- iZUMi Finance announces partnership with HOURAI NFT.
- The partnership involves HOURAI NFTs getting additional value through iZUMi DeFi derivatives.
- The iZUMi DAO veNFTs and staking reward distribution will happen on March 21, while the HOURAI NFT drop will happen on April 6.
iZUMi Finance is partnering with HOURAI NFT project to inject additional value to HOURAI’s NFTs through iZUMi’s DeFi derivatives. The launch of iZUMi DAO veNFTs and the beginning of staking rewards distributions are on March 21. Meanwhile, the HOURAI NFT drop will happen on April 6.
This partnership means that each holder of HOURAI NFTs, if whitelisted, can trade the original HOURAI NFT for an iZUMI DAO veNFT (veiZi). The HOURAI NFTs have a mint price of 0.1 ETH, while the veiZi contains 0.2 ETH worth of locked iZi tokens. As a result, the HOURAI NFTs will have value support to their floor price through the integration with an innovative DeFi project.
According to iZUMi Co-Founder Jimmy Yin, the company believes NFTs are the future of crypto.
We strongly believe that NFTs are the future of crypto, starting from how they’ve made their way into DeFi with Uniswap V3 positions and iZUMi’s layer of liquidity mining on top (…) By collaborating with HOURAI, we’re finally connecting NFTs to DeFi derivatives, which can create a number of very interesting use cases. Personally I’m also really excited about our veiZi model, which leverages NFTs to create more equitable DAO governance — in which HOURAI holders will also take part.
Meanwhile, HOURAI Co-Founder Leo Lee shared that the collaboration 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 incentivized for the long-term,” Leo Said.
iZUMi DAO veNFTs are a unique innovation in DeFi Governance. It seeks to solve the current nature of existing DeFi governance where wealth is directly tied to power. The protocol supports a quadratic form of voting – a combination of token-based voting power with a more democratic principle of one person being one vote. As a result, under this model, 1 veNFT holding 100 tokens will have lesser voting power than 2 veNFTs holding 50 tokens each.
On the other hand, HOURAI is a collection of anime-style NFTs designed by artists from Musashino Art University and Studio Ghibli. Each character is inspired by different cultures around Asia.
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