To recognize NFTX $BGAN Vault participants in the Bastard DAO

There’re about 300 BGANs in this vault that have no agency in our DAO, yet play a large role is supporting our growth. This proposal is to amend the Bastard GAN Punks V2 Constitution to give xBGAN and xBGANWETH holders the same rights as BGAN Punks V2 NFT holders.

For those unfamiliar with how NFTX Vaults work: users can mint 1 $BGAN token by supplying 1 BGAN Punks V2 NFT to the vault. And then users can choose to stake this $BGAN token for xBGAN. xBGANWETH is the $BGAN token paired with WETH in order to provide trading liquidity for the pair on SushiSwap. Both xBGAN and xBGANWETH are incentivized with trading fees from the vault.

How does this benefit Bastard DAO? It shows that we can play well with others. Our largest partner right now is FloorDAO who holds just over 9 xBGANWETH. This also incentivizes collectors to stake and LP their floor BGANs, since they won’t have to choose between collecting fees and DAO participation. As a result we may also see a decrease in sell pressure by providing an extra incentive to hold onto floor BGANs.

xBGAN will have 1:1 voting power. xBGANWETH will start with 1:2 voting power (1 token = 2 votes). This can be adjusted in the future as the floor price of BGANs change. This more accurately represents the current amount of BGANs inside one xBGANWETH token, which is always weighted 50/50 based on the USD value of each underlaying asset ($BGAN and WETH).

Constitution Language: $xBGAN, $xBGANWETH are granted the same rights given to those holding Bastard GAN Punks V2 NFTs. Including submitting and voting in DAO proposals.