The issue of PUNK price has been brought up by a number of users.
Right now the PUNK price is about 24 ETH, which is the average of the five underlying funds. The PUNK-ZOMBIE fund (which is about 80 ETH) brings the average up a lot.
Some people are confused because they assume PUNK is meant to track the CryptoPunk floor price, however that is what PUNK-BASIC is for.
I think the best way for us to handle this is to move the decimal on PUNK so that the price is lower. For example we could increase supply by a factor of 1000 or 10,000.
Right now PUNK = 24 ETH = $32,000, so we could instead do PUNK = 0.024 = $32. We could even go one further to $3.20 if we wanted, considering we expect PUNK to appreciate a lot.
I think this will make it more obvious to people that the PUNK token is not meant to track the punk price floor. It also has the benefit of increasing attractiveness to holders, because, let’s be honest, it feels better holding 500 PUNK than 0.5 PUNK, or worse 0.05 PUNK. We can’t get away with doing this for D1 funds because they also serve a purpose of providing pricefeeds for NFTs, however with the D2 funds the price feed is not particularly useful so it’s not a problem.
The current price tag makes you think you’re buying into 1 PUNK for 24K, while you’re actually getting ‘‘multiple punks’’ with that 1 PUNK if you add the fractional punks that 1 PUNK owns on the underlying. ( see picture )
So knowing that, i’d support a stock split on the order of 1000x to remove that confusion.
Heavy in favor (I’ve pushed the same idea towards you in DM). This, combined with allowing our core audience (index investors) with a proper dApp that goes in-depth on what they’re buying (educational content) is a must to increase interest.
I’m in favor of this but I’m not sure if simply moving decimals will solve this issue, to me the main issue is lack of documentation and UX.
I think we should check sentiment around each decimal value (2.4 ; 0.24 ; 0.024 ; 0.0024) to see what people are more aligned with, and then on the final vote have only two choices, a change or no change.
In favour of this, and I agree with @finesseboi about putting two choices to the vote. For me it feels better to have the price close to the NFTX price so I’d be in favour of the $32 decimal placement.
Again backing up @finesseboi’s other point, as a noob I think we can do better with our documentation around this, I’ve started writing a post for Investing in CryptoPunks with NFTX but I got confused about what happens when I own an entire PUNK D2 token. This proposal won’t change the post itself but it will help with the psychology of making the investment which makes to easier reading.
Cool. Sounds like we are all basically on the same page. There is no rush pushing this through so we can go with finesseboi’s suggestion and check sentiment before a chance is made.
Regarding documentation, totally agree it needs work and that’s mostly my bad. I’m going to try to pump out more information this week that can then hopefully get distilled and polished by community leaders. Currently this post is probably the most informative post on PUNK, although it is slightly dated now since we are planning to move some stuff to sushi and remove some other D1/eth pools entirely.
Hmm, I’m indifferent. I’m thinking that the amount of tokens doesn’t really matter, but the steadiness of the overall price does if it’s meant to be an average of funds. Moving the decimal seems to be a mostly psychological change more than anything.
I tend to think that that the underlying value would make it the same regardless. And I side with @finesseboi more docs and tweaking the UX would help people better understand the difference.
You could think of 1 PUNK being similar to 1 share in a composite index. Sophisticated investors would understand the risks associated with that and the differences between exposure to a D1 fund and a D2. So perhaps it is better to bring the overall supply up as to match a more rounded number for psychological purposes and maths. It would prevent some confusion.
