MintyDAO - Next ENS & NFT contracts with recurring royalties - under $100K MC launch
$1K MC Launch - by Sept 28 - ETH main net
MintyDAO - Next ENS & NFT with recurring royalties - under $100K MC launch
OVERVIEW: MINTS tokens are live with bonus via Fetch, and the platform is launching:
1. Vitalik's ENS proposal with recurring demand based pricing (launch target 28 Sept)
2. 0xfoobar's proposal to fix NFT royalties using harberger tax. This tax can not be bypassed on OS or SudoSwap; People can always take your NFT at the price at which you pay tax. Launching with multiple NFTs & bounties by Oct 2022.
Minty has NFT collections preparing to sell using these contracts. They will be free for bounty hunters holding enough MINTS. This can be e.g. a $200 value + $200 per referral, and will help advertise the system.
MINTS earns from these systems above and from the below:
Solidly fork with 10x slower inflation in the first 6 months than Bitcoin & Solidly (constant emissions model). Ie, a DEX lke Curve + its own innovative treasury (controlled by contracts) + innovative treasury-building model (with price-increasing mechanism - opposite of OHM).
Augur style bet’s options for any user created wagers on e.g. ETH/BTC flip via direct DEX monitor.
Chainlink collaboration (announcement incoming) to extends those bets to e.g. NFT floop prices.
Further along in the roadmap: L2 chains & NFT worlds building infrastructure.
Next ENS evolution
As Vitalik implied, ENS is somewhat broken in that it sold its most valuable domains to squatters without any recurring demand based prices, here.
Squatters provide only negative value and make useless domains often inaccessible, and any windfalls they earn isn’t a useful market game in any way, as Vitalik explains in his blog.
Vitalik recommends recurring demand based pricing for domain names (e.g. pay 0.5% tax from the purchase price, yearly). The proposal is less aggressive than the Harberger tax; The proposal dampens the tax a holder pays after rejecting a high bid and gives 4 weeks for the holder to accept or reject. If accepted, the new holder pays 0.5% from the price paid. If the holders reject, they pay some capped or dampened amount from this 0.5%. MintyDAO proposes 1/10 dampening, so instead of 0.5%, just 0.05%.
If a $100M bid is rejected, the current rejecting holder pays 0.05%, or $50K/year to continue renting the domain. If the bid is accepted, the new holder of the $100M domain buyer pays $500K/year to MintyDAO.
MintyDAO will have such decentralized domains available by October 2022.
Over 75% of revenues goes to MINTS pools, burning, and veNFT lockers.
DAO voters can pair MINTS pools with public goods & other project tokens.
Sub-domain holders can earn recurring royalties, as well, and again, over 85% goes to MINTS pools, burning, and holders.
NFT royalties solution with Harberger tax
Problem: NFT market suffers from alignment incentives issues
Exchanges like SudoSwap removed royalties from artists
This is seen as a major incentives alignment issue, especially for ongoing project dev
Transfer fees can’t be injected without breaking decentralizaiton and standards
High volumes previously also didn’t mean collectors benefitted, when floor prices were low
Solution: A twist on the Harberger Tax
Harberger tax is a popular proposal to replace lose volume earnings The Variable substack
Revenue from the tax can be shared by collectors, so volume, not only price, helps them.
Holders evaluate their property (NFT), and pay Harberger tax based on that.
If the value is low, holders risk anyone buying it from them at that price at any time.If the value is too high, the tax they pay is higher at e.g. 10-20% per year.
It’s said Harberger Tax is difficult to make simple, but MintyDAO made it 1 click simple.
Status: launching in Sept 2022
COMMUNITY: by the people, for the people
1) Build-to-Earn (B2E)
Bad: Play-to-Earn suffered from inflation without content network benefits.
Good: Build-to-Earn increases worlds’ network effect value by MINTS staker usage.
Content on Minty worlds appreciates as MINTS stakers get full access to B2E content.
This alleviates the chicken-and-egg marketplace problem of users & community content.
DeFi & DAO:
2) World’s first fully onchain DeFi 3.0 DAO treasury, on its own DEX.
3) Not only are emissions controlled by locked MINTS (veNFTs), but also:
4) Treasury itself is DAO controlled, & benefits our own DEX & MINTS.
5) DAO controlled worlds, partnership & open infrastructure expansion.
Chains:
6) Minty treasury can cross chains.
7) Launch on low gas chains.
6) Build our own chains.
NFTs & Worlds Platform:
9) PVP Worlds battles & bets
10) “God Mode” collections give power over worlds.
11) NFT battles via floor price bets. Can extend to cryptos, stocks, or any price feed.
12) PVP battles in a novel post-marketplace NFT-trading paradigm.
Live Now:
1) DeFi is live & audited, complete with fully onchain treasury, novel DEX & tokenomics.
2) NFTs mint date set.
3) Upgrading: DAO treasury contractual voting
4) Upgrading: NFT & crypto options-bets MVP.
Chainlink collaboration announcement incoming.
Roadmap. Community & DAO can reprioritize:
1) Vitalik’s ENS recurring demand based pricing by Sept 2022.
2) NFT Harberger Tax in Oct 2022
3) Chainlink collab for NFT & options betting by Oct 2022
4) First Minty chain, in 2022.
More to follow
Code Audit: Underway. Done by Sept 2022. Prior versions have passed without issues.
MINTS Total Supply:
Growth at the right time, place & pace
Growth starts at a small fraction of the rate of standard constant emissions models where, by day 2, there is 100% inflation, day 30 3000%, day 60 6000%, etc.
MINTS’ innovative supply growth is rather just 14% per week, & it decays at 2% per week, (ignoring limited-time launch bonuses for very long lockers, e.g., up to 4 years)
By month 6, relative to day 1, MINTS is at 12x in supply growth, compared to 180x in the standard constant emissions model (like Bitcoin & Solidly). That’s 6x less inflation for early buyers, by month 6, while still affording a very attractive 14% weekly APY concentrated at first to a few pools.
Focused Gauge Emissions
Focused, at first, on mostly a few Core Pools, to not disperse these beyond most LPs’ immediate benefit. 10x is needed in locked MINTS Voting Power (veNFT * lock-time) per 1x emissions to other DAO voted pools (non Core Pools).
Emissions:
(14% per week, decays at 2% per week, stops when ~1% per year)
33% Fully DAO controlled pools via gauge
33% Core DEX Pools, DAO directed (with team oversight, at first)
18% community & partnerships, all burned 6 months8% seeders, all burned for first 6 months
8% team, dev, all burned for first 6 months
TREASURY:
DeFi 3.0
Instead of downward price pressure from treasury building (as in DeFi 2.0 bonds), DeFi 3.0, FETCH increases MINTS price with every buy.
FETCH:
From every 100 X used to buy MINTS via Fetch
33% buys from DEX (67% + locked Fetch Bonus tokens get minted for buyer)
33% goes to treasury (pools)18% to community & partnerships
8% seeders
8% team, dev
Aligned Incentives:
Community, DAO & Team all earn by maintaining high MINTS buy volumes via Fetch, so it’s disincentivized to dump its tokens (which all get burned the first 6 months anyhow). Fetch sales only increase the supply (partially) if there’s buy demand, & drive up MINTS prices. The part that’s minted completes buyers’ 100% purchases, as only 33% comes from DEX, & the remaining 67% + Fetch Bonus is locked at least 3 months, by Fetch.
FETCH Launch Bonus
Fetch gives MINTS token bonuses for longer locks.
Longer locks also get proportionally higher bribes earnings from Voting Power.
Lock in a higher bonus.
Available for a limited time (at launch):
Bonus / Lock Time
1% / 1w
2% / 2w (2w lock also gets 2 times more Voting Power than 1w)
5% / 1m
20% / 3m
60% / 6m // 2nd highest bonus per time
140% / 1y
300% / 2y
800% / 4y // highest bonus per time
IN SHORT:
Instead of locking on high MC DEXs with only emissions bribes, rev share & LP rewards:
Get all that + control of Minty treasury on its own DEX, with early locker token bonus.Get the entire MintyDAO stack at below 1/10,000 their market capitalization at launch.