Last month, crypto-tech startup iZUMi Finance caused a stir after launching a revolutionary decentralized autonomous organization (DAO) with veNFT governance based on square voting. The new governance token iZUMi DAO veNFT (veiZi) will enable DAO governance through square voting on key issues for the community. The launch hasn’t stopped iZUMi from entering into new partnerships and alliances.
Today iZUMi announced that it is partnering with the HOURAI NFT project to bring value from iZUMi’s DeFi derivatives to its upcoming NFTs. Any holder of HOURAI NFTs, provided they are whitelisted (mint price at 0.1 ETH), can exchange the original HOURAI NFT for an iZUMi DAO venFT (veiZi) containing locked iZi tokens worth 0.2 ETH.
The HOURAI NFTs will support their reserve price by being integrated into an innovative DeFi project backed by major industry players. The HOURAI NFT drop will take place on April 6th, shortly after the launch of iZUMi DAO veNFTs and the start of distribution of staking rewards on March 21st.
iZUMi DAO venFTs are a unique innovation in DeFi governance that seeks to resolve the plutocratic nature of existing DeFi governance, where wealth is directly tied to power. By including iZi tokens in the veNFTs and performing governance through them, the protocol is able to support square voting, a form of vote counting that combines token-based voting rights with a more democratic principle that one person has one vote. In this model, 1 veNFT with 100 tokens has fewer voting rights than 2 veNFT with 50 tokens each.
By potentially owning veNFTs, HOURAI NFT holders become members of the iZUMi DAO as an added benefit. Combining NFTs with DeFi is still an underexplored area that is becoming more relevant to boost the utility of NFTs.
HOURAI is a collection of anime-style figures designed by artists from Studio Ghibli and Musashino Art University. Each of the characters is inspired by different aspects of cultures across Asia and has a mysterious and stoic pose – a stark departure from previous animal NFTs that have likely saturated the market by now.
“We strongly believe that NFTs are the future of crypto, starting with how they made their way into DeFi with Uniswap V3 positions and the iZUMi layer of liquidity mining at the top,” said Jimmy Yin, co-founder of iZUMi . “By collaborating with HOURAI, we are finally connecting NFTs with DeFi derivatives, which can create a number of very interesting use cases. Personally, I am also very excited about our veiZi model, which leverages NFTs to create fairer DAO governance – which HOURAI holders will also participate in.”
“Collaborating with iZUMi is a win-win for both projects,” said Leo Lee, co-founder of HOURAI. “Our NFT holders get additional value backed by DeFi derivatives, they can participate in a new project, while iZUMi gets more DAO members motivated for the long-term. ”
veNFTs are a unique concept of interest-bearing and DAO governance NFTs that allow holders to receive rewards and vote for governance. Each veNFT locked a certain number of ERC20 tokens for a certain time. The voting power of veNFT is calculated as blocked number * remaining blocked time. iZUMi DAO venFT (veiZi) in the iZUMi ecosystem has the rights like voting, staking and boosting.
Founded by Xinshu Dong, iZUMi Finance is the platform that provides programmable liquidity as a service for Uniswap V3 multichains. It proposes the LiquidBox liquidity mining platform that offers Uniswap V3 LP token staking rewards in different price ranges, which could improve the efficiency of incentive distribution for reward providers and increase the revenue of liquidity providers in Uniswap V3. In addition, iZUMi will extend the liquidity service to multi-chains with integrated DEX and Bridge in the future.
HOURAI is a world-class NFT project backed by DeFi derivatives. HOURAI NFT was designed by artists from Studio Ghibli and Musashino Art University. Each of her characters is inspired by Asian culture. In order to better combine DeFi and NFT and help more projects achieve underlying asset support, HOURAI established the Floor Protector Alliance. At present, several high-quality NFT projects including XRabbitClub and LiveArtX have become members of the alliance to defend the declining market.