Nouns DAO

Tldr;

Fund the development of a canonic fractional erc-20, $⌐◧-◧, and associated fractional Noun NFT, modeling the collector/community-participation experience characteristic of Noun ownership, and making it available at any price point.

Estimated build phase is 4 weeks, which will be followed by an audit funding request similar to other proposals involving contract deploys. Cost is 14 eth

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This proposal is to fund the development of a voting-enabled Nouns fungible token, $⌐◧-◧, with full proportional representation (!) over Nouns proposals & PFP collecting via conversion to a fractional Nouns 721. The ability to propose to Nouns (currently 1 per 2m $⌐◧-◧ in circulation due to the individual vault architecture) will be integrated in a follow-up proposal, along with a proposal for L2 integration/cross-chain execution which will substantially reduce the cost of participating in on-chain governance

Functionality

• Enable any user to deposit a Noun NFT, and mint 1M shares of $⌐◧-◧ (ERC20 tokens)
• Store each available Noun NFT in a separate, and individual vault, facilitating proportional representation in voting and ultimately proposing to Nouns
• Enable any holder of $⌐◧-◧ tokens to wrap them into a fractional Noun NFT with voting power proportional to # of wrapped tokens
• Combine above functionality to allow minting of fractional Noun NFT directly from a Noun
• Enable holders of fractional Noun NFT to vote on Noun governance proposals, delegate their vote to others
• Disable wrapping/unwrapping of fractional NFTs when they have a pending vote
• Allow holder of 1M $⌐◧-◧, or of fractional NFTs totalling 1M to redeem ANY Noun NFT of their choice in the protocol
• The subdao protocol will be able to read live props from the existing Nouns contract, once a willing user triggers it via a tx
• Upgradable contracts

Voting Logic

• Voting for a proposal starts as soon as it is triggered via a tx (after being triggered on Nouns DAO)
• Voting period ends 24 hrs (configurable parameter) before the end of the original proposal on Nouns DAO, so that votes can be relayed via a permissionless tx
• Votes cast (Yes, No, Abstain) will be floored to the nearest Million, and voted by that many Nouns
• The remaining Nouns (if any) will not vote in this proposal eg. 3 Nouns in protocol. 1.3M Yes, 1.5M No. ==> 1 Yes Vote, 1 No Vote cast

NFT Art:

• Nouns Descriptor
• When a Noun is deposited, all fractional NFTs minted from it in the same tx have the same art as the deposited NFT
• When $⌐◧-◧ tokens are wrapped into a fractional NFT, the art is generated randomly by blockhash in the same way as NOUN settlement
• This will inevitably lead to multiple fractional NFTs having the same artwork, and that is acceptable

Future Work / Not in Scope:

• Submitting proposals to Nouns DAO
• Submitting proposals to this protocol/sub-DAO, and voting on them

This is presented as an alternative to $nouns, which is currently only price exposure to the demand dynamics of the Nouns auction. Of course both tokens can coexist and prospective Nouners can choose their preferred onramp.

The developer, TheNobleDev (thenobledev.eth) has successfully deployed contracts of similar complexity and project scale, and I personally find him to be highly reliable & ethical/trustworthy. Regardless, an audit will precede any proposal to deploy.

Work examples:

Shiba Inu Metaverse

Shibyard Land Auction: https://etherscan.io/address/0x6b74c5885d2E08eFd80164965F8df002608EbffA

FTMX, liquid staking protocol on Fantom chain, developed by StaderLabs (solo dev work)

FTM Staking Audit Reports https://www.staderlabs.com/docs/Peckshield/StaderLabs Fantom Smart Contract audit report by PeckShield.pdf https://www.staderlabs.com/docs/fantom/StaderLabs sFTMX Smart Contract Audit Report by Halborn.pdf

Staked FTM (sFTMX) token: https://ftmscan.com/address/0xd7028092c830b5c8fce061af2e593413ebbc1fc1

FTM Staking Contract: https://ftmscan.com/address/0xb458bfc855ab504a8a327720fcef98886065529b

come play $⌐◧-◧