Attention Drops fam and frens! We’ve rolled out a very important update to NFT lending pools and markets and wanted to share the news:
TL;DR
- Updated lending pool structure merges different collections (based on risk profile) to aggregate liquidity and simplify the process
- Migration is not required until features like airdrop flashclaims and flashrepays are launched.
New Lending Pool Structure
Pools have been renamed and restructured — new NFT markets will be listed as pools based on their risk profile
Each pool will now have the following collaterals:
Ocean Pool
-BAYC, MAYC, PUNKS, Moonbirds, Sandbox LANDs
Sea Pool
-Currently empty
Lake Pool
-CyberBrokers
ArtBlocks pool
-Squiggles
NFT Market v2 & Migration
To provide better and more robust support for our upcoming NFT Mortgages product, the NFT supply markets required an important update.
Below is a list of new NFT market features:
- Support for Airdrop flashclaim — claiming airdrops with pending loans
- Support for flashrepay — accept bid on marketplace to repay the loan
- Implemented proxy contract — further updates won’t require migration
If you had an active loan using an NFT as collateral (prior to July 26), you’ll need to migrate in order to support new features once they go live.
You can still keep using the Drops DAO app without restrictions if you don’t migrate.
How to Migrate:
- Click on your supplied NFT market you wish to migrate and enable collateral.
2. Open market you wish to migrate and select “Migrate” tab
3. Click Approve, then Migrate — and you’re done!
Q&A
Do I need to repay current loans?
No, loan repayment is not required for migration.
What happens if I don’t migrate?
Obtaining new loans, supplying collateral, repayments, and withdrawals are working as expected without migration. You will not be able to support airdrop flashclaims or flashrepays once they go live.
About Drops DAO
Drops protocol provides financing and loans for NFT assets. Enabling to purchase NFTs with down payments or use NFTs as collateral to obtain instant loans.
