iZUMi Finance is partnering with the HOURAI NFT project to add value to HOURAI’s NFTs using iZUMi’s DeFi derivatives. The launch of iZUMi DAO veNFTs and the start of staking reward distributions are scheduled for March 21. Meanwhile, the HOURAI NFT will be released on April 6.
Because of this partnership, any holder of HOURAI NFTs may exchange the original HOURAI NFT for an iZUMI DAO veNFT (veiZi). The HOURAI NFTs have a mint price of 0.1 ETH, and the veiZi contains 0.2 ETH in locked iZi tokens. As a result of the integration with an innovative DeFi initiative, the HOURAI NFTs will get value support for their floor pricing.
Leo Lee, Co-Founder of HOURAI, said that the partnership with iZUMi is beneficial to both companies. “Our NFT holders get more value backed by DeFi derivatives, they get to participate in a new project, and iZUMi receives more DAO members who are rewarded for the long term,” Leo said.
iZUMi DAO veNFTs are a one-of-a-kind innovation in DeFi Governance. It aims to address the present nature of the DeFi government, in which money is directly related to power. The protocol allows for quadratic voting, which combines token-based voting power with the more democratic idea of one person, one vote. As a result, under this approach, one veNFT with 100 tokens has less voting power than two veNFTs with 50 tokens each.
On the other hand, HOURAI is a collection of anime-style NFTs created by Musashino Art University and Studio Ghibli artists. Each character is influenced by diverse Asian traditions.