Combining NFTs with DeFi remains a relatively untapped field of Web3 exploration, irrespective of its ability to enhance and empower the utility of NFTs. With this in mind, innovative DeFi protocol and provider of programmable liquidity on Uniswap V3 multi-chains, iZUMi Finance, is partnering with the HOURAI NFT project, to launch an upcoming NFT series with reinvigorated value from iZUMi’s DeFi derivatives.
There will be two NFT drops, with the HOURAI NFT drop occurring on April 6th, shortly after the iZUMi DAO veNFT drop on March 21st (which will also include the beginning of staking rewards distribution). Each HOURAI NFT can be minted for 0.1 ETH ($302 approx.), and can be traded for an iZUMi DAO veNFT, which contains 0.2 ETH ($604 approx.) worth of locked $IZI tokens.
iZUMi DAO veNFTs are a unique DeFi governance innovation which seek to resolve the innate nature of existing DeFi structures, which dictate that wealth is directly correlated to power. To do this, they practice governance through being locked to iZi tokens, where in turn, quadratic voting, which is a form of vote-counting with a more democratic principle, can be rendered.
The voting power of veNFT is calculated by multiplying its locked number of iZi tokens by ‘locked time left’. By virtue, ownership of a veNFT will also grant membership to the iZUMi DAO, as well as rights to staking and boosting.
On the other hand, the HOURAI NFT series is a collection of anime-style characters, with each being inspired by the different mysterious and Stoic aspects of Asian cultures. They will also have a value support to their floor price, by integrating an unnamed DeFi project that’s backed by major industry players.
Leo Lee, co-founder of HOURAI, had this to say about the collaboration: “Collaborating with iZUMi is a win-win for both projects. Our NFT holders get additional value that is backed by DeFi derivatives, they get to participate in a new project, while iZUMi gets more DAO members that are incentivised for the long-term”.
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