Gate.io and Uniswap List Drops Token (DOP)

Gate.io and Uniswap listed the native token of the NFT platform Drops (DOP). Uniswap listed the token on May 21, and Gate.io did so on May 22.

Drops is an NFT platform built on the Polygon (formerly Matic) Layer-2 solution, with lending, staking, and NFT fractionalization features.

The platform has raised more than $1 million in funding from Axia8 Ventures, AU21, Bitscale Capital, D64 Ventures, Blocksync, Drops Ventures, Genblock and X21. Among the project’s partners are Polygon, Polkastarter, Quantstamp, 0xb1, Biconomy, Kyros Ventures, PetRock Capital and Blockstar Technologies.

Drops aims to integrate NFT and DeFi using the dNFT protocol. It pools NFTs and converts them into ERC-20 tokens that can be sold on decentralized exchanges. Through dNFT, users gain access to the liquidity of fungible tokens.

Margin NFT is a product built on top of dNFT for creating NFT-backed LP tokens. LP tokens can be staked to earn DOP rewards, and can also be used as collateral in the Drops Loans lending protocol.

Users manage the platform with DOP, voting escrow DOP (veDOP) and the partner NFT project’s token Node Runners (NDR). Drops issues veDOP when DOP is locked. The longer the tokens are locked, the more veDOP a user receives.

Voting takes place:

• on-chain, for proposals to change lending terms. They involve DOP and veDOP;
• off-chain, for proposals regarding the overall development of the platform and governance of its assets. They involve DOP, veDOP and NDR.

Total DOP supply is 15 million tokens. Drops will allocate 50.63% of the tokens to community participants for liquidity mining and NFT staking.

On May 21, Drops conducted an IDO on Polkastarter and sold 333,333 DOP at $0.60 per token.

Earlier in April, ForkLog compiled a ranking of the most expensive NFTs — their combined value exceeded $100 million.

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