XIP#21 Mint aFLOOR

Summary

The FloorDAO community is seeking approval from the NFTX DAO to mint FloorDAO’s valueless governance token “Alpha Floor” (aFLOOR) via an NFTX onchain governance vote.

The minted aFLOOR will then be pooled in FloorDAO’s upcoming Copper launch. The aFLOOR token will act as a pre-launch governance token, allowing holders to vote on the deployment of FloorDAO.

Rationale

As outlined in FloorDAO’s tokenomics post 1, a key goal for the DAO is to be maximally decentralized from deployment through to governance and operations. By minting the token via an onchain vote, FloorDAO will ensure its inception is decentralized.

FloorDAO aims to establish deep liquidity for PUNK and other blue chip NFTs using the NFTX protocol at its core. This liquidity will benefit NFTX in the following ways:

• Higher volumes due to lower price impact on trades
• Higher yields for Inventory and Liquidity Providers
• Composability for blue chip NFTs via NFTX
• Greater awareness of NFTX protocol and the use-cases that it unlocks

Effect

Opportunity

With this vote, NFTX can seed the creation of a high-impact ecosystem project with the potential to further establish NFTX’s liquidity moat.

Risks

An exploit in FloorDAO leads to loss of funds, negatively impacting the reputation of NFTX.

Specifications

Call initialize(0xA9d93A5cCa9c98512C8C56547866b1db09090326) on the aFLOOR contract to send 500,000 aFLOOR to the FloorDAO multisig.- Transfer of the 500 ETH loan from XIP-15 to the FloorDAO multisig.

aFLOOR contract: 0x0C3983165E9BcE0a9Bb43184CC4eEBb26dce48fA FloorDAO multisig: 0xA9d93A5cCa9c98512C8C56547866b1db09090326

Funding request - No

This request requires no funding.

Communication

Discord: NFTX, FloorDAO NFTX Forum

Quorum

• Minimum Quorum: More than 10% of circulating, non-treasury NFTX must participate for a proposal to Pass.
• Passing Threshold: More than 50% of voting tokens must vote FOR for the XIP to Pass. For changes to the NFTX contract, more than 70% of voting tokens must vote FOR for the XIP to pass.