Preventing an Installation Bank Run

Problem

In Gotchiverse Bible Chapter 2 the below is stated:

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However this 50% refund comes from the great portal and theoretically, if everyone destroyed their installations at once there would not be enough alchemica to go around and we would end up with a potential bank run scenario. This has already been identified and solutions are still up in the air.

Ideas

As unlikely as this scenario is to play out it may be worth brainstorming some ideas.

One thought I had was to lose the 50% alchemica refund altogether and instead, allow players to redeem 1 of 2 "Secondhand Installation NFT"s upon destruction of their installation. These NFTs would have the following characteristics:

  • The NFT holds a record of the type and level of installation at destruction,
  • Burning 2 of these NFT’s allows a player to build that installation at its destroyed level on a new parcel instantly,
  • These secondhand NFT’s can be sold on the Bazaar/secondary market

Potential Benefits:

  • Won’t drain the great portal if an"installation bank run" occurs,
  • New long term game dynamic for players who might be able to snipe discount high level installations in 2-5 years time,
  • Requiring 2 of these NFT’s prevents players from destroying and relocating their installations (i.e. is abuse proof)
  • Less alchemica emissions and more reuse of old installations
  • Moar alchemica left in the great portal for game events
  • Moar bazaar fees to support long term rarity farming and DAO activity
  • Interesting secondary market when trying to collect the second matching NFT that will allow you to build a brand new installation

Welcome any comments on this idea or other mitigative ideas to the potential bank run!

1 Like

If this happens, it means the project is over because something catastrophic has happened. Given that it looks extremely unlikely except in cases when all bets are off anyway, I’m comfortable just having a message saying “redemption pool is empty, your alchemica will not be sent until there are sufficient funds.”

Perhaps. But I feel a message like that may also stress some people out?

Maybe a better idea would be to source temporary loans from the DAO? (as the DAO and GP together make up 65% of crafting revenue which easily covers the 50% return rate). This would at least prevent a “The hallowed portal is out of funds! Please try again next week” message that I’d personally be concerned about.

They will never see the message. If they do, they will already be extremely stressed out because the project is over, and for most the 50% they would get back in a market likely already crashed to ~0 wouldn’t actually mean much. Point is, this is really an edge case where everyone is already screwed. Maybe my estimate of the likelihood is way off though.