DropsDAO Newsletter - May 26
This week, Binance jumps on the NFT-lending bandwagon, Bitcoin becomes the second most-popular NFT chain, and Gods Unchained looks to release a game on Android and Apple by the end of the year.
What’s up, DropsDAO community!
This week, the team has been busy at work testing the DeFi collateral pool, as well as making some further improvements to the drops.co user interface – including updated menu navigation.
We’re also updating the tokenomics model to incorporate esDOP, an update that we believe will strongly improve incentives across the ecosystem.
Drops Stats
Supplied: $3,550,222
Borrowed: $668,039
Highest Yield (APY)
The highest APY for USDC is available in the Ocean Pool, with a supply APY of 1.80% in USDC and a distribution APY of 12.42% in DOP.
The highest APY for ETH is available in the Ocean Pool, with a supply APY of 0.72% in ETH and a distribution APR of 5.93% in DOP.
veDOP Stats
Total veDOP: 354,780.43
Total DOP Locked: 1,998,302.56
Average Lock: 0.71 years
NFT News - Highlights of the Week
🔥 A Centralized Competitor? Binance Is Launching NFT Loans
Crypto exchange giant Binance is introducing a new feature called “Binance NFT Loan”, allowing users to use their NFTs as collateral to secure ETH loans.
The service aims to bring the benefits of decentralized finance (DeFi) to the Binance NFT community. It claims to offer competitive interest rates, instant liquidity, zero gas fees, and liquidity protection. Binance acts as the pool for loans using a "Peer-to-Pool" approach.
Initially, the feature will support Ethereum loans and NFTs from collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles. Binance plans to introduce more options in the future.
🔥 Bitcoin Passes Solana In Trading Volume For NFTs and Memecoins
Bitcoin has surpassed Solana to become the second most popular blockchain for trading NFTs and memecoins, with trading volume surging for the month of May.
Magic Eden, a popular Bitcoin NFT marketplace, is gaining traction and competing with UniSat, which primarily trades in BRC-20 tokens. Bitcoin NFT collections, such as Bitcoin Frogs, are seeing some trading volume but are far from achieving the success and community loyalty seen with Ethereum NFTs like Bored Ape Yacht Club (BAYC) and CryptoPunks.
The Bitcoin NFT ecosystem is still far behind Ethereum, which supports decentralized autonomous organizations and has integration with the strong decentralized finance ecosystem valued at $27.5 billion.
It remains to be seen how successful Bitcoin NFT collections will be in building loyal communities and providing utility to holders.
🔥 Gods Unchained Seeks To Launch On Android & Apple Devices
Gods Unchained, the popular digital-trading card game, is attempting to follow in the footsteps of Axie Infinity and NFL Rivals by releasing a mobile game version for both Android and Apple devices before the end of the year.
The game's developers see the mobile gaming market as a crucial avenue for onboarding a large number of gamers and making the buying and selling of in-app NFTs a mainstream consumer habit.
The mobile development team has already begun working on the project, and a soft launch is expected later this year. The aim is to tap into the massive potential of the mobile gaming market, which offers a wide range of players to target.
Other headlines:
Ex-Sushi CTO Led NFT Lending Platform Astaria Rolls Out to Public
Streetwear Brand The Hundreds Opens Metaverse Shop With Exclusive Drops
NFT ticketing dishes out a punch at mixed martial arts league
State of the NFT Market (via NFTGO.io)
Market sentiment: 20/100 (💧 Cool)
Total NFT Market Cap: $7.51B
NFT Weekly Volume: $143M
Buyers: 26,457
Sellers: 30,227
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