PIP-68 Allow traits multipliers to be updated to reflect the market

Abstract

Fixed multipliers might become detached from the current state of the market, so it is be best to monitor and adjust multipliers accordingly on a per-collection basis to minimize the risk of bad debt. This proposal suggests allowing the ability to manage multipliers for rare traits in collections based on evolving market conditions. The different traits multipliers would be re-evaluated bi-weekly, changes would be announced on Friday and executed the following Monday.

Background

Extreme market conditions are impacting collections floors but also the value of rarer items in the collections. Until now, the traits multipliers have been fixed. Even though they were evaluated conservatively, a rare trait might be sold below its historical floor. If there’s a sudden change, it might become possible for ill-intentioned users to abuse the multiplier system.

One of the mechanisms currently in place allows the team to lower the debt ceiling, effectively preventing any borrowing until the situation is resolved. However, Multipliers can only be updated via PIPs, which might be too slow to address extreme conditions. To minimize the risk on the DAO, it would be best to allow the team to monitor traits multiplier and adjust them accordingly on a per-collection basis.

The traits benefiting from multipliers would be monitored closely and evaluated bi-weekly, after which an update might be pushed to the traits, always with the proper announcements via the DAO’s communication channels.

Target multipliers would be announced on Friday and executed the following Monday.

Specification

• Re-evaluate the different traits multiplier across all collections bi-weekly.
• If necessary, update the multiplier values.
• If changes are needed, they will be announced on Fridays and executed on Mondays