The time is finally here — we’re extremely pleased to announce that today, May 4, 2022, we’ve officially launched our mainnet! Deploying our live network ensures that our users and community members will be able to interact with our platform’s full capabilities, bringing collateralized NFT loans and DeFi staking to the masses.
Let’s take a look at what this means for our protocol and what we have in store for the imminent future!
Introducing Our NFT Lending Pools
Now that our mainnet is live and deployed, NFTs are now borrowable through lending pools. This means users are now able to use their NFTs as collateral in order to acquire loans (borrowing up to 60% of NFT floor values) — which is what Drops DAO was created to do.
Starting today, the Yuga Labs lending pool will be deployed and made available to users of our platform who hold NFTs within the following collections:
- Bored Ape Yacht Club (BAYC)
- CryptoPunks (PUNKS)
- Mutant Ape Yacht Club (MAYC)
Yield farming rewards are as follows:
Supply
BAYC: 333 $DOP/day
MAYC: 333 $DOP/day
PUNK: 333 $DOP/Day
Supply/Borrow
ETH: 3333 $DOP/day
USDC: 3333 $DOP/day
As time goes on, more NFT collections and their respective pools will be integrated onto the Drops DAO platform, allowing our community members to have a wider array of choices.
This is just the beginning is much more to come!
Security
We’ve deployed Chainlink’s secure decentralized oracle infrastructure. NFTs within Drops lending pools now have a reliable floor price that’s consistently updated so that users can feel confident in the prices reflected.
This is proving to be a major value-add to our ecosystem, making this mainnet launch as smooth as possible in addition to increased network security.
In addition, our protocol has been audited by Peckshield, one of the leading blockchain security firms.
Key Platform Benefits
Our platform offers up to 60% LTV, which is the highest in the NFT market. Our oracle is always running and estimating NFT spot prices instead of floor prices, meaning more accurate pricing for our NFTs.
We also use isolated lending pools so small and mid-cap NFTs (not just blue-chip collections) can benefit from high LTV without introducing additional risk to lenders. And the best part is that users can leverage an unlimited amount of NFTs are collateral.
Moving forward, 7,666 $DOP will be rewarded per day, and the rate will decrease each month until it reaches 1,500 $DOP per day. All rewards will be distributed to both lenders and borrowers.
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.
