BFIP-07 Flywheel Reorganisation

Summary

BFIP-07 - Flywheel Reorganization is a proposal to re-organize the elements of the Flywheel in light of the change in emissions.

Background

Flywheel was conceived as guild infrastructure for the Treasure ecosystem. Our objective was to aggregate other Treasure projects into our guild, alongside v1 and v2 Founder NFT holders, and actively play Treasure’s Bridgeworld game.

Since the Harvesters launched last August, the DAO has been successful in playing Bridgeworld, with coordination between hundreds of MAGIC stakers, NFT owners and active players all conducted through the Flywheel. With the launch of gFLY to power the BattleFly network, we added a competitive staking mechanism in Flywheel 2.0 that incentivized stability in both our project and Harvester strategy. We have played the Bridgeworld game earnestly, and captured millions of MAGIC from the Harvesters.

However, our run of success has come to an abrupt end, with the two Harvesters that BattleFly was participating in being killed off in the unexpected Doomsday game. Furthermore, BattleFly has been informed that it is not eligible for a “game harvester” within the Treasure ecosystem, a la KOTE and Beacon.

Without a successful Harvester strategy, and Bridgeworld effectively being re-thought, the likelihood of BattleFly getting another “turn” is remote at best. A core part of Flywheel has fundamentally changed, and as such we think the fairest outcome for the community is to eliminate gFLY locking times, and return the MAGIC in the Founder’s vaults immediately to any holders who wish to burn their NFT.

v1 and v2 Founders NFTs

• The 90 day drip will be lifted, allowing for immediate Magic liquidity upon burning of a Founder NFT (v1 and v2).
• Founder vault gFLY will remain in the vaults as per the original design and continue to earn gFLY rewards.

Flywheel Staking

• gFLY
  • All Locks (LP & gFLY) started before approval of this BFIP will be made available for unlock after the approval of this BFIP, for a period of 60 days.
  • gFLY unlocks will be in full, with no drip mechanic.
  • Flywheel will continue to be utilized as the governance hub of BattleFly DAO.
  • All RNG emissions terms from battle fees will remain unchanged.
  • gFLY emissions will remain and will continue to be subject to the circulating supply thresholds requirements to ensure enough gFLY is staked to power the BattleFly Network.
• MAGIC
  • MAGIC withdrawing will change to an immediate unlock and withdrawal.
  • MAGIC emissions will stop as harvester emissions have stopped.

Team

• While we enter into this transition period, the team will refrain from selling any currently locked or vesting gFLY for a 30 day period.
• Vestments of team members who are no longer active contributors will be burnt as per the original smart contract design.

Wastelands

• Wastelands will remain unchanged.

What next?

While this is a tough pill to swallow due to the assurances we were given about a mutually beneficial, gradual unwinding of Flywheel, our DAO still has much to be excited about.

Our core game is going from strength to strength, with DAUs up 48% since the start of Season 1 and player engagement averaging 30 minutes per day for August. Our metrics are exciting for a game that is still under a year old, and we feel as the core contributor team that we’re just getting started.

Indicative Poll

Accept: The Flywheel changes will be implemented allowing

1. All burners of V1 & V2 founder tokens to receive their magic immediately instead of on a 90 day drip.
2. All Flywheel gFLY locks initiated prior to the approval of this BFIP will have the option for the next 60 days after the approval for this BFIP to unstake their gFLY with no consequence.
3. Magic will be immediately withdrawable from the Flywheel.

Decline: The Flywheel will stay as is.