PIP-18: Increase Ape Punk and Alien Punk Trait Multiplier

ABSTRACT Several punks are valued higher than floor, while currently JPEG’d values all punks at floor using an oracle from Chainlink. This proposal would introduce multipliers for certain punk traits to be valued higher than floor.

BACKGROUND Punks such as Apes and Aliens are valued by the market to be much, much higher than floor. This proposal would apply multipliers to selected punk attributes giving them a higher credit limit on the JPEG’d protocol. For example, if the punk floor oracle is 100 ETH and a 30x multiplier is given to Ape punks a user would be eligible to increase his credit limit to 3,000 ETH.

In order to do so he or she would need to lock 10% of the increased credit limit in the form of JPEG. The lock can be selected by the user to any time period (1 day, 5 months, 2 years, etc.). If the user does not relock JPEG when the lock expires the punk value would return to floor.

Assuming ETH is $1,000… 3,000 ETH x 45% (max LTV) = 1,350 ETH x 10% (lock requirement = 135 ETH x $1,000 = $135,000 worth of JPEG.

Here are the proposed multiplier values: Alien = 60x floor Ape = 30x floor

These values would take the punk floor oracle from Chainlink and apply the above multipliers. As such, their valuations fluctuate with movements of the punk floor oracle. Changes to these multipliers or additional traits can be added with a valid PIP.

Proposal Implement punk trait multipliers with the above values and specifications.