Summary

Otherside (Yuga Labs) will have a major announcement/release on April 30th and it is possible that this will relate to the Land claim.

As Mutant Ape holders we are in a position to use our NFTs to claim this Land, which will give us exposure to this new asset (and possibly creating liquidity for it). To claim Land, we will first need to remove our MAYC/ETH liquidity and redeem Mutant Ape NFTs from the vault.

It is important to note that removing liquidity is typically undesirable as it can have major consequences for price oracles and vault users. However, given that FloorDAO is the only liquidity provider of MAYC/ETH and there are not yet any MAYC DeFi integrations, removal is expected to be safe and will only be temporary.

As a general rule FloorDAO will not remove liquidity for NFTs. This proposal is made given the exceptional circumstances of the Land claim.

Proposal

FloorDAO core team proposes that we take the following steps:

• Remove MAYC/ETH liquidity from NFTX
• Redeem Mutant Ape NFTs from the vault (currently 10)

The Policy team will then reserve the right to claim the Land at their discretion as well as the ability to purchase APE if necessary.