Drops DAO launches Mainnet To Allow Borrowing of NFT-collateralized Loans
06 Mayo 2022 - 2:33AM
NEWSBTC
The mainnet launch opens up the crypto ecosystem to instant
decentralized loans using non-fungible tokens (NFTs), JPEG and
metaverse assets as collateral. Drops DAO, a decentralized lending
platform, is celebrating the launch of its mainnet, unlocking its
ecosystem for users to borrow loans and interact with everything
the ecosystem has to offer. Announced Wednesday, the transition to
the mainnet will provide users with collateralized loans for NFTs,
DeFi assets, and metaverse collections. The launch of the mainnet
allows users to lock their assets as collateral, providing the NFT
and DeFi ecosystems with additional liquidity and utility. Now,
users can easily use their idle NFT, metaverse and DeFi assets as
collateral to borrow instant loans through its lending tools. This
means users can access capital without relying on centralized
entities, enhancing the growth and boosting adoption rates for DeFi
and NFT projects. Drops DAO was founded back in early 2021, a time
that had seen the NFT and metaverse conversation reach fever pitch.
Nonetheless, the idea of using these assets as collateral to borrow
loans seemed “unrealistic” to Drops founder, Darius Kozlovskis.
“But after major shifts in the market and a tireless year of
research and development, we finally arrived at what can become a
new financial primitive for NFTs,” Kozlovskis stated. “We’re at the
dawn of metaverse finance and are truly excited to be part of it.”
The project has since raised $1 million in seed capital funding to
develop NFT-collateralized loans from top investors in the crypto
space. Investors include Axia8 Ventures, Bitscale Capital,
and AU21. Furthermore, the project is supported by numerous angel
investors, including Enjin CEO Maxim Blagov, NFT whale 0xb1, Joseph
Delong, Quantstamp CEO Richard Ma, Marc Weinstein, and Cooper
Turley. The Drops NFT collateralized loans As alluded to, Drops DAO
provides decentralized loans for NFT, metaverse, and DeFi assets by
leveraging its lending pools. These lending pools allow any type of
NFT asset to be used as collateral — from NFT collections and
metaverse items to financial NFTs. The platform sets itself apart
from the competition by providing users with up to a 60% collateral
ratio and a highly scalable network. The collateral ratio is due to
an isolated pools system, whereby whitelisted NFT collections are
accepted as collateral, with multiple tokens available to borrow or
supplied as collateral. On the other hand, the platform also
protects lenders and rewards them highly for providing loans.
Riskier collections, or non-whitelisted NFT collections, offer
higher utilization and in turn higher interest rates for the
lender. Lastly, it enables any NFT collection to gain broader
utility and liquidity through these lending pools, alleviating sell
pressure on secondary markets.
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