Update Vault Fees for MAYC

Authors

• Caps

Glossary

• DAO
• Fee Structure

Summary

This proposal is intended to increase the MAYC vault fees to 10/25/30/25/40 ahead of the upcoming Yuga Labs land sale in order to capture more value from MEV bots.

(Fees are defined Sell/Random Buy/Target Buy/ Random Swap/Target Swap)

The proposal was put forward by Caps on behalf of the FloorDAO multi-sig wallet that holds the majority LP for the MAYC vault.

Rationale

During the $APE drop the BAYC vault was harvested by an MEV bot. LPs received a large amount of fees, however it was significantly less than they would have had if they were to have claimed the APE for themselves.

By increasing the MAYC vault fees, MAYC LPs will be able to capture more of the value from the upcoming land distribution.

Opportunity

MAYC liquidity and inventory providers will gain more fees from the upcoming Yuga Labs land sale.

Risk

• The land sale does not go into affect and the fees remain high for longer than is necessary. Unfortunately we cannot accurately predict exactly when the land sale opens.

Specifications

If this proposal passes, we will update the MAYC vault to match the fees outlined above.

Funding request

No. This request requires no funding.

Communication

• Discord: NFTX

Quorum (for Snapshot)

• 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 NIP to pass.