there are more interesting ways of helping the floor price for gotchis, even for example 20k ghst to sweep the floor and making a quick drop ticket raffle for the items , anyone who wanted to cash out could just take the money and any others could just participate in the raffle. wouldnt that be a better use for any amount of dao-ghst? i wonder.
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Another thing to consider… if this proposal were to pass, how would the 100k be managed?
It’s a risk factor for the treasury to interact with contracts outside of the Aavegotchi protocol imho. Plus it would require 5/9 signers (or 6/9) to be actively providing & managing these loans.
Would we set up a new multi sig with a portion of the directors? or a smart contract that automates the lending?
Either way I believe it’s a weird use of the treasury & would directly interfere with individuals who were hoping to be loan providers on PwnDAO
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Hello there, I just checked pwn.com and it appears that some vault gotchis started to get there.
Everything seems fine, people just asked some DAI borrowings putting their vaulted gotchis as collateral in return.
In fact to me that works perfectly, i don’t even understanding why the 100K are needed. If some people are interested in lending DAI to get access to the gotchi over a period of time, the thing should perfectly works by itself.
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the receipt smart contract stays in the PWN smart contract during the loan (not with the PWN team)
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PWN currently has no fees
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the team behind PWN is doxxed, you can see their bios on the website. I’ve been on video calls with them. The only risk is usual smart contract risk, but the contracts have been audited
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If the vault wants to involve themselves with PWN great. I see no reason for the DAO to fund it. That 100k GHST could go better places
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The proposal benefits the DAO as a method of generating revenue in GHST. We are about to have a 72k GHST/year expense in maintaining the multisig. If you look historically at our DAO, we voted to fund DinoSwap and Synfutures, neither of which brought the level of utility + earning potential that this would. This isn’t an attempt to raise the gotchi floor. It’s not an attempt to gain marketshare for the Vault. It further utilizes gotchis as a financial instrument, creates additional utility for GHST, and establishes a sustainable way for the DAO to generate GHST revenue. If you have other ideas to deliver NFT utility and sustainable DAO revenue, please provide them.
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@coderdan There are many great alternatives but they choose a side coming out of nowhere.
Don’t you think this is sus?
Are we wasting another 100k GHST?
I think community should do it.
Unless we can tokenswap with them, so they have GHST for this kind of business
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Wait… that would be perfect… maybe good way for PC to get paid in a currency they WANT to dump.
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What if the dao does wearable loans at 50% of maal price?
Defaults get smelted.
Item out of play during loan… seems like a pumper, and it might be something the guys trying to sell 150 of something might prefer.
The DAO would smelt you, not liquidate you.
This makes it easy for dao to use what it gets, is deflationary, and crushes the “i won too many in a raffle” economic blight.
Remember the DAO can sacrifice gotchis for Essence as well. DAO essence can be used to create H3, in partnerships with new projects to bring their flagship NFTs to life, or other novel use cases we haven’t yet considered. I estimate the the DAO would earn GHST with content sales using alloy/essence acquired at steep discounts all while providing a valuable financial service to the community.
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4% is a joke tho… 10% apy with 1 ghst origin fee
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Yeah, I agree it’s much too low compared to the market currently which seems to be ~20% given the underlying risks in the space and volatility of NFT assets. Somewhere between 10-20% is likely the right number. I’m working with PWN some more on how this could be reasonably managed by the DAO with the least amount of overhead work possible.
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“iii) PWN would implement this module and present the DAO with the source codes to check that it cannot do anything, but what was agreed upon”
– who in the DAO is going to be responsible for checking the source code and confirm its reliability?
“b) Be able to pay back the loan prior to the maturity date with no early repayment fees” why no early repayment fees? couldnt the dao demand some return since it is providing ghst?
Shouldnt there be a way to communicate directly with the promoter of the proposal?
Why was this sig prop created when from the 15 different users that commented here 11 were against and 2 requested more discussion?
I don’t know if the DAO needs to provide liquidity, but I used PWN with much different parameters, to great success. I was able to get 25% of the real value of the gotchi w/wearables.
Maybe we should look at what the market is doing, and see if there is some need the DAO can fill. The loan I got was definitely the sort that requires a person to make a judgement call, and anyone who isn’t trying to pawn a floor gotchi, is going to be looking for an option like that, first. Is there a third type of loan people are looking for, or is being the lender of choice for peoples weakest gotchi the the DAOs niche?
If the DAO is to be the floor lender, we should most definitely incorporate wearables into the mix. Maal price is most def the floor… I haven’t seen anything dip below Maal since the first few months, and the DAO is going to be in the business of selling/distributing essence, alloy, schematics, cores.
It’s almost better on the vibe-check level, too, because if the dao is pretty much doing commodity loans, that means it wont be liquidating anyones prized gotchi. It also keeps the DAO from competing with private lenders, as the private lenders will be preferred, due to their ability to make a better judgement of value.