Changing the Premiums on the Genesis Mana NFTx Poo,

Hey there, just got sent over here by Nick. LMK if I’m in the wrong spot.

LOVE what ya’ll are building at NFTx. Magical. Especially powerful for this use case that we dreamed up, with a card trading / set-making game in which nothing is rare mathematically…but everything is valuable each person for different reasons to complete their sets.

Proposal: lower the effective premium for “swapping” a GM with the pool from 25% to 20%

Today the premiums are :

• 10% to Sell (receive 0.9x the floor price)
• 15% to Buy (pay 1.15x the floor)

I’d like to reward players who are actively swapping with the pool, while still keeping the premiums high enough to motivate the liquidity providers to stake Mana and ETH. Without the LPs putting in Mana and ETH, the pool would go away.

So I’m proposing to change fees to:

13% to Sell (receive 0.87x the floor price)
7% to Buy (pay 1.07x the floor price)
And 2% for a Random Buy (pay 1.02 to pick a random GM from the pool)

Right now, the LPs in the pool are:
21.6% me (voted yes)
19% @Tondy (voted yes)
10% the Genesis Project itself
15 other wallets (not sure who is who)
5% 0xminion (voted yes)
3% Awaxman (voted yes)
The others I don’t know, including the top one who owns 20%

There were no “no” votes.

So while this proposal lowers the premiums for the LPs, we think it will help the community + it’s in the spirit of the values and vibes of this project to do this.

This whole thing is a grand experiment, and the NFTx pool has become a critical tool to help us all play and win this collaborative game together.

Sending a full screenshot of our Discord and official vote to back it up.

Looks like a good move. This pool was created by the team behind the project and has the majority consensus to move forwards. With the reduction in individual fee’s you’ll probably also see an increase in activity and a net overall improvement.

I also just have to acknowledge @javery and @0xNick for being absolute legends in NFTx strategy and support

So much patience, insight, and care

Thank you

2 Likes

Hey there - so after posting this, two of the anon wallets who were staking surfaced with questions and comments.

We’re going to use the opportunity to discuss

  1. a better method for reaching anonymous LPs for future changes

  2. the specifics of the 13% / 7% proposal

So please hold off on officially making this change. And stay tuned.

New models of governance at work!! Especially tricky with anonymous wallets + chaos of Discord.

Ok! After some learning and discussion and definitions of our process, we’ve landed in a good spot:

By my count, we have an 89% quorum of voters (based on xMANAWETH ownership), all voting 100% aligned on this

Snapshot

I’m going to add an edit to the first post above for clarity

The change we voted on:

  • Seller / Mint Premium = 15%

  • Buyer / Targeted Reedem = 8%

  • Random Redeem = 2%

Thanks again to Nick and Javery for steering and guiding!

2 Likes

Ha ok it won’t let me edit the first post. But probably good for history anyways to see our discussion.

The post above is the final vote. Please let us know if you need anything else.