Programmable liquidity mining platform, Uniswap V3, iZUMi Finance has partnered with HOURAI NFT project for an upcoming NFT project. Under the arrangement, HOURAI NFT holders will derive extra value backed by iZumi’s DeFi derivatives. On the other hand, iZUMi will get long-term access to incentivized access to DAOs. Essentially, the model will utilize veNFT’s, whereby HOURAI NFT holders will gain access to the iZUMi DAO as an additional benefit.
Existing DeFi governance is plutocratic o a great extentnature. This has resulted in a situation where wealth and power are intertwined. Consequently, iZUMi DAO veNFTs are designed to offer an innovative solution to this problem. Voting in the veNFTs is quadratic since they lock the NFT tokens and enable holders to exercise governance rights. For instance, with this model, a holder of 2 veNFTs with 50 tokens each has greater voting rights than one with 1 veNFT with 100 tokens.
HOURAI is a break from the typical anime NFTs that are now possibly becoming less appealing because of an oversupply in the market. Anime artists from Studio Ghibli and the Musashino Art University created HOURAI’s anime characters, inspired by different Asian cultures. Therefore, this has given them unique mystery and artistic appeal that makes them different from typical anime NFTs.
Jimmy Yin, co-founder of iZUMi, said “By collaborating with HOURAI, we’re finally connecting NFTs to DeFi derivatives, which can create a number of very interesting use cases.” On the other hand, Leo Lee, co-founder of HOURAI, described the partnership as a win-win for both iZumi and HOURAI.
About veNFT
veNFTs are a unique concept of interest-bearing and DAO governance NFTs. Each veNFT has locked a certain number of ERC20 tokens for a certain time. The model allows holders to stake for rewards and vote for governance. To obtain the veNFT voting power, we multiply the locked time left by the locked number of veNFTs. Holders can vote on platform governance, stake or boost their earnings on the iZUMi DAO.
About HOURAI
HOURAI is an NFT project whose earnings model is built on DeFi derivatives. Studio Ghibli and Musashino Art University collaborated to create HOURAI NFT. Asian culture serves as the inspiration for the design of each of their characters. Also, HOURAI established the Floor Protector Alliance to better integrate DeFi and NFT and assist additional projects in achieving base value support. Multiple high-quality NFT projects like XRabbitClub and LiveArtX have joined the Alliance.
About iZumi Finance
iZUMI Finance is a liquidity protocol that uses programmed language to provide liquidity on Uniswap V3. It distributes liquidity across different price ranges in a non-homogeneous manner. This approach enhances efficiency in the distribution of rewards earnings to liquidity providers. In addition, iZUMi plans to onboard multi-chains in its liquidity service provision with built-in DEX and bridge in the future. veiZI is iZUMI finance’s governance token. Also, the staking of veiZi will start on March 21st, following the launch of its beta version.