[CORE PROPOSAL] AGIP6 — Add 0.5% Fee on Baazaar to Support Rarity Farming
Hey frens, we’re a little over a month into the COCOON phase of AavegotchiDAO outlined in Scaling AavegotchiDAO, and very impressed so far with the breadth of ideas being put forth by the community! While many ideas are still very early and in their “ideation” phase, this week we wanted to highlight one specifically that is getting a lot of traction and can be easily implemented today.
Although this SigPro has not quite reached the required quorum to automatically become a CorePro, because of its simplicity and immediately actionable nature, we believe it is a great candidate to be “fast-tracked” and made into a binding Core Proposal.
Please read the Proposal thoroughly and then head to the Snapshot link below to vote!
Vote now: https://snapshot.org/#/aavegotchi.eth/proposal/QmPUueFJwpCz6rBiucnBYPLxTv2tetzxXWwCi2gSQFMJMW
DAO Forum post: https://dao.aavegotchi.com/t/signal-proposal-additional-bazaar-fees-towards-rarity-farming/1387/13
Also, if you haven’t already, make sure to mark April 14th on your calendar for the first ever Aavegotchi Community Call, where we’ll be discussing various proposals in the DAO. All participants will receive 50 XP for each of their Aavegotchis!
👇 Now onto the Proposal 👇
Core Proposal: AGIP6 — Add 0.5% Fee on Baazaar to Support Rarity Farming
Gotchi ID: Red Pill https://aavegotchi.com/gotchi/1345
XP Reward: 20 XP for each Aavegotchi in voter’s wallet
Discourse Thread: https://dao.aavegotchi.com/t/signal-proposal-additional-bazaar-fees-towards-rarity-farming/1387
Original Signal Proposal: https://snapshot.org/#/aavegotchi.eth/proposal/QmU4WLexfVT8sXz4XzHqDgXPFhFvK7wRSpBPjxUtktzdZe
All information below is taken from the original Signal Proposal, with slight modifications for clarity.
With the announcement of SZN1 Rewards now official, we explore how to align the community’s interests and rewards structures, as it pertains to Baazaar fees.
Currently, 2% is allocated to Pixelcraft and 1% to DAO treasury. While not exclusive of providing for RF rewards, the treasury funds are currently in no obligation to be allocated in any form of ratio towards the RF pool each season.
Increase the Baazaar fees from 3% to 3.5%, with the additional 0.5% going directly to the Rarity Farming rewards pool.
Although nobody likes an increase in fees, the resulting increase from 3 to 3.5% would not be too disruptive on a per transaction basis, while for reference it would have increased SZN 1 rewards by a very healthy 55,000 GHST approx. (As per figures shared by Coderdan). Competitors already charge higher fees as in 5% at NBA Top-Shot and 4.25% at Axie marketplace.
A major benefit is expanding the value proposition of Gotchies and Wearables, as proxies of participation into the efficient trading mechanism that is the Aavegotchi Baazaar on Polygon network.
A virtuous cycle of economic growth and value is fostered in the ecosystem, where trading brings a larger pool of rewards, which increases the velocity of trading within the Baazaar.
- Yes, increase the fees from 3% to 3.5% to support Rarity Farming Player Rewards
- No, leave the fees as they are.
Required Quorum: 3.4M GHST (20% of all eligible GHST on Polygon)
Required Vote Differential: 10% (only two options)
Vote duration: 7 days
If this vote is passed with sufficient quorum, a contract upgrade will be deployed to increase the fee and begin directing said fee to the Rarity Farming Rewards Pool address, located at xxx.
Note: Only fees accrued AFTER the enacting of this vote will be redirected to Rarity Farming rewards. SZN1 of Rarity Farming rewards are already capped at 1.4M GHST. All future rewards will be earmarked for future Seasons!
There it is frens, AGIP-6 is live and awaiting your vote!