Lil Nouns DAO

Summary

Since the last proposal we’ve communicated with the community more about the parameters and other data, and added documentation to the VRGDA README.

The high level idea here is that we want to move the DAO to target selling 1 Lil Noun every day, allow anyone to buy now at any time, and enable more people to join the DAO at a lower price point while still sticking to 1 Lil Noun sold every day. This work was funded and agreed upon as part of Prop 195, and this proposal starts the process of transitioning to a VRGDA.

Per the Discord community call, we are going to deploy a VRGDA in place of the daily auction. You can read more about VRGDAs here. To do this, we must:

• Pause the daily auction (this proposal)
• Deploy the new Seeder and VRGDA contracts
• Set the seeder and minter on the Token contract to the VRGDA/SeederV2 (subsequent proposal).

VRGDA Details

Work and audit funded as part of Prop 195.

Frontend PR can be found here. Associated contracts can be found here. Audit results here.

Params

We decided on a community call that we’d start with a reserve price of 0.03 ETH (which can be changed in the future via proposal), and target selling 1 Lil Noun per day.

Other parameters include:

• Target Price (0.15 ETH)
• Price Decay Percent (20%) - pretty standard
• Pool size (4) - choose from 4 NFTs to mint

This proposal will serve as agreement from the DAO to deploy the VRGDA with the above parameters.