Elad on Warpcast

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Elad pfp

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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shared a bit here. i think it's a misnomer that $nouns makes all treasury nouns fungible. https://warpcast.com/noun40/0x99574a92

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Spencer Perkins

@spencerperkins.eth

I see where you are coming from. But, in both iterations of NounSwap we proposed a mechanism to limit the number of treasury Nouns permitted to be swapped via excluding ID's below a threshold, effectively achieving the same thing. IMO, this is a better approach: https://warpcast.com/spencerperkins.eth/0xe6238761

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yeah but i think in the context of nounswap props given the goal was to make treasury nouns available for swapping / bidding i think most would have imagined a larger portion being available (it’s more “excluding” rather than “including” in that case of $nouns) so don’t think quite the same practically

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as to limiting the creation of $nouns to the dao i don’t quite see the downsides you’re seeing to making it permissionless to warrant that limiting?

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and if $nouns price does out of wack to the upside so that it dislocates with nouns price that’s a failure case. the dao having to get involved to increase the supply to meet the demand when that happens is very bad imo

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Spencer Perkins pfp

Spencer Perkins

@spencerperkins.eth

The market will set the price of $nouns, but it will always be true that 1M $nouns could be burned for 1 Noun, which should keep the price of $nouns above the auction floor. Without allowing for melting of Nouns, $nouns would likely trade at a premium due to the limited supply, but I’m not sure this is a bad thing

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it would be a bad thing since the premium would be a tax on ppl trying to save up $nouns to redeem a noun one day

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Spencer Perkins pfp

Spencer Perkins

@spencerperkins.eth

Yea, I get that. But I imagine that this would incentives $nouns to be earned rather than purchased. For example distributing through rounds, or as retroactive rewards.

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yeah. what i’m saying is that the buying up use case is ALSO an important use case we’d like to support with $nouns not just the dao distribution use case

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I would say that our primary focus is on giving the community a token to use for rewards, tips, and "stacking sats" towards a Noun. These needs are unrelated to nounswap afaik

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Spencer Perkins

@spencerperkins.eth

Right I totally understand that, and agree. But, don't think the melting of Nouns is required to achieve this: https://warpcast.com/spencerperkins.eth/0x234d663f

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