Drops Ownership Power (DOP) is the Drops DAO governance ERC20 token. DOP has the power to delegate liquidity incentives among lending pools and decide on the future of Drops DAO. Drops DAO provides loans for NFT and DeFi assets, supplying them with much-needed utility.
The protocol uses lending pools that enable any type of NFT asset to be used as collateral – from collectibles and metaverse items, to financial NFTs. Users can leverage their idle NFTs and DeFi tokens to obtain loans and earn extra yield.
Currently DOP has two main uses: voting and staking. Boosting liquidity rewards in lending pools is under development.
To participate in voting and staking, users are required to lock DOP and obtain veDOP.
veDOP stands for vote-escrowed DOP, which is simply DOP locked for a period of time. The longer user locks DOP for, the more veDOP is received.
