Just adding my comments from the discord to this channel for posterity.
I’m going to dump a bunch of thoughts about the Floor Games that @ItsOver90 posted on the forum and has been added to by @zon and @BurstingBagel. Forgive me that they’re more of a stream of thoughts rather than a cohesive/coherent statement. Please pick it apart and let me know if things aren’t correct or misfounded and then I’ll put something more formal as a reply on the forum . I’m assuming that the gauge wars stuff will still be around all the existing collections plus the floor token as options to sweep/cull. Some of it’s just playing out the process with some examples, others are questions if we should have more rules/boundaries around approaches.
I like the concept of this but wonder if there needs to be any mechanisms around it. There are a few scenarios which I was thinking about for this.
If I’m against voting for Floor for buy backs and want to see the 10ETH fed back into collections am I better to vote AGAINST Floor with 50% of my vote and FOR BGANS with the other 50%? This would give all NFT collections more ETH (because of the detracting vote for Floor), and BGANS a bit of a pump, however if I was solely concerned with buying back BGANS then I’d be better off putting all my 100%
On the last vote there was a break down of approximately 80% buy FOR Floor, 10% for Milady, 6% for Bgan and 4% for the other collections. With a negative voting approach the FOR Floor voting could be changed to be 10% worth AGAINST Milady, 6% AGAINST Bgan and 4% AGAINST the remaining collections and then a 60% FOR Floor. As I understand it this would negate the sweeping of collections and the full amount would then go to buying Floor for that week (assuming that a 60% vote FOR with everything else netting a 0 FOR/AGAINST would result in 100% of the sweep amount going towards Floor). Is this something that should be able to occur? I’m using Floor as the example because of the last vote, but this could be true of any majority. At the moment no matter how small your vote is, if you want some collection to be bought you have your say.
Sell off proceeds
I’m not a fan of selling off collections completely that have been added to Floor, but I do like the selling off of a minimum amount (i.e. if 1% of a Bgan is voted to be sold off it’s not worth the transaction, so you’d make it maybe 1ETH worth of Bgan).
I’m thinking of the opposite impact, and I’m not sure if this is a potential outcome… but here’s the scenario.
Let’s say that in week 1 a large enough group of voters vote PUNK as the collection that should be sold off, and the amount equates to 5% of the collection or around $200k (or 108eth). If this amount then rolls over to the next week sweep the same group of voters could then vote to sweep the cheapest collection, let’s say it’s the Saudis. A sweep of 100 would cost 42.96 ETH and take the floor price up to 2eth. Planned well, the group could have slowly acquired cheap saudi’s in the lead up, or make a pre-emptive sweep of 50 for 8.6ETH to a floor of 0.25. While I’m not 100% sure if that’s the mechanics of how the follow up sweep would work based on the proceeding week cull, you can see how the system could be gamed for short term gain at the peril of FloorDAO. I wonder if a maximum ETH amount should therefore be imposed in addition to a percentage amount for the sell off, or other mechanisms to stop this kind of approach.
That’s it. Apologies it’s focussing on the negative aspects. I do like the approaches that we’re talking about, I just think we should consider different mechanics that could be used within these strategies and decide if we think it’s the best approach. Looking forward to any comments.