Decentralized finance (DeFi) and NFTs, two top-notch aspects of the blockchain and crypto space, are set to enjoy better interoperability, thanks to Drops (DOP).
Drops (DOP) is a recently launched end-to-end decentralized technology platform focused on improving the benefits embedded in NFTs via its top-notch products. These products are focused on providing NFTs with better liquidity and utility.
The recently launched blockchain platform has revealed plans to launch DeFi-styled infrastructure for non-fungible tokens (NFTs). Therefore, bringing together both the NFT space and decentralized finance (DeFi). This, in turn, means that the NFT space will have better access to the fascinating world of decentralized finance.
This article covers in detail important aspects of Drops (DOP), such as its features, use, roadmap, etc.
Drops is built on ETH-based, Layer 2 scaling protocol Polygon (formerly Matic). The platform basically facilitates seamless, easy, fast, and cost-efficient P2P transactions between two different networks. It also makes use of the Biconomy dApp tech, therefore ensuring interoperability is enabled. This, in turn, is a reliable solution to NFT immobility on the popular Ethereum blockchain platform. Drops functions in two major ways.
First, it helps convert NFTs to dNFTs (fungible ERC-20 tokens) backed by liquidity pools. Secondly, LP tokens can also be borrowed and then staked to earn rewards.
Some of Drops’ important features include:
NFT-Backed Yield Farming – Interested persons can easily participate in yield-farming activities using the dNFT vaults. Yield farming this way will provide participants a greater return on their assets.
NFT-Backed Loans – Thanks to Drops, interested persons can now take out loans with dNFT tokens as collateral. Interestingly, Drop’s lending contracts are very similar to that of Compound (COMP).
Simple NFT Staking – This involves earning dPoints from simply staking NFTs. These dPoints earned over time can be used as coupons on the Drop platform.
Other important features include Layer 2 scaling with Polygon and Biconomy, fair NFT distribution, etc.
Drop is carving out a spot for itself in the fast-rising DeFi and NFT spaces. The blockchain platform on May 21, 2021, announced the commencement of its IDO on Polkastarter. A total of $200,000 worth of DOP tokens (approximately 333,333 tokens) was also made available and subsequently sold during the IDO. Currently, Drop’s native token (DOP) is also available for trading on both Uniswap and Gate.io.
Since its inception, Drops has made an estimated $1.1 million dollars. These funds were raised via events like public and private sales. The sale events were usually also supported by top VC firms like Bitscale Capital, AU21 Capital, Genblock Capital, Blocksync Ventures, x21, Axia8 Ventures, D64, etc.
Interestingly, a whopping 25.39% of Drop’s total token supply has also been allocated to investors and advisors.
At the time of publication, DOP was trading at $0.303613 with a 24-hour trading volume of $24,904. The token price is also down by 0.8% in the last 24 hours.
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