Abstract

BAYC Traits live on the JPEG'd protocol are either with outdated sales data or represents levels higher than what the JPEG'd DAO should underwrite to keep risks low. This PIP proposes new trait multipliers for BAYCs and a process to lower traits for positions with existing debt.

Background

The initial trait multipliers were based on outdated market data and the market has shifted considerably since they were introduced. Many if not all of the traits live on JPEG'd are higher than recent market data. Based on updated market analysis, we are proposing new trait multipliers for BAYC that represent the current market data adjusted with for the levels of risk the JPEG'd DAO is willing to underwrite. For traits with debt on existing positions, the trait multipliers would be slowly and incrementally adjusted downward over a period of 1 to 8 weeks.

| Trait Type | Trait Name | Current JPEG’d Multiplier | Future JPEG’d Multiplier | | --- | --- | --- | --- | | Fur | Solid Gold | 8 | 2.5 | | Fur | Trippy | 3.5 | 2.5 | | Eyes | Blue Beams | 3.5 | 1.6 | | Clothes | Black Suit | 3 | 1.8 | | Hat | King's Crown | 1.75 | 1.75 | | Eyes | Laser Eyes | 1.75 | 1.2 | | Mouth | Bored Unshaven Pizza | 2 | 1.2 | | Hat | Trippy Captain's Hat | 1.75 | 1.2 | | Mouth | Grin Diamond Grill | 1.5 | 1.2 | | Trait Count | 4 - 4T | 1.5 | 1 | | Mouth | Grin Gold Grill | 1.5 | 1.15 | | Clothes | Pimp Coat | 1.25 | 1.1 | | Clothes | Space Suit | 1.5 | 1 | | Mouth | Bored Pizza | 1.25 | 1.15 | | Clothes | Hip Hop | 1.5 | 1.1 | | Mouth | Bored Dagger | 1.25 | 1 | | Mouth | Bored Unshaven Dagger | 1.25 | 1 |

Specifications

Borrowing for the BAYC vault will still remain closed, but users can always repay outstanding debt. Trait multipliers for positions with no existing debt would be immediately adjusted to the new trait multipliers. Traits with positions that have existing debt would be incrementally adjusted downward each week until they reach the final trait multipliers. This would be a level of between 0.1x - 0.2x max per week.

If this PIP would be approved the new trait multipliers for positions with existing debt would be posted weekly in the JPEG’d discord along with the amount the multiplier would be reduced. This will continue for up to 8 weeks until the trait multipliers are in alignment with current market data.