NFT Ecosystem With New Rewards
Judge grants Hermès request to halt all ‘MetaBirkin’ NFT sales
State of the NFT Market (via NFTGO.io)
Market sentiment: 30/100 (💧 Cool)
Total NFT Market Cap: $6.24B
NFT Weekly Volume: $243M
Buyers: 31,931
Sellers: 32,945
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