lilsandbox.wtf

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Why Build a Lil VRGDA Sandbox?

1. To test out an innovative VRGDA minting mechanism for lil nouns
2. So buyers can purchase lils in one step
3. To fix the burn issue which threatens quorum
4. To develop a more engaging lilblockparty.wtf style sniping process into the primary minting mechanic
5. We want to do this on testnet so people can demo and give feedback, and to separate voting for the development from comitting to it on mainnet

this proposal is inspired by lilnouns idea 82

WTF is VRGDA?

Variable Rate Gradual Dutch Auction. This mechanism let Lil Nouns sell tokens close to a custom schedule over time by raising prices when sales are ahead of schedule and lowering prices when sales are behind schedule. [Paradigm explainer]

Spec & Design goals

• One step flow - Purchase, mint, and settle in a single transaction
• Dynamic pricing based on linear VRGDA rules to allow for more revenue capture and eliminate burned lils
• Gamification: Lil Block Party style trait generation - The traits of the noun for sale change each block, so users must act quickly to purchase the noun, or it will expire and the transaction will revert

Deliverables

1. Deploy Solidity architecture on goerli or polygon (TBD based on community feedback) 1.1 Develop a VRGDA auction contract based on the Paradigm implementation, but tailored to the Lil Nouns ecosystem 1.2 Deploy a clone of the Lil Noun smart contracts that use the new VRGDA contract instead of the current English auction mechanic
2. Fork the lilnouns.wtf front-end to upgrade UI to support new VRGDA mechanism for this goerli deploy. 2.1. Will be deployed at www.lilsandbox.wtf 2.2 All code will be open-source and forkable on our github
3. A dune dashboard to visualize data about the VRGDA mechanism

VRGDA contract

The core VRGDA logic will use Paradigm’s code, but we will implement purchase/mint logic as well as some auxiliary read only functions useful to the frontend for fetching price and trait information.

High Level Flow

1. New block is finalized
2. Frontend fetches auction price and svg of the noun for sale from VRGDA contract
3. User calls mint on the VRGDA auction contract specifying the blockhash corresponding to their desired noun
4. VRGDA auction contract checks the blockhash is not expired and immediately reverts and refunds the user if so
5. The auction contract validates the purchase request against the VRGDA rules
6. Auction contract calls mint on the token contract
7. Auction contract sends token to user
8. Auction contract sends the funds to the DAO

The contract design may evolve based on community feedback if we encounter unexplored edge cases and other considerations.

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Team

TEAM

1. @nvonpentz: solidity
2. @lilpanda.branigan.eth: Product, DAO and external comms, marketing
3. @willhayjr: Front-end
4. @adelidusiam: Design

Budget & Delivery (15.11 ETH)

• Team requests 14E
• Team requests 1.11E for community incentives to use lilsandbox.wtf (.69E for best collection; .42E for second-best collection. Details TBD based on community feedback.
• Team expects to deliver before November 15. Unexpected issues may delay delivery

Disclosure of Previous Nounish Funding

• @nvonpentz received .4E and @lilpanda.branigan.eth received .2E from lil prop 1340
• @lilpanda.branigan.eth and @nvonpentz each received 3E retro funding from lil funding for lilblockparty.wtf
• @lilpanda.branigan.eth received 1E for prop 1488
• @willhayjr has not received any nounish funding
• @adelidusiam is a lil nounder