Singapore, March 21, 2022 — The HOURAI NFT project has partnered with iZUMi Finance, an innovative Defi protocol that brings programmable liquidity mining to Uniswap V3, to infuse its upcoming NFTs with the value from Izumi’s Defi derivatives.
If allowed (mint price of 0.1 ETH), each holder of HOURAI NFTs can trade the original HOURAI NFT for an iZUMi DAO veNFT (veiZi), which contains 0.2 ETH worth of locked iZi tokens. By integrating with an innovative Defi project backed by major industry players, the HOURAI NFTs will have value support for their floor price. The HOURAI NFT drop will take place on April 6, just a few days after the launch of Izumi DAO veNFTs on March 21 and the start of staking reward distributions.
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iZUMi DAO veNFTs are a one-of-a-kind DeFi governance innovation that aims to address the plutocratic nature of current DeFi governance, in which wealth is directly linked to power. The protocol can support quadratic voting, a form of vote counting that combines token-based voting power with the more democratic principle of one person equals one vote, by locking iZi tokens into the veNFTs and executing governance through them. In this model, a single veNFT with 100 tokens has less voting power than two veNFTs with 50 tokens each.
HOURAI NFT holders gain membership in the iZUMi DAO as a bonus for potentially owning veNFTs. Combining NFTs and DeFi is still a relatively unexplored field, but it is becoming increasingly relevant to enhance NFT utility.
HOURAI is an anime-style figure collection created by Studio Ghibli and Musashino Art University artists. Each of the characters is inspired by various aspects of Asian cultures. They all strike a mysterious and stoic pose, which significantly departs from previous animal NFTs, which have likely oversaturated the market.
“We believe that NFTs are the future of crypto,” said Jimmy Yin, co-founder of iZUMi, “starting with how they’ve made their way into DeFi with Uniswap V3 positions and iZUMi’s layer of liquidity mining on top.” “We’re finally connecting NFTs to DeFi derivatives by working with HOURAI, which opens up a slew of new possibilities.” Our veiZi model, which makes use of NFTs, excites me to create more equitable DAO governance and will include HOURAI holders.”
“Working with iZUMi is a win-win situation for both projects,” said HOURAI co-founder Leo Lee. “Our NFT holders receive additional value backed by DeFi derivatives and the opportunity to participate in a new project, while iZUMi gains more long-term incentivized DAO members.”
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About veNFTs
veNFTs are a hybrid of interest-bearing and DAO governance NFTs that allow holders to stake for rewards while also voting on governance. Each veNFT has locked a specific number of ERC20 tokens for a limited time. The voting power of veNFT is calculated as a locked number multiplied by the amount of locked time remaining. In the iZUMi ecosystem, the iZUMi DAO veNFT (veiZi) has voting, staking, and boosting rights.
About iZUMi
On Uniswap V3 multi-chains, iZUMi is the platform that provides programmable liquidity as a service. It proposes that the LiquidBox liquidity mining platform provides non-homogeneous Uniswap V3 LP token staking rewards in different price ranges, which could improve the efficiency of incentive distribution for reward providers and increase liquidity providers’ earnings in Uniswap V3. The beta version of veiZi is now available on iZUMi Finance’s website, and staking rewards will begin on March 21.
About HOURAI
HOURAI is a world-class NFT project with DeFi derivatives backing it up. Artists from Studio Ghibli and Musashino Art University collaborated to create HOURAI NFT. Each of their characters creates with Asian culture in mind. HOURAI founded the Floor Protector Alliance to combine DeFi and NFT better and assist more projects in achieving base value support. To defend the bearish market, the Alliance has enlisted the help of some high-quality NFT projects, including XRabbitClub and LiveArtX.
