Drops Loans finally made the most exciting announcement of deploying the Drops Loans protocol on the Ethereum mainnet. Drops is the foremost platform of the world for trust-less borrowing of loans against NFT-based assets and NFTs. The protocol shall commence its operation on the Ethereum mainnet by accepting primary tokens from exclusive NFT projects. The primary objective of the launch of Drops Loans on Ethereum is to provide the users with permission-less loans secured against NFTs.
At present, Drops Loans has secured a position in various markets for the launch of loans in the form of Enjin Coin (ENJ), Ether (ETH), Wrapped Bitcoin (WBTC), and USD Coin (USDC). The users at Drops Loans can borrow loans in the form of these cryptocurrency assets at nominal exchange rates as set by the markets. The ratio of loan to value lies in the range of 60% to 80%. Drops is seeking to open more markets through Drops governance.
The platform of Drops Loans is also looking forward to the launch of the novel liquidity program on 14th July 2021. The liquidity program shall govern the allocation of 2,420,000 DOP to asset markets as liquidity incentives. The program will also offer liquidity mining rewards to the users on the basis of mining conditions and governance voting. Moreover, the users who provide liquidity to the protocol of Drops Loans shall receive rewards in the form of DOP (Drops Ownership Power) tokens.
The protocol of Drops Loans is protected against unauthorized hackers by the oracles of Chainlink. Chainlink ensures that the loans offered by Drops are reliably and accurately priced based on market conditions and in real-time. Chainlink is known to offer time-tested and most widely employed Oracle solutions in the Blockchain community. It assists the leading DeFi projects in the world in managing project execution worth billions of dollars.