XIP#46 - Sell 1 glpyh, buyback and burn some nftx

I wanted to update some notes on the proposal above from @floorpunk (AKA minossimon on Discord) which has come through as part of the Discord chat feedback.

My initial feedback is

NFTX is a governance token, I’m not sure I see the long term benefits in the DAO burning treasury for an artificial price pump.

Econometrie chimed in with

Guess you are trying to create some momentum for v3. I get it but its probably not rly a sustainable way of going about things. If you are a shorter term focused investor/trader that is trying to speculate on the v3 launch I guess this would be beneficial. But otherwise I think its best for the protocol longer term to not hard hype it. Just release it and let the market find out by itself how great or not great nftx v3 is.

point of treasury in my eyes is funding future development of nftx towards becoming a self sustainable protocol and/or at some point if it might become clear nftx will not reach this point to shutdown and only then distribute funds over nftx holders.

Mooncat5997 continued…

I agree with you @Econometrie , artificial pump is not the way.

Daimos agreed with …

I definitely would see it as artificial price pump and would vote with all my $nftx against it

Minossimon (@floorpunk ) came back with …

its not an artificial price pump, its permanently reducing the supply of NFTX tokens on the market
okay thats fair, i wont put this up for vote then as it seems most dont like the idea

i’m confused why we even hold these glyphs then if treasury exposure to them makes no diff to nftx token holders and they generate us no yield
im a bit warry to support new collections, i saw the PUNKS → MILADY proposal and given the price action there im glad it never happened
so I’d rather not just swap to some new nft that could go to 0
and we certainly dont need more punks
what would you think of a proposal to stake our eth and still sell the glyphs for more eth thats staked, then its all getting yields which actually does lengthen runway

I replied with…

If you’re looking for yield generating strategies then Floor DAO is a good place. They’re much more of a market maker.
Selling Glyphs and the bottom of a bera market doesn’t seem like the smartest play at the moment. If treasury is running low to keep the protocol moving then it might be a neccessary evil but it seems the wrong time to do that anyway.


At the moment the general consensus is to not pursue the original suggestion above.

It should be noted that there are treasury rebalancing approaches in the past…

The focus on these have been around securing stables for long term runway for the protocol.

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