Development Proposal

Daily Auction Development Proposal

As per the initial Medium article, the DAO should implement a Nouns-like daily auction that uses Catcoin as the bid token instead of ETH. The principal aim of DAO Cats is to re-acquire as much of its own IP (rights) as possible.

We are aiming to strike a middle ground between Nouns and BAYC-like paradigms. Nouns’ treasury is constantly recouping ETH to distribute to builders to make things involving Nouns. However, it is unclear whether CC0 accrues value back to the NFT.

Without taking away from Nouns as an experiment or its importance to the space, we want to run another experiment in parallel to use a BAYC-like framework for IP but allow the community to grant IP rights to new people using a common DAO token. The community can even vote to create new Catcoin to distribute to likeminded builders (or even entire communities) to permit them to grow the brand. One such example would be distributing Catcoin to good-faith Cat derivatives or projects building adjacent to the DAO. This approach drives value back to the original NFT because Catcoin is produced by converting Cats into Catcoin, unless the DAO votes to explicitly mint new Catcoin for a particular person.

The daily auction would allow the Treasury to recoup Catcoin, which could be divested or used to grow the community. As part of this, the Cats launch team will have to write smart contracts that don’t exist in any kind yet (to our knowledge) in order to implement the auction. The DAO should provide funding to the smart contract dev (CatHerder) and a front end developer (Pilot) to build this out given the uncertainty of the project succeeding.

Terms for compensating CatHerder and Pilot (the Dev team hereinafter)

A total of 25 ETH will disbursed to compensate the Dev Team -7 ETH on delivery–there are currently 7 ETH from OpenSea royalties in the treasury. The 7 ETH OpenSea royalties should be provided to the dev team on completion of the smart contract. -18 ETH from first initial auctions–the auction contract will allow the contract admin to trigger a new auction and make the bid token either ETH or Catcoin (ERC-721). The first auctions will run in ETH until 18 ETH have been distributed to the Dev Team. Then the auction will switch to Catcoin. The auction recipient will be the DAO, which dispenses 18 ETH exactly to the Dev Team after the amount has been reached. -Every 10th Cat (Cats ids #1000, #1010, #1020, #30 and so on) will be automatically sent to the Founding Team Members and shared among the founding members of the project. -The founding team members at launch are John Patten (TreasureDAO), CatHerder, Pixelmat (Smol Brains artist), and Pilot (Smolove). The DAO can vote to remove specific members whenever. -When a team member stops contributing and is removed or a new team member is added, the team will announce these changes, and the team member will be removed from the distribution.

Auction Contract Details

-New auction once a day, selecting ETH or Catcoin (ERC-721) as the bid token. -Each Cat is tokenID +1 and refers to the next image in the IPFS directory. -Bidders put bid on-chain in denomination currency of the auction. -Highest bid wins (on-chain bidding)