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Paperclip Labs
@papercliplabs
Based on the feedback from the recent treasury NounSwap proposals and collaboration with @frog, we are working on the TimelockNFTSwapper contact to enable permissonless treasury Noun swapping. More in the thread below 👇 We invite the community to read the spec and provide any feedback or ask questions: https://github.com/papercliplabs/noun-swap/blob/swap-contract/contracts/specs/TimelockNFTSwapper/TimelockNFTSwapperSpec.md
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Paperclip Labs
@papercliplabs
Permissionless Swapping 🔑 We're proposing to make all treasury Nouns available for permissionless swapping by approving TimelockNFTSwapper for all treasury Nouns. This eliminates the need for swap proposals, saving both gas and time.
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Paperclip Labs
@papercliplabs
New Revenue Stream 💰 Every swap will have a fee that goes to the DAO, unlocking a new revenue source. Fees are determined on a price curve that considers the difference in nounID, ensuring non-fungibility is maintained while helping members find their forever Noun.
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Paperclip Labs
@papercliplabs
The Timelock ⏱️ Swapping is a two-step process with a timelock waiting period to prevent potential misuse. Without the timelock, it opens the possibility for a malicious actor to prevent the treasury from moving Nouns. For example, if a proposal is asking for a Noun, a malicious actor could come swap for that Noun before execution, causing it to fail. The timelock prevents this by setting a queue time longer than the DAO's proposal timeline.
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