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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Sam pfp

Love this, and I think the core spec is really solid! When you say that you strongly suggest the DAO shouldn't hold any LP tokens do you also mean it shouldn't seed the pool with the Nouns in its treasury?

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⌐◨-◨ BiGSHOT ⌐◨-◨ pfp

⌐◨-◨ BiGSHOT ⌐◨-◨

Will nounish builders be able to sell products and services and accept $nouns as payment? can tipping be implemented for nounish things? so much cool stuff thanks @el4d

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anyaa.eth 👒🎩 pfp

anyaa.eth 👒🎩

is @noggles a complete different project or are you guys connected?

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Will Papper pfp

Do you want to provide any soft or hard guarantees that $NOUNS will always be redeemable for a Noun? Most DAOs (besides Nouns DAO) end up wanting to play with many assets, and I could imagine holders wanting to invite other communities in Changes the dynamic if there is non-Noun collateral redeemable in the DAO

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ns - q/dau pfp

So if 1 Noun is pegged at 1M $NOUNS and vice versa, how will volatility impact the underlying value of the NFTs as speculators inevitably come forth? To my understanding, growing/maintaining the effective value of Nouns NFTs is a DAO goal. Also, how much $NOUNS does one need to participate in the DAO?

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ashwyn pfp

This is amazing. But if someone deposits their Noun, there’s a good chance they may lose it forever since anyone can redeem it right? People with only 1 Noun may never want to exchange it for $nouns in that case. I love the spec though and I’m eagerly awaiting the day I can stack $nouns on my way to a 2nd and 3rd.

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Do all of the $nouns start in the Treasury?

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rafa pfp

When I read this, my first impression was “now I can _melt_ a Noun into $nouns” To clarify, the only way to get $Nouns is to deposit a Noun into the contract, therefore supply is still restricted correct? The implication seems to be: 1/n

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supriyo pfp

How would you determine the kickoff price of 1 $nouns ? Is it BV / 1mil . Also, where does the kickoff liquidity or initial liquidity come from for dexes - mostly 3Ps since they would anticipate making fees?

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w-g pfp

Think I am against allowing people to mint $nouns with nouns. Esp for v1. Not needed for the primary use-case (reward builders) and will increase unproductive speculation . It also makes % exit much more complicated since treasury nouns will be fungible but others will not

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Luis Carranza Perales

Are there going to be any other ways to increase the supply of $nouns? I didn't catch if there were any governance incentives for owning $nouns, but maybe I missed it

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w-g pfp

Also can you clarify scope of admin power/role will be?

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Cameron Armstrong pfp

Cameron Armstrong

Hey Elad, how do we subscribe for like updates/progress on this token?

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mike good ⌐◨-◨ pfp

mike good ⌐◨-◨

google dox 😅 ...who caught my personal email in there just now? lol

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Brennen ⌐◨-◨ テ Φ pfp

Brennen ⌐◨-◨ テ Φ

Choosing an ID should have a cost/premium associated with it, else it grabs the youngest noun. The older the noun the higher the premium to pull that noun. I am super against equalizing the cost of noun IDs. Basically ruins the entire idea of early membership.

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seneca pfp

feels good to see this at the top of trending today

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Spencer Perkins

@spencerperkins.eth

Thanks for sharing, very excited for this! A few questions (in thread):

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eguegu pfp

I like this simple spec, 1Noun=1M $nouns! thank you for making the draft. Much better token design than other free mint meme coin😂

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w-g pfp

Also what is legal’s position on issuing passive investment exposure to a project managed by a group of other governors? Think we should see a strong endorsement from council that they consider the erc-20 to not be security-like

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