[Notes compiled by envy##9950]
Commonwealth Proposal Discussion - “Community Accelerator” (cont’d) #
“If creating a secondary token, what is the actual need for a token in this ecosystem?”
- if we do introduce some kind of economic system within this program, everything needs to be fit appropriately rather than putting a new token out without necessary thoughts surrounding implementation
- introducing a new token should serve as a driver of value throughout an ecosystem - “how is this token moving value throughout the ecosystem?”
- “is it creating necessary value to users?” “is it necessary to move things around the ecosystem?” (ex, powering gamefi actions)
- community NFTs - strongest idea to build momentum - generator of value for treasury and community, build reputation, credibility, connections, reach throughout the ecosystem, get people interested in NETA and related ventures
- commonwealth post’s secondary token numerics were a draft on how one could be implemented - biggest problem is that we have nothing to give out to stakers, LPers, project managers besides what we accumulate from NFT sales - no more NETA can be created
- need to be able to give out something as an incentive
- if you didn’t get dropped NETA and weren’t speculating, there’s no reason at the moment to buy it - nothing specifically being dropped exclusively to it
Possible to use something like JUNO as a secondary token without creating our own?
- would either need some degree of control over the secondary token’s development/roadmap or enough to be able to influence its governance to a measurable degree
Regenerative Treasury Initiatives #
- need ways for a regenerative treasury independent of community action
- DEX is a very proven way, but other ways can help build a treasury directly derived from NETA’s value
- potentially use funds from treasury to buy small amounts of NETA back - similar to Terra buying BTC as reserves for LUNA/UST - begin treasury based in NETA and start buying other things
- without regenerative value, tougher to build without giving developers equity in projects
- ways to create value without having to give something else up immediately
- ultimately need to have control over our own interests, reduce dependency on other structures
- risk-averse, reliable profit
- backtesting necessary against overall NETA price
- would run against NETA/JUNO LP on Junoswap (NETA price derives from this), could run indefinitely and alleviate sell pressure
- profits could be routed to treasury, would be an independent way of getting funding for other projects started
“Create new validator?”
- can work, could even get whitelisted with someone like kingnodes already running validators
- getting in active set is the problem, ~1m JUNO minimum
Partner with existing validator?
- easy to partner, numbers could work out, but still dependent on the goodwill of someone not necessarily part of the DAO or NETA community
- since we’re using this as a means of bootstrapping ourselves, a wrong move could damage NETA (DAO) reputation
- would need to partner with someone big enough that they’ve established but not so large and independent that a partnership wouldn’t be mutually beneficial
- could start on smaller chains in a less competitive validator set to avoid kicking people out of active sets
- offered whitelist deal with null from kingnodes to do a NETA validator around a 30% share, Notational also possibly an option
- could be easier with a “bootstrap” deal as groups like these have trusted skillsets and are proven good actors
- would allow for easy and trusted passing of validator keys based on possible DAO decisions (ex, DAO votes to transition out of running a validator for a chain)
- need to have a contingency plan for long-term validator planning as DAO members are always changing
- long-term, a DEX would be a likely path for self-determination in securing NETA’s interests and liquidity
- presently bound to Junoswap and Osmosis, their interests will not always be aligned with our DAO’s
- at any moment, people could vote to remove incentives or remove token altogether from existing DEXes
- if we don’t see other avenues proving to secure NETA’s value, it’s a guaranteed way to do so
- not necessarily a matter of redundancy or competition, but what could we offer to stand out if we decide to go down that route?
- as more CW-20 tokens start being created, we’ll never be able to keep up with everything nor compete properly with Junoswap/Osmosis (Frontier) as they already curate to some degree
- possibly a “meta-DEX” or gaming DEX dealing with sub-tokens for gamefi or NFT projects (plays to the community accelerator angle)?
- DEX with NFT staking LPs?
- Loop Finance on Terra has this - can merge NFTs with LP positions
- could potentially fall into a security - selling something representing value or shares in something
- DEX with NFT staking LPs?
Promote Discord on @NETA_DAO?
- soft endorsement - asking for devs is too early, don’t want to sound desperate, don’t want to sound like we’ve got things ready when we don’t
- mainnet DAO deployment is not at all ready
- in the meantime, encourage people to continue working on ideas
- promote development, say there’s stuff happening in the Discord, it’s not necessarily all-encompassing of the NETA community, don’t promote anything speculative
- suspenseful or playful Tweets/promotion that doesn’t hint at anything or create undue expectations but encourages people to come into the Discord
(Thread link: https://twitter.com/Junonewstv/status/1515756427557621767)
- community feedback from people not necessarily involved in the Discord - gauge what’s important to those not necessarily as engaged
- “…creating incentivized events for onboarding quality teams to build on the chain” - “Hack NETA” initiative?
- would take a different form from Hack JUNO as it isn’t its own sovereign chain but could act by example and strengthen other CW-20 tokens
- could be done at the same time as a Hack JUNO initiative - opportunity for cooperation, strengthens NETA’s image even if no direct profit