Decentralized governance is a core component of DeFi (decentralized finance). Drops recently announced the launch of the veDOP token, now allowing DOP holders to participate in protocol governance through voting and other methods.
Now, it’s time for us to take things to the next level. We’re thrilled to announce our latest partnership with REDACTED Cartel, a metagovernance DAO and DeFi application creating value through incentivizing governance in DeFi via its infrastructure.
Keep reading to learn more about what this means for both projects.
REDACTED is moving towards a unique governance approach in DeFi through bribes and bonding, as it encourages greater participation while offering high rewards.
Through this partnership, REDACTED will provide Drops with our own Hidden Hand page and sub-marketplace. This collaboration would drive additional value to Drops DAO through veDOP holders, as NFT collections and collectors who bribe to have their collections whitelisted will be passed directly to veDOP holders in exchange for their vote.
Additionally, bribing will be available for distributing rewards across various NFT lending pools. Each week, votes will occur to decide upon emissions (rewards distribution) — the lending pools that receive more votes will receive more emissions and therefore higher APY. These votes can be incentivized through bribes by REDACTED Cartel.
Darius Kozlovskis, Founder & CEO of Drops, said:
“We’re very excited to be partnering with REDACTED Cartel. There’s no doubt that this collaboration and integration on the Hidden Hand UI will supercharge protocol governance and veDOP utility. Drops is looking forward to a long and fruitful partnership ahead.”
This will benefit our protocols two-fold:
- Drops DAO: veDOP token holders will receive more value from this mechanism and process due to increased demand
- REDACTED: All BTRFLY holders will thrive from an increase in the token’s value from bribe fees extracted from Hidden Hand and funneled into their treasury.
0xOmnia, Partnerships at REDACTED Cartel, noted:
“Bringing the Drops DAO protocol and enabling bribes for veDOP lockers through our Hidden Hand marketplace is a key milestone for us as we break into the NFT/MetaFi space. We’re impressed by what they’ve built so far and the framework put in place for decentralized governance. This partnership aims to boost veDOP demand and adoption while providing another unique way to participate in governance.”
Our new collaboration with REDACTED is demonstrating yet another way that we’re continuing to think and innovate to maximize value for our community.
Building the Foundation
With this integration on Hidden Hand, Drops has joined an esteemed list of other REDACTED partners on the journey to enhancing protocol governance.
As we continue to build and test the waters with our new partner, we’ll keep working together on other mechanics to deploy to enhance the overall user experience for both projects’ community members.
About Drops DAO
Drops DAO provides loans for NFT and DeFi assets, supplying them with much-needed utility.
The protocol uses lending pools that enable any type of NFT asset to be used as collateral — from collectibles and metaverse items to financial NFTs. Users can leverage their idle NFTs and DeFi tokens to obtain loans and earn extra yield.
About REDACTED Cartel
REDACTED Cartel is a governance-focused protocol that has created novel infrastructure that helps facilitate participation, boosted rewards, and DAO2DAO collabaration. The application grows its influence across the DeFi ecosystem through a harberger taxation model and sources revenue through three flagship products Pirex, Hidden Hand, and Racket.