Sam

@sams

352 Following

1712 Followers

Sam pfp

I think it was a matter of attention. Most of the focus was on the broader DUNA topic which overshadowed the escrowed streaming part and didn’t allow us to have a really deep conversation on it like we can with its own prop.

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Sam pfp

lol I heard it was heated, wish I could have made it

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Sam pfp

What if we combined the exit mechanism with a liquid secondary market? Every exit mechanic (fork/stream escrow) we have come up with thus far requires that the exitor only takes money away from the treasury. Now imagine for a minute a system where x% of each auction sale + every nth Noun got automatically provided as liquidity to the $nouns pool. In this scenario, exitors are also being paired up with secondary bidders creating a liquid market for everybody while reducing drain on the treasury.

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Sam pfp

Don't want this discussion to turn too much into a terminology game but I view these two concerns as separate Exit: Can an individual recoup some of their funds used to acquire a Noun given a change in circumstances (disagreements with spending, overall vision, whatever the reason). A secondary market like OpenSea is a form of exit just like the fork Minority Protection: Can the DAO as a whole survive a 51% attack against a single entity that is misaligned with the rest of the voters but hold a majority of the voting power Could be using these words incorrectly, but it seems to me that with prop #708 being defeated that the DAO doesn't care that much about the latter.

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Sam pfp

Exit mechanic is not the same thing as minority protection, these are separate discussions imo

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Sam pfp

Fair enough. The activity doesn't tell a great story because nobody wants to engage with a token that moves 10% when a $20 trade goes through, it just doesn't scale. Most people sell because there's nothing you can do with it but hold, which we are trying to solve by giving esports fans ways to transact with it. I'm not sure Nouns can scale beyond its current magnitude unless its accessible to the average person. This benefits Nouns and the treasury because it induces more demand and brings in more participants into the ecosystem.

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Benjamin ⌐◨-◨ pfp

Benjamin ⌐◨-◨

great point @lunari ⌐◨-◨

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Sam pfp

Not just being used as rewards. Also agree on the quorum stuff we need a better long term solution but there’s no reason we can just implement excluding $nouns from the quorum calculation in the future or some other mechanism to fix it https://warpcast.com/sams/0xe28cd9c0

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Sam pfp

Also we don’t need this and I don’t actually expect it to pass. There’s a part of me that wants this prop to fail because I know the alternative is much easier on the development side, but I also really want to build nouns.gg out in a way that is economically aligned with Nouns.

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Sam pfp

1. It’s technically an “official” token because it’s backed 1 to 1. 2. $nouns hasn’t gained any traction because we haven’t supported it. 3. The drop in quorum is just to reflect the Nouns that aren’t votable, I agree it’s not a good long term solution but it works in the interim imo

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Sam pfp

I’ll add, we are trying to create an in-game economy on nouns.gg where users can mint and trade digital collectibles, purchase items or experiences from the shop, earn rewards for being active, etc… A gamified experience like this requires some kind of in game currency whether that be $nouns or something else

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Sam pfp

This prop benefits everyone in the Nouns community not just us. We are simply leading the charge on this because nobody else will. You can read more about what we are doing here https://nouns.gg/prop https://warpcast.com/sams/0xa3eef788

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Sam pfp

I want to clarify some things here. This is not an @esports prop. We don’t benefit from this prop passing any more than @camp or @nounswap does. We don’t actually need $nouns to achieve our goals with nouns.gg, but we believe that economic alignment with Nouns is the best path forward for everybody. https://www.nouns.camp/candidates/scaling-nouns-with-%24nouns-68a2ad5b63ab374fc5f6f7d1fb5f41b267035868

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Sam pfp

With all the discussion around the Auction House v3 upgrade I think its worth pointing out that if we can get $nouns liquidity to be large enough, it can essentially become the exit mechanic and secondary marketplace at the same time!

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martin ↑ pfp

would there be a path to being able to get the @higher handle here?

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Sam pfp

A change we will be making before this goes live is removing the token approval at the end of execution as pointed out by @spencerperkins.eth

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Sam pfp

https://zora.co/collect/zora:0xefa0fcb45ba36f983c1147f6abe05ebde16c4f50/2?referrer=0x78c670d330f78730620fc2681120b33481f0e5f9

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Sam pfp

I think part of the goal also is that $nouns becomes the secondary market for Nouns instead of OpenSea or Blur, driving more trading activity into the token.

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Sam pfp

If the price of $nouns deviates from the price of 2.5 ETH per 1m $nouns the liquidity position will experience impermanent loss. You can think of a liquidity position like a scale where perfect balance in this scenario is 2.5 ETH per 1m $nouns. When someone buys $nouns they are adding to the ETH side and taking from the $nouns side of the scale, and vice versa. We can remove our position from the scale at any point but only at the current ratio of the scale. So yes there is a risk where people dump $nouns and we lose ETH but since its pegged to the price of Nouns an arbitrage opportunity would arise if it deviated too far from auction prices.

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Sam pfp

Let's revive $nouns! We want to leverage $nouns to bring our @esports audience onchain while maintaining long term economic alignment with Nouns ⌐◨-◨ https://www.nouns.camp/candidates/scaling-nouns-with-%24nouns-68a2ad5b63ab374fc5f6f7d1fb5f41b267035868

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