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martin ↑
@martin
wondering whether a $NOUNS meme token would do us good 🤔
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martin ↑
@martin
paging @jacob i feel like you'd have thoughts here probably involve retroactive airdrop to community members + holders
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jacob
@jacob
ive been sitting on this trustless model that would work. It would allow you to deposit Nouns into a single $NOUN currency. 1 Noun = X $NOUN. It works because you can rely on the onchain trailing auction price to allow for seamless redemptions. Compared to Nounlets or fractionalizing per noun it's all one thing.
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jacob
@jacob
Benefits: + Nouns now has a currency it can spend and stream in props + $NOUNs max supply is bounded to Noun supply + $NOUN is always backed by Noun or requisite ETH value + Could be used as the currency for Mints, auctions of subDAOs and probably a lot of other things. + Requires no protocol change for the DAO
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jacob
@jacob
This model would work for any NFT collection that had a good onchain price you could rely on for the redemption stage. You need this because otherwise you could grief the contract by depositing a Noun, getting 1M Noun and then burning 1, locking it forever. Allowing payment of ETH up to a certain % (probs 5%) helps
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martin ↑
@martin
this makes sense but I need to absorb it more are there potentially any risks with using the auction price and people arbitraging it?
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