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Cole Perkins
@coleperkins
Do treasury swaps help drive auction purchases? Let's look at the onchain data. In the past 40 days, there have been 5 treasury swap offers: 3 passed and 2 are still candidates. All 5 Nouns involved in these offers were purchased at auction. For 3 of these offers, the Noun was purchased at auction and a swap candidate was created within 48 hours. We are also seeing this behavior in the $NOUNS instant swap contract, where Nouns are purchased at auction and instantly swapped. Ultimately, the decision on whether treasury swaps are beneficial lies with the DAO, but the data is interesting.
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Michael Gingras (lilfrog)
@frog
People are buying on auction because it's the cheapest way to get a noun. Floor on opensea + blur is 3 and we've seen that the auction regularly falls below that. Folks want love to get a noun that speaks to them (via swaps) but price matters most. I'm not sure if swaps help auction price, but I don't think swaps hurt auction price either. At the end of the day, people want the noun that speaks to them most, and they will acquire a noun (to swap) through whatever means lets them pay the least amount of money. Interesting to see that 1182 and 1184 recently sold at auction for 2.3 and 2.7 and are already on opensea listed for 3 eth. If the auction was truly the best way to acquire the noun you wanted most we wouldn't see such frequent arb attempts
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Cole Perkins
@coleperkins
This is a good point. Maybe the question should be, do swaps help people onboard to Nouns sooner than they otherwise would?
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humpty
@humpty.eth
Yes. It certainly did for me.
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Michael Gingras (lilfrog)
@frog
I would say yes because it’s an easy way for them to get the noun traits they want which is otherwise quite challenging. I don’t think the nouner needs to propose and introduce themselves to get the trait they want. That’s a weird song and dance requirement. The best way to introduce yourself is by participating
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