We are pleased to announce our release of the new $DROP utility token, which will be used to power the Drops NFT ecosystem.
$NDR holders — do not fear! The $NDR token will remain firmly in place as the governance token for the Drops platform, as well as become equipped with several new Drops-related benefits. This includes a 5% allocation of the $DROP supply to Node Runners DAO (with a 2 year vesting period), to support the DAOs growth.
All future products associated with Node Runners DAO will also allocate tokens or a share of revenue to the DAO.
What is the purpose of the $DROP token?
As the official utility token of the Drops ecosystem, $DROP will be accepted as the primary method of payment for buying and selling NFTs on the platform.
The $DROP token will also be used to pay users liquidity mining rewards and cashback rewards on Drops purchases. Users can stake these $DROP tokens to earn dPoints — non-transferrable coupons which are redeemable for the purchase of NFTs within the platform.
Finally, the $DROP token will be utilized in future functions and promotions on Drops, such as participation in NFT raffles.
What does this all mean for $NDR?
The launch of the Drops platform and the $DROP token has been carefully designed to add functionality to the $NDR token, rather than take anything away.
The $NDR token will remain as the governance token of the Drops platform. Through community voting, $NDR holders will collectively decide which NFTs should be added to the vaults and what their points allocations should be.
$NDR will also benefit from the Drops ecosystem in the following ways:
1. Being accepted as a form on payment on Drops platform
2. Receiving a share of Drops platform fees
3. Earn $DROP tokens by staking NDR-ETH, $NDR
4. Being able to farm exclusive artworks from Drops (via HASH).
All of the original $NDR token functions and uses will also remain valid, including NDR-ETH liquidity mining, rewards for users for staking NFTs, and all other game-related functions.
Drops is a platform designed to connect digital collectors with creators, while adding more utility to the NFTs themselves. Drops will serve as a launchpad for new NFT artists and projects, while users can earn yield on their NFT assets by staking them for dPoints rewards.
To summarize the $DROP and $NDR token updates:
- $DROP is the new official utility token of the Drops platform
- $DROP will be used for buying and selling NFTs, distributing rewards and more
- $NDR will remain as the governance token for both Drops and Node Runners DAO
- $NDR will retain all original utility including liquidity mining, NFT staking rewards, and game functions
- $NDR will gain extra function from Drops, including collecting a share of platform fees, acceptance as payment for NFTs and earning staking rewards paid in $DROP.
Drops ecosystem updates on the way!
More details about the Drops platform are coming soon, so stay tuned!