Summary

As part of XIP#37 NFTX claimed their ~29k Floor tokens and staked them for ~9k gFloor, allowing the NFTX Multisig to vote on Floor Snapshot votes. While NFTX DAO work on a longer term automated solution, NFTX will run a short term mirrored vote for any new collection and gauge votes (votes which contain a percentage weighting) allowing NFTX token holders a proxy vote on Floor DAO governance.

The regular quorum requirements for NFTX Governance votes will not apply for these proxy votes.

Below is the vote as detailed on FIP#40 Gauge Vote 10

Details

FloorDAO currently holds several collections in its treasury, and regularly deploys liquidity to establish deeper liquidity. FloorDAO utilizes various different protocols, as well as market-buys NFTs at floor price. Starting with Gauge Vote #1, gFLOOR holders have voted to expand our liquidity to the winning choices using 50% of yield from all positions over the course of 2 weeks. The winners of this vote will have 50% of the subsequent 2 weeks of total yield across all treasury holdings used to sweep the collection floors (or $FLOOR) and deploy in our various strategies. The Treasury team retains discretion over timing and type of sweep to prevent frontrunning. **Gauge Sweeps may be bundled and may not occur until the next Gauge Vote is announced.

Voters will have the opportunity to decide where this directed liquidity will go, including keeping the status quo and compounding yield. The Gauge Voting process will familiarize gFLOOR holders & DAO participants with a future veGauge mechanism.

Gauge Votes use the "Weighted" system of voting.

Quorum

None