CP_25-020: $COINAGE Buy/Burn From Zora Trading Fee Revenue

Earlier this year, Coinage identified the opportunity to become a leading creator on the Zora platform. In short order, we have achieved that goal, with $COINAGE rising to become a Top 5 token on the platform.

Trading activity via our Zora creator coin has resulted in a windfall of more than $140,000 worth of Zora from trading fees. This proposal seeks to codify plans on how to best continue to support trading liquidity and growth of the Coinage creator coin. Of course, via proposal 25-017, Coinage is barred from selling any $COINAGE tokens through 2025.

Context on Proposal 25-020

Liquidity for $COINAGE is mostly currently provided via the $COINAGE-Zora Uniswap pool. We receive trading fees from trading activity via $COINAGE, per Zora's existing creator coin functionality.

Aside from the Zora tokens that the Coinage DAO is set to receive by virtue of being a Zora partner (posting our award-winning content to Zora's site) this proposal lays out a plan for how the DAO should use trading fees earned in Zora on a go-forward basis.

Proposal 25-020  

This proposal seeks to set out a 30/30/30/10 plan that will target roughly a third of trading fee revenue in Zora to be injected back into the $COINAGE liquidity pool, roughly a third to be converted into USDC, and roughly a third to remain held in Zora tokens. The remaining 10% will be dedicated to buying $COINAGE at open market prices to burn on a monthly basis.

We believe in what Zora is building. Given we already have a locked token allocation to account for, this proposal could help right-size exposure to help Coinage weather any near-term volatility and continue to support our operations.

To retroactively adjust for earned trading fees since the $COINAGE launch, this proposal would also approve the buy-back of 100,000 ZORA worth of $COINAGE from the pool (639,888 $COINAGE at current market prices.)

Approving this plan will codify this breakdown for Coinage trading fees and establish a plan moving forward.

Members are encouraged to join the discussion in our token-gated telegram.

NOTE: In order to vote, a wallet must now hold a Coinage Caucus or Network NFT. Our Caucus and Network NFTs allow holders to join our DAO/Co-op. To co-own the fastest-growing Web3 media outlet, you can mint one now. Become an official DAO member to become eligible for voting and patronage dividends. By minting, you will stand alongside the co-founder of Netflix, and other Web3 leaders today!