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Elad
@el4d
gm, @davidbr and I are working on the $nouns token, backed by Nouns. 1M $nouns <-> 1 Noun NFT. you're invited to read this short spec doc and reply with your feedback. thanks! https://docs.google.com/document/d/1Uz4l8bAPaA2_gsUVZsZo_1dAmggAiYIn5sYba1IK10Q/edit?usp=sharing
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Spencer Perkins
@spencerperkins.eth
Thanks for sharing, very excited for this! A few questions (in thread):
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Spencer Perkins
@spencerperkins.eth
1. For adjusted total supply, curious why not adjust by the number of Nouns held by the $nouns contract rather than the equivalent portion held by the treasury? The proposed method will make it harder for props to pass if a large number of Nouns are in the $nouns contract.
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Spencer Perkins
@spencerperkins.eth
2. While $nouns will be great to help bring people into Nouns, it also add an easy exit route for Noun owners (easier than a fork, or selling). Will there be a supply cap on $nouns or any kind of deposit rate limit to try to prevent a mass exit event?
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Spencer Perkins
@spencerperkins.eth
3. Curious about community sentiment on fungibility. NounSwap was rejected in a large part because it “made Nouns fungible”. $nouns does this to to an extreme, and NounSwap could be built directly on-top of $nouns. Is there support for $nouns from folks whom opposed NounSwap due to fungibility concerns?
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david
@davidbr
I think @noun70 has objections: https://warpcast.com/noun70/0x9bcfa74f
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Spencer Perkins
@spencerperkins.eth
Removing the functionality to allow melting a Noun for 1M $nouns fixes all these concerns. Make $nouns only mintable by the treasury, and use it to reward builders. This is the “vending machine” redemption token we proposed with v2 of NounSwap (in our first iteration): https://www.nouns.camp/proposals/457
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