Well done to all the people who were able to get a pancakesquad nft during the sale. I was one of the people unlucky peole not able to get one,even though i was on time and ready. With the structure we are facing a major problem: GAS WARS. The whole sale was sold out in under 10 seconds.
Wouldnt it be more fair to everyone if we change the structure to an auction like structure? Pancakeswap can mint all the nfts beforehand and advertise it on the market. Users then have a specific time( 3 days, 4 days, 5days) frame to place some bids. This structure is done by AaveGotchi team when they release new haunts.
To keep people engaged in this auction phase:
- People can auction on multiple NFTs. This also removes the limit per wallet (pancakesquad limit was 10).
- When the user gets outbid on a specific nft, he will then get all cake value back + a bit extra as bidding incentives. Aavegotch did this approach to give back more to the users who got outbid. The next bid then needs to be a % more than the current bid for the price.
Claiming phase:
- The nfts will then be sent to the users wallet after the auction phase have finished.
What happens with the nfts that didnt receive a bid?
- When the auction phase is over and there is some nfts with 0 bids, pancakeswap can then enter them into a raffle phase. Users are able to buy a raffle ticket from pancakeswap and enter into a draw. Once the Raffle phase is done a Draw phase can then be done where all winners will receive the nfts to their address.
Pros:
- Eliminate bots and the gas wars issue.
- Since there isnt a fixed price on the nfts and users decide what they want to pay for each nft can result in a even bigger burn of cake.
- a new burn mechanism can be implemented to sell tickets to users to enter into raffles if there were some nfts not being bid on.
- More fair to everyone.
Cons:
- No limit, a whale can put a bit on multiple nfts(and probably never being outbid)