Increase staking rewards for OGN staking

This proposal aims to increase the attractiveness of the OGN staking program with subsidized ETH and/or OGN for Season 3 of OGN staking beginning on March 8th. The goal is to increase the effective APY and total amount of OGN staked (currently 56M).

Currently, approximately 11% of circulating supply is staked, and we’d like to increase this number over time. Higher staking participation leads to better tokenomics and a healthier ecosystem.

The NFT market is rapidly changing. In recent weeks, there has been an aggressive push by competing marketplaces to lower marketplace transaction fees and also cut creator royalties. Blur has introduced 0% marketplace transaction fees and a 0.5% royalty. They have gained considerable market share while focusing on growth first over monetization. Opensea has similarly followed suit with promotional pricing.

At Origin, we are pro-creator. We believe that this is an opportune time to gain market share with Opensea and Blur commoditizing their supplier base of NFT artists, PFP projects, and other creators. We’ve received a ton of inquiries from new prospective partners that want to stand up their own marketplaces on Origin Story that respect creator royalties and that enhance their brand, artwork, and collector experiences.

However, to gain market share at this critical time, one of our key team members has proposed a reduction in marketplace transaction fees for the next 3 months.

https://vote.story.xyz/#/proposal/0x5aaf411d871c540a46456a1979c9d2a2ddc74c6b47c301c60f087eb7912c4a50

If that proposal passes, we will have a short-term reduction of platform revenues that would otherwise have been awarded to OGN stakers.

We want to ensure the OGN staking program continues to grow; therefore, we should allocate ETH and/or OGN that would have otherwise been used to grow the protocol (e.g. marketing budget, community incentives, sales commissions) in the quarter to the staking program instead.

If this proposal passes, we invite the community and other team members to submit more specific proposals on ETH and/or OGN budget to allocate into the pool. For example, we may see follow-on proposals to add a fixed weekly amount of OGN to the pool or to target a specific APY for the pool.